Cat
Company Press Release
SOURCE: PDG Environmental, Inc.
PDGE Announces Third Quarter
Results
MONROEVILLE, Pa., Dec. 14 /PRNewswire/ -- PDG Environmental (OTC Bulletin Board:
PDGE - news) today announced consolidated results for the third quarter ended October 31, 1998.
Revenue for the quarter increased 15% to $7,148,000, as compared to $6,204,000 during the
same prior year period. Net income was $45,000, or $0.01 per fully diluted share, as compared to
a net income of $359,000, or $0.05 per fully diluted share for the comparable period last year.
On a year-to-date basis, revenue for the first nine months increased 96% to $31,343,000 from a
year earlier $16,003,000. Net income from continuing operations for the first nine months increased
61% to $1,264,000, or $0.16 per fully diluted share as compared to a net income of $783,000, or
$0.11 per share for the comparable period last year. For the Fiscal 1999 year-to-date period, a
discontinued operations charge of $200,000, or $0.02 per share, was taken in the second quarter
for the settlement of the shareholder litigation relating to PDGE's former subsidiary PDG
Remediation, now ICHOR Corporation.
Commenting, John Regan, Chairman and CEO, stated, ''While third quarter revenues and
nine-month revenues and earnings showed significant increases from the year ago period, we are
obviously disappointed with third quarter earnings. The earnings were negatively impacted by
significant cost overruns at a project in Philadelphia and poor performance from our Atlanta office
which was closed during the quarter. Fortunately, strong results from our other offices and a
favorable adjustment to accrued insurance costs, due to improved safety performance, partially
offset the contract overruns in Philadelphia and Atlanta. We expect to be back on track for the
fourth quarter.''
PDG Environmental, Inc. is a leading provider of asbestos abatement and related services dedicated
to assisting its commercial, industrial and governmental clients in complying with environmental laws
and regulations.
Financial data follows.
PDG Environmental, Inc.
SELECTED FINANCIAL DATA
Three Months Ended October 31:
1998 1997
Revenue $7,148,000 $6,204,000
Net Income 45,000 359,000
Earnings
per common share (diluted) 0.01 0.05
Average fully diluted
common shares outstanding 8,532,000 7,729,000
Nine Months Ended October 31:
1998 1997
Revenue $31,343,000 $16,003,000
Net Income from
continuing operations 1,264,000 783,000
Earnings per share (diluted)
from continuing operations 0.16 0.11
Net loss from
discontinued operations
(litigation settlement) (200,000) --
Loss per share (diluted)
from discontinued operations (0.02) --
Net Income 1,064,000 783,000
Earnings per
common share (diluted) 0.14 0.11
Average fully diluted
common shares
outstanding 8,037,000 7,674,000
Certain of the above statements may be forward looking statements that involve risks and
uncertainties. In such instances, actual results could differ materially as a result of a variety of factors
including competitive developments and other risk factors listed from time to time in the Company's
SEC reports.
SOURCE: PDG Environmental, Inc.
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