DRTK, Earning out this morning loss of .29 vs .10 rom last qtr.
due to adjustments. However, revenues and profit up for qtr.
GTS Duratek Reports Record Level Operating Performance in -2-
Also, as stated herein, the timing of contracting efforts, and timing and success in
new contract awards have affected period-to-period comparisons and are expected to do so
in the future.
GTS DURATEK, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Twelve Months
Ended December 31, Ended December 31,
------------------ ------------------
1998 1997 1998 1997
---- ---- ---- ----
Revenues $44,880,935 $50,236,375 $160,313,077 $136,552,821
Cost of
revenue 32,730,330 41,540,829 123,839,031 120,814,140
----------- ----------- ------------ ------------
Gross profit 12,150,605 8,695,546 36,474,046 15,738,681
Selling,
general and
administrative
expenses 7,679,724 5,245,452 26,613,548 15,724,895
Charge
for asset
imparement 9,223,948 0 9,223,948 0
----------- ----------- ------------ ------------
Income
(loss) from
operations (4,753,067) 3,450,094 636,550 13,786
Interest
income
(expense),
net (81,662) (16,074) (544,902) 570,795
Income (loss)
before income
taxes (benefit)
and proportionate
share of loss
of joint
venture (4,834,729) 3,434,020 91,648 584,581
Income taxes
(benefit) (1,278,000) 1,466,000 627,000 716,000
----------- ----------- ------------ ------------
Income
(loss) before
proportionate
share of
loss of
joint
venture (3,556,729) 1,968,020 (535,352) (131,419)
Proportionate
share of
loss of
joint
venture (50,000) (14,620) (1,474,000) (149,620)
----------- ----------- ------------ ------------
Net income
(loss) before
cumulative
effect of
change in
accounting
principle (3,606,729) 1,953,400 (2,009,352) (281,039)
Cumulative
effect of
change in
accounting
principle 0 0 (420,000) 0
----------- ----------- ------------ ------------
Net income
(loss) (3,606,729) 1,953,400 (2,429,352) (281,039)
Preferred
stock
dividends
and charges
for accretion 377,031 376,161 1,506,754 1,503,393
----------- ----------- ------------ ------------
Net income
(loss)
attributable
to common
stockholders ($3,983,760) $1,577,239 ($3,936,106) ($1,784,432)
============ =========== ============ ============
Basic net
income (loss)
per share ($0.29) $0.12 ($0.30) ($0.14)
============ =========== ============ ============
Diluted
net income
(loss) per
share ($0.29) $0.10 ($0.30) ($0.14)
============ =========== ============ ============
Basic
weighted
average
common
stock
outstanding 13,883,592 12,813,499 13,137,188 12,618,538
============ =========== ============ ============
Diluted
weighted
average
common
stock
and dilutive
securities
outstanding 13,883,592 19,657,937 13,137,188 12,618,538
============ =========== ============ ============
CONTACT: GTS Duratek, Columbia
Diane R. Brown, Investor Relations
Robert F. Shawver, Exec. V.P.
410/312-5100
www.gtsduratek.com
08:30 EST MARCH 9, 1999 |
