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Technology Stocks : VRDM - Veridium Corporation -- Ignore unavailable to you. Want to Upgrade?

To: whenitgoesup who wrote (1)	9/6/2005 11:55:31 AM
From: rrufff	Read Replies (2) \| Respond to of 133

Walt - thanks for starting a board on VRDM. Might as well have 2004 results here too. Anyone following the GSHF companies, knows that Kreissler is gradually trying to improve the capital structure of each component company while improving operations. This one has languished so I suspect it may be "soon" to have its day following GSHF and INSQ.. Veridium Announces 2004 Financial Results Friday April 1, 3:41 pm ET PATERSON, N.J., April 1 /PRNewswire-FirstCall/ -- Veridium Corporation ("Veridium") (OTC Bulletin Board: VRDM - News), an environmental services provider that specializes in the recycling and reuse of industrial wastes, today announced its financial results for the year ended December 31, 2004. Veridium reported revenues of $13.2 million for the year ended December 31, 2004, up $1.2 million, or 10.2%, as compared to revenues of $12.0 million for the year ended December 31, 2003. This increase was due to the a full year's accounting for revenues in 2004 as compared to eight months of revenues in 2003 for the companies acquired during 2003. The Company reported a 2004 net loss of $7.0 million, or $0.26 per share, as compared with a 2003 net loss of $14.2 million, or $0.93 per share. Veridium realized impairment charges of intangible assets of $3.5 million, an idle asset write off of $1.3 million, a deferred finance charge write off of $0.6 million, severance of $0.4 million, and a forfeited building purchase deposit of $0.1 million. The net loss for the year ended December 31, 2004, before above discussed items, was $1.1 million, or 8.3% of revenue, as compared to $1.5 million, or 11.8%. Summary Financial Review "Our efforts during 2004 were focused on securing the financing necessary to recapitalize our balance sheet and maximize profits from our various operating divisions," said James Green, president and chief executive officer of Veridium. "We secured financing to recapitalize our balance sheet and eliminate a large portion of our working capital deficit. The realization of these goals was critical to preparing Veridium to execute cost-effectively on its sales growth and acquisition plans." Michael Desrosiers, Veridium's chief financial officer added: "We believe that the improvement in our working capital deficit is a substantial stride forward. The improvement in our cash flow enhances our ability to target and complete acquisitions in a manner that is positive to our operations." Veridium used the cash proceeds from about $3.25 million of total financings during 2004 consisting of $1.75 million from Laurus Master Fund and $1.5 million from GreenShift Corporation, an affiliate of our chairman, Kevin Kreisler, to achieve these results. Business Outlook "We expect to increase sales at each of our locations and we anticipate growing overall revenues through acquisitions during 2005. We expect continued solid performance from our operational and sales groups, and we have cost-effective funding sources in place that will allow us to realize our acquisition goals for 2005. I am looking forward with excitement to executing on our growth plans during 2005," added Green. Additional Information Please refer to the financial statements included in this press release and to Veridium's Annual Report for the year ended 2004 on Form 10KSB, which will be filed later today, for a more complete description of Veridium's results of operations for the year ended 2004. This filing will also be made available on Veridium's website at veridium.com as soon as reasonably practicable after filing with the Securities and Exchange Commission. About Veridium Corporation Veridium is an environmental management company providing a variety of services to a broad client base in both the private and public sectors with a specialization in the recycling and reuse of chemical hazardous wastes. Our services include collection and transportation of industrial wastes, site remediation, and recycling of metal-bearing and chemical wastes. Our focus is to provide our clients with value-added, environmentally conscious and cost-effective hazardous waste management services based on our efficient managing of wastes and use of green technologies. Safe Harbor Statement The foregoing discussion contains forward-looking statements that are based on current expectations. Actual results, including the timing and amount of anticipated revenues, any implications with respect to shareholder wealth, or Veridium's ability to scale its operations, may differ due to such factors as: regulatory delays; dealings with governmental and foreign entities; economic and other conditions affecting the financial ability of actual and prospective clients; and, other risks generally affecting the financing of projects. Additional risks associated with Veridium's business can be found in Veridium's Annual Report on Form 10-KSB for the year ended December 31, 2004, and other periodic filings with the SEC. Veridium trades on the over-the-counter bulletin board maintained by the NASD under the symbol VRDM.