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There was an additonal EXSO release on Friday:
schwab.com
EXSORBET INDUSTRIES INC files 0930 qtr 10-Q.
IFN Smart Edgar News - November 14, 1997 12:51
%OPR %qtrrept EXSO V%IFN P%SMRT
Excerpted from 10-Q filed on 11/14 by EXSORBET INDUSTRIES INC:
EXSORBET INDUSTRIES INC files 0930 qtr 10-Q. Reports $24.1 mil tot rev and $-0.14 EPS.
Results of Operations
The following analysis and discussion highlights significant factors affecting the Company's financial condition and results of operations for the quarter and nine months ended September 30, 1997. For a more complete understanding of the following discussion, reference should be made to the Company's Consolidated Financial Statements and the related notes thereto presented above.
The Company's financial information includes information
attributable to the acquisition of 7-7, Inc. on September 30, 1996. Because the acquisition was accounted for as a purchase, financial results for the quarter and nine months ended September 30, 1996 do not include results of operations for 7-7, Inc.. The Company's financial information includes consolidated financial information for the Company's subsidiaries, including Consolidated Environmental Services, Inc. ("CESI"), Cierra, Inc. ("Cierra"), Exsorbet Technical Services, Inc. d/b/a SpilTech Services ("SpilTech"), Eco Acquisition, Inc. d/b/a Eco Systems ("Eco Systems"), Larco Environmental Services, Inc. ("Larco"), KR Industrial Services of Alabama, Inc. ("KRISA"), and 7-7, Inc. ("7-7").
Sales. Consolidated sales for the three months ended September 30, 1997 were $6,837,600, compared to $7,305,636 for the three months ended September 30, 1996. The decrease in sales was associated primarily with the shutdown of unprofitable operations in the Company's construction subsidiary, CESI. The Company determined during the second quarter of 1997 to cease operations of CESI due to losses of the subsidiary attributable to bonding difficulties, smaller profit margins, and increased competition. Total sales of CESI for the three months ended September 30, 1997 were $21,303, compared to $1,951,394 for the three months ended September 30, 1996. The decrease in consolidated sales was also due, in part, to the sale of the emergency response division of Larco, which was sold during the first quarter of 1997. Larco revenues for the three months ended September 30, 1996 included revenues from providing emergency response services.
Consolidated sales for the third quarter of 1997 were attributable in large part to increased sales efforts in the industrial services division of the Company, consisting of KRISA, Larco, and SpilTech. For the three months ended September 30, 1997, sales at KRISA were $1,596,839, sales at Larco were $1,340,521, and sales at SpilTech were $682,833. For the three months ended September 30, 1997, overall sales by Eco-Systems, Inc., the Company's
engineering subsidiary, were $1,098,248, while sales at Cierra were $37,684.
During the third quarter of 1997, the Company determined that it was not profitable to continue operations of Cierra, an engineering subsidiary based in Little Rock, Arkansas. Cierra was directly competing with Eco Systems, the Company's primary consulting subsidiary. While operations at Cierra were discontinued, the majority of Cierra's employees were offered new employment with Eco Systems.
(End of Item Excerpt)
----------FINANCIAL DATA SCHEDULE--------
PERIOD-TYPE 9-MOS
FISCAL-YEAR-END DEC-31-1997
PERIOD-START JAN-01-1997
PERIOD-END SEP-30-1997
CASH 391,723
SECURITIES 0
RECEIVABLES 5,665,554
ALLOWANCES (242,396)
INVENTORY 1,062,501
CURRENT-ASSETS 8,687,168
DEPRECIATION (3,904,636)
TOTAL-ASSETS 37,599,142
CURRENT-LIABILITIES 19,855,651
BONDS 0
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 15,114
OTHER-SE 15,704,365
TOTAL-LIABILITY-AND-EQUITY 37,599,142
SALES 24,120,390
TOTAL-REVENUES 24,120,390
CGS 19,177,461
TOTAL-COSTS 19,177,461
OTHER-EXPENSES 8,305,970
LOSS-PROVISION 0
INTEREST-EXPENSE 2,614,595
INCOME-PRETAX (4,253,158)
INCOME-TAX (1,941,976)
INCOME-CONTINUING 0
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME (4,253,158)
EPS-PRIMARY (.14)
EPS-DILUTED (.14)
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