Environmental Elements Corporation Releases Second Quarter Earnings
14 Novembro 2003 - 6:52PM
PR Newswire (US)
Environmental Elements Corporation Releases Second Quarter Earnings
BALTIMORE, Nov. 14 /PRNewswire-FirstCall/ -- Environmental Elements
Corporation today reported a net loss of $771,000 ($.11 per share)
on sales of $6.7 million for its second fiscal quarter ended
September 30, 2003, compared to net income of $47,000 or $.01 per
share on sales of $9.3 million for the same period last year. For
the six months ended September 30, 2003, the Company reported a net
loss of $1,044,000 ($.14 per share loss) on sales of $17.2 million,
compared with a net loss of $347,000 ($.05 per share) on sales of
$23.6 million during the same period last fiscal year. (Logo:
http://www.newscom.com/cgi-bin/prnh/20011211/EECLOGO ) "The summer
is a slow period for the Company as our customers are in peak
production and therefore unable to shut down their facilities for
either new systems installations or the maintenance and service of
their existing air pollution control equipment," said interim
President and Chief Financial Officer Lawrence Rychlak. "In spite
of this expected revenue slowdown, our results for the second
quarter were slightly better than we forecasted due to the
successful completion of several projects and the resolution of a
patent dispute. Our future outlook is much better as our
initiatives to reduce our overall spending have been completed and
are evident in our results. In addition, the debt restructuring
discussions with our bank continue and we expect to have a
resolution during our third fiscal quarter." Environmental Elements
Corporation is a solutions-oriented, global provider of innovative
technology for plant services, air pollution control equipment and
complementary products. The Company serves a broad range of
customers in the power generation, pulp and paper, waste-to-energy,
rock products, metals and petrochemical industries. Certain of the
statements included in this news release are forward- looking
statements. These statements involve risks and uncertainties that
could cause the actual results to differ from those expressed in or
implied by such statements. These factors include the loss of
bookings, increased competition, changes in environmental
regulations, and other factors. Information on factors that could
affect the Company's financial results is set forth in the
Company's filings with the Securities and Exchange Commission,
including reports filed on Form 10-K. Financial Information
follows. Environmental Elements Corporation Summary Consolidated
Financial Data (Unaudited) Three Months Ended Six Months Ended
September 30, September 30, In thousands, except per-share data
2003 2002 2003 2002 Sales $6,706 $9,263 $17,213 $23,577 Cost of
sales 6,477 7,875 16,097 21,056 Gross profit 229 1,388 1,116 2,521
Selling, general and administrative expenses 918 1,277 1,867 2,660
Operating income (loss) (689) 111 (751) (139) Interest and other
expense (82) (64) (293) (208) Income (loss) before income taxes
(771) 47 (1,044) (347) Provision for income taxes - - - - Net
income (loss) $(771) $47 $(1,044) $(347) Earnings (loss) per share:
Basic $(0.11) $0.01 $(0.14) $(0.05) Diluted $(0.11) $0.01 $(0.14)
$(0.05) Weighted average common shares outstanding: Basic 7,282
7,244 7,282 7,243 Diluted 7,282 7,254 7,282 7,243 Backlog, end of
period $7,100 $19,100
http://www.newscom.com/cgi-bin/prnh/20011211/EECLOGO DATASOURCE:
Environmental Elements Corporation CONTACT: Lawrence Rychlak,
President & CFO, Environmental Elements Corporation,
+1-410-368-7007 Web site: http://www.eec1.com/ Company News
On-Call: http://www.prnewswire.com/comp/284933.html
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