ANADIME CORPORATION REPORTS RECORD THIRD-QUARTER RESULTS AND ANNOUNCES START-UP DATE FOR NEW PLANT 7:01 EST Monday, October 20, 1997
CALGARY -- Anadime Corporation (ASE: AEM) today reported its best ever financial results for the third fiscal quarter ended September 30, 1997. Simultaneously, the Company announced that its Elk Point oilfield waste processing facility will start up on January 15, 1998.
"We are extremely pleased with achieving such strong revenues over the summer period," said Owen C. Pinnell, President and Chief Executive Officer of Anadime. "We benefited from continuing high levels of drilling and development activity in the oil and gas industry and from the solid performance of our processing plants."
For the nine months, Anadime achieved record revenues of $8 million, cash flow of $3 million and net income of $2 million, or $0.04 earnings per share based on 48 million weighted average shares. Comparable figures for the nine month period ended October 31, 1996, were $2 million in revenue, $0.3 million in cash flow and $0.08 million in net income, or $0.002 per share based on 32 million weighted average shares. The results for 1997 included a non-recurring gain of $520,000 associated with an acquisition and its subsequent disposition in the second quarter.
Anadime also announced that it has received all of its permits for the Elk Point heavy oil waste management facility and that construction is well under way. The Company anticipates that the facility will be open for business on January 15, 1998, "Our Elk Point plant will offer the first complete solution to the growing heavy oil industry problem of slop oil, sludge, and produced sand disposal." said Pinnell. "The plant will cost $2.5 million to complete and should deliver two dollars of annual revenue for every dollar of capital investment."
The plant will be equipped with the MCS stop oil centrifuge, the only centrifuge available in the marketplace today that successfully processes the difficult sludges and stop oils produced as by-products of the heavy oil production process. Anadime has the exclusive rights to operate the MCS centrifuge in Canada and already has one unit operating at its Provost facility.
Anadime has also received the development permit for a second heavy oil waste management facility at Cold Lake and anticipates this facility will start up in the spring of 1998. This second heavy oil processing plant should deliver similar financial results to the Elk Point plant.
Based in Calgary, Alberta, Anadime Corporation provides oilfield processing and disposal services to the petroleum industry in western Canada. The Company is traded on the ASE under the symbol AEM.
The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. |
