The following is the 5/15/98 Press Release:
METALCLAD FILES QUARTERLY RESULTS,
REPORTS CONTINUED GROWTH IN MEXICO AND A PROPOSAL FOR FINANCING
Newport Beach, California. Metalclad Corporation (NASDAQ symbol: MTLC), engaged in the development of industrial waste treatment facilities in Mexico and insulation contracting in California, announced today that it has filed its Form 10-Q for the three-month period ending March 31,1998.
......................................3 Months.............................3 Months
.............................. Ended 3/31/98................... Ended 3/31/97
Revenues........................$4,036,241....................... $2,765,918
Net Loss..............................($833,855).......................($1,249,530)
Per Share..................................($.03)...................................($.04)
Weighted Average # Shares...30,063,870.................29,123,239
For the three months ended March 31,1997, revenues from the Company's prior BFI-OMEGA joint venture were not included. For comparison purposed, total revenues for the first quarter 1998 were $4,036,000 versus $3,512,000 for the first quarter 1997 (including joint venture), with Mexican operations being $1,448,000 compared to $799,000 for the 1998 and 1997 quarters, respectively, an increase of 81%.
Additionally, for the first time, combined operating income from the Company's Mexican operating subsidiary, ARI and its U.S. operating subsidiary, MIC was positive with the Company's net loss associated with its corporate expenses, legal fees associated with its NAFTA claim and its on-going development expenses
The Company has been presented a proposal for additional financing, which it has accepted. It is expected that this financing can be closed in June, which will enable the Company to get the construction of the Aguascalientes project fully on track.
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