ANADIME REPORTS RECORD REVENUES OF $4.6 MILLION FOR THE
FIRST SIX MONTHS OF 1997 ``NEW PLANTS AND NEW TECHNOLOGY
DRIVE EARNINGS MOMENTUM''
CALGARY, July 29 /CNW/ - Anadime Corporation (ASE : AEM) today reported
its financial results for the six months ended June 30, 1997. Net revenues
were $4,622,391, a 433% increase over revenues of $867,488 for the comparative
period in 1996. Net income for the period was $696,177, or $0.02 per share,
before the effects of a $0.5 million non-recurring extraordinary gain. The
growth in net income represents a 597% increase over the loss of $140,196 for
the comparative six month period of 1996. After including the extraordinary
gain, earnings for the six months were $1,216,106 or $0.03 per share.
``This quarter saw Anadime offering its services from four locations for
the full three months,'' said Owen Pinnell, president and chief executive
officer of Anadime. ``In addition we introduced new slop-oil processing
technology into our business. Once again Anadime has proven its competitive
edge and reinforced its role as the industry's technology leader in oilfield
processing and disposal services. The recently announced partnership with MCS
of Houston, Texas, has expanded our enterprise focus, and we are now offering
on-site slop-oil processing services to the heavy oil and upgrader
industries.''
During the second quarter, Anadime received development permits for its
Elk Point and Cold Lake facilities, moving the company closer to its goal to
be the leading provider of slop-oil and sand-disposal services for the heavy
oil industry. Customers have already demonstrated strong demand for these
services at Anadime's Provost facility.
Anadime Corporation is a leading provider of oilfield processing and
disposal services to the petroleum industry in Canada. The company offers a
full range of treating, terminalling, and oilfield waste processing and
disposal services from its expanding network of facilities throughout western
Canada. Traded on the ASE under the symbol AEM, Anadime is based in Calgary,
Alberta.
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein.
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For further information: Owen Pinnell or Gloria Wong, (403) 777-4310, Internet:
anadime.com, E-mail: pinnello(at)anadime.com |
