***NEWS***
-- Commodore Environmental Services, Inc. Reports Third Quarter, Nine Mouth Results --
/FROM PR NEWSWIRE NEW YORK 800-776-8090/
TO BUSINESS AND ENVIRONMENTAL EDITORS:
Commodore Environmental Services, Inc. Reports Third Quarter,
Nine Mouth Results
NEW YORK, Nov. 13 /PRNewswire/ -- Commodore Environmental Services, Inc.
(OTC Bulletin Board: COES), today announced results for the three and nine
month periods ended September 30, 1998 (see table below).
Commodore Environmental Services, Inc., and Subsidiaries
Condensed, Consolidated Statement of Operations
(Unaudited - dollars in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30 September 30,
1998 1997 1998** 1997
Contract Revenues $0 $5,738 $1,259 $15,717
Net Income (Loss) (1,801) (3,153) 1,963 (8,704)
Net Income (Loss)
Per Share (.03) (.05) .03 (.15)
Weighted Average Number
of Shares Outstanding:
Basic 62,290,000 58,252,000 61,038,000 57,872,000
Diluted* 62,290,000 58,252,000 64,820,000 57,872,000
* For the three months ended September 30, 1998 and 1997 and the nine
months ended September 30, 1997, common stock equivalents are not
included in the net loss per share calculation, since they are not
dilutive.
** For the nine months ended September 30, 1998, the results include a
gain on the sale of subsidiary stock of $8,024,000. In addition, only
one month of financial results of Commodore Applied Technologies, Inc.
(Amex: CXI, CXIW) is included in the results of the Company in 1998 as
the Company's ownership of Commodore Applied decreased below 50% in
February and therefore the Company no longer consolidated Commodore
Applied's results.
The mission of Commodore Environmental Services is to develop and
commercialize materials and processes that enable significant technological
capabilities in a wide range of industries. The Company now has three
subsidiaries or affiliates commercializing three processes or materials, each
at a different stage of maturity.
These materials contain forward-looking statements based, on a series of
projections and estimates regarding economics within the Company's markets,
the industries in which the Company operates, the effects of legislation and
regulations, as well as business and competitive outlook.
SOURCE Commodore Environmental Services, Inc.
/CONTACT: Melissa C. Berkowitz, Shareholders of Commodore
EnvironmentalServices, 212-308-5800/
Symbols:
US;COES US;CXI
Source PRN - PR NewsWire
Categories:
NWR/NY NWI/ENV NWS/ERN
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