TCCC - this one is growing..
October 19, 1999 12:00
3CI Announces Fourth Quarter Increase of Net Income From Operations
SHREVEPORT, La., Oct. 19 /PRNewswire/ -- 3CI Complete Compliance Corporation (Nasdaq: TCCC) announced today the Company's results for the fourth quarter ended September 30, 1999. The Company increased net income from operations by $500,742 to $471,465 for the three months ended September 30, 1999 as compared to ($29,277) for the same period ended September 30, 1998. Gross margins increased from 26.7% for the fourth quarter ended September 30, 1998 to 34.3% for the same period ended 1999 exclusive of depreciation and amortization. Inclusive of depreciation, gross margins increased from 19% for the fourth quarter ended September 30, 1998, to 25% for the same period ended September 30, 1999. Fourth quarter 1999 revenues of $4.6 million decreased 6.7% as compared with revenues of $4.9 million for the same period in 1998, as a result of the asset sale of the Oklahoma region. Exclusive of the Oklahoma asset sale revenue increased 2% for the fourth quarter ended September 30, 1999. Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the 3 month period ended September 30, 1999, has increased from $642,000 to $834,000 for the same period ended September 30, 1999. This represents an increase of EBITDA of 30%. Net income for the fourth quarter was $179,929 or $0.01 per share, for the period ended September 30, 1999, as compared to net income of $74,944 or $0.01 per share for the same quarter ended September 30, 1998.
3CI President Charles Crochet, commenting on the results, said, "We are pleased with our fourth quarter results which are a direct reflection of the implementation of our business strategies. Management will continue to focus revenue increase through the acquisition of higher margin customers combined with the controlling costs throughout our business units."
3CI is the 3rd largest provider of medical waste management services in the U.S. with more than 17,000 healthcare related customers in the Southeastern, South Central and portions of the Southwestern United States. The Company provides collection, packaging, transportation, tracking, treatment and related services for the disposal of medical and special waste.
Safe Harbor Statement: Statements in the press release which are not strictly historical are "forward-looking". Forward-looking statements involve known and unknown risks, which may cause the company's actual results in the future to differ materially from expected results. The risks and uncertainties that may affect the results of the Company's business include the following: difficulties and delays with respect to the completion and integration of acquisitions; delays and diversion of attention related to compliance with permitting and regulatory authorities; difficulties and delays with respect to marketing and sales activities; and general uncertainties accompanying expansion into new markets.
3CI COMPLETE COMPLIANCE CORPORATION CONSOLIDATED STATEMENTS OF OPERATION
For the For the
Three Months Three Months
Ended Percentage Ended Percentage
Sept. 30, Sept. 3O, Sept. 30, Sept. 30,
1998 1998 1999 1999
Revenues $4,881,619 100% $4,555,095 100%
Expenses:
Cost of Services 3,583,767 73% 2,992,409 66%
Depreciation and
Amortization 367,969 8% 424,690 9%
Selling, general
and administrative 959,160 20% 666,531 15%
Net income (loss) from
Operations $(29,277) -1% $471,465 10%
Other Income (expense)
Other Income (expense) 303,408 6% (62,301) -1%
Net interest and
other expense, (199,187) -4% (229,235) -5%
Net income (loss) before
income taxes 74,944 1% 179,929 4%
Income taxes --- ---
Net income (loss) $74,944 1% $179,929 4%
Weighted average shares
outstanding 9,116,026 16,947,325
Net loss per common share $0.01 $0.01
SOURCE 3CI Complete Compliance Corporation
/CONTACT: Charles Crochet, President of 3CI Complete Compliance
Corporation, 318-869-0440/
(TCCC)
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