MARCH 5, 1998
American Eco Records Fifth Straight Year of Increased
Earnings and Revenues
HOUSTON, TEXAS--American Eco Corporation announced that net income
increased 99% to US$17.4 million or US$1.08 basic earnings per
share for the year ended November 30, 1997 compared to US$8.8
million or US$0.81 basic earnings per share for the year end 1996.
The Company's revenues grew 84% to US$220.5 million in fiscal
1997 compared to US$119.5 million in fiscal 1996.
Michael E. McGinnis, Chairman, President and Chief Executive
Officer of American Eco, stated "1997 marks the fifth straight
year that our company has achieved increased revenues and net
income. As part of our strategic plan, which was implemented in
fiscal 1997 we will be focusing the Company's resources on
increasing our industrial services and specialty fabricating
business segments. This strategic focus, which led to the
divestiture of certain of our environmental business units,
contributed to our record performance in fiscal 1997. We will
continue to work on gaining the confidence of our customers while
we implement our strategic plan which will provide for improved
shareholder value in 1998 and beyond."
FISCAL YEAR COMPARISON (US Dollars): Results have been presented
according to Canadian Generally Accepted Accounting Principles
/T/
1997 1996 Percent
Change
---------- ------------ ---------
$220,478,000 Revenue $119,529,000 84 Percent
$19,264,000 Income Before Tax $7,954,000 142 Percent
$(1,829,000) Income Taxes $809,000 N/A
$17,435,000 Net Income $8,763,000 99 Percent
16,218,034 Weighted Average 10,846,516 50 Percent
Shares
$1.08 Basic EPS $0.81 33 Percent
4th QUARTER COMPARISON (US Dollars):
4thQ - 1997 4thQ - 1996 Percent
Change
---------- ------------ ---------
$70,703,000 Revenue $29,056,000 143 Percent
$6,094,000 Income Before
Tax $1,682,000 262 Percent
$(1,176,000) Income Taxes $ 809,000 N/A
$4,918,000 Net Income $2,491,000 97 Percent
19,415,376 Weighted Average
Shares 13,693,802 42 Percent
$0.25 Basic EPS $0.18 39 Percent
/T/
American Eco is a leading North American provider of single-source
construction, management, maintenance, specialty fabrication,
engineering and environmental remediation services in the
refining, petrochemical, utility, forest products and offshore
manufacturing industries.
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