Ecology and Environment, Inc. to Exit Domestic Laboratory Testing Business
17 Janeiro 2005 - 5:18PM
PR Newswire (US)
Ecology and Environment, Inc. to Exit Domestic Laboratory Testing
Business BUFFALO, N.Y., Jan. 17 /PRNewswire-FirstCall/ -- In a
special meeting of the Board of Directors, the Board voted to exit
the Company's domestic laboratory operations, the Analytical
Service Center (ASC) in Lancaster, New York. The Board, in taking
this action, cited both deterioration in effective pricing and a
reduced emphasis by Federal agencies for analytical testing. The
Department of Defense has reduced its effort in the environmental
field, by minimizing expenditures that do not sustain National
defense decisions. It is estimated that the resulting impairment of
assets to be recognized in the Company's second quarter will be in
the range of $2 to $2.5 million. The Company intends to look for
alternatives for the building either through sale or reuse. The
disposition of the building and equipment will require further
analysis to determine the marketability. As per the Board
resolution E & E will seek an orderly phase out/transfer of its
existing work and will not bid on new work past January 17, 2005.
Ecology and Environment, Inc. is headquartered in Lancaster, New
York, a suburb of Buffalo. Its common stock is listed on the
American Stock Exchange under the symbol EEI. E & E can be
located on the World Wide Web at http://www.ene.com/. DATASOURCE:
Ecology and Environment, Inc. CONTACT: Ronald Frank of Ecology and
Environment, Inc., +1-716-684-8060 Web site: http://www.ene.com/
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