Thermo TerraTech Announces Third Quarter Results
WALTHAM, Mass., Feb. 5 /PRNewswire/ -- Thermo Terratech Inc today reported a 36 percent increase in
revenues for the three months ended December 28, 1996, to $75,698,000, compared with revenues of
$55,578,000 for the third quarter last year. This increase is primarily due to the inclusion of revenues from
businesses acquired in December 1995 and September 1996. Net income for the quarter was $902,000, or $.05
per share, compared with $1,598,000, or $.09 per share, for the same period last year.
"The disappointing earnings for the quarter are in large part due to the falloff in our Thermo Remediation
subsidiary's soil-recycling business," said John P. Appleton, president and chief executive officer of Thermo
TerraTech. "We are continuing our strategy of diversification, with the goal of improving our operating
performance."
Thermo TerraTech Inc. provides environmental services and infrastructure planning and design, encompassing a
broad range of specializations including consulting and design, the remediation of soil and fluids, laboratory
testing, and metal treating. Thermo TerraTech is a public subsidiary of Thermo Electron Corporation.
Thermo TerraTech Inc. Financial Highlights
Three Months Ended Nine Months Ended
Dec. 28, Dec. 30, Dec. 28, Dec. 30,
1996 1995(a) 1996 1995(a)
Revenues $75,698,000 $55,578,000 $210,585,000 $160,804,000
Write-off of
Goodwill --- --- --- 5,564,000
Income Before
Provision
for Income
Taxes 2,223,000 2,997,000 6,852,000 5,359,000
Net Income 902,000 1,598,000 3,810,000 1,524,000
Earnings per
Share .05 .09 .20 .08
Weighted Average
Shares 18,231,000 18,313,000 18,798,000 18,163,000 |
