Veridium Announces Second Quarter 2005 Financial Results
PATERSON, N.J., Aug. 16 /PRNewswire-FirstCall/ -- Veridium Corporation ('Veridium') (OTC Bulletin Board: VRDM), an environmental services provider that specializes in the recycling and reuse of industrial wastes, today announced its financial results for the six months ended June 30, 2005.
Veridium reported revenues of $7.5 million for the six months ended June 30, 2005, up $0.7 million, or 10.0%, as compared to revenues of $6.8 million for the six months ended June 30, 2004. The increased revenue realized during the period was largely due to one large project. Operating income for the six months ended June 30, 2005 was $20,500 as compared to an operating loss of $107,600. The Company reported a 2005 net loss for the six months ended of about $340,000, as compared with a 2004 net loss for six months of about $110,000.
On May 10, 2005, Veridium acquired substantially all of the assets of North Country Environmental Services, Inc., and subsequently, combined this unit with EnviroSafe, Veridium's field services unit headquartered in Sandwich, Massachusetts. The integration of North Country is nearly completed and this acquisition resulted in a positive contribution to Veridium's margins during the second quarter.
Summary Financial Review
'We are pleased with our overall operational performance, and while our services group continues to produce record results, our recycling operations in Paterson, New Jersey struggled with profitability during the quarter,' said James Green, president and chief executive officer of Veridium. 'We are presently implementing increased company-wide cost controls with a view towards bringing Veridium into a profitable mode as soon as practical.'
Additional Information
Please refer to the financial statements included in this press release and to Veridium's Annual Report for the year ended 2004 on Form 10KSB, and Form 10QSB for the three months ended June 30, 2005 for a more complete description of Veridium's results of operations.
About Veridium Corporation
Veridium is an environmental management company providing a variety of services to a broad client base in both the private and public sectors with a specialization in the recycling and reuse of industrial hazardous wastes. Our services include collection and transportation of industrial wastes, site remediation, and recycling of metal-bearing and chemical wastes. Our focus is to provide our clients with value-added, environmentally conscious and cost- effective hazardous waste management services based on our efficient managing of wastes and use of green technologies. Additional information on Veridium and its business model is available online at www.veridium.com.
Approximately 55% of the capital stock of Veridium is owned by GreenShift Corporation (OTC Bulletin Board: GSHF), a business development corporation whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains. |
