ATC Group Services reports 36% and 51% increase in third quarter and nine month net income on 193% increase in third quarter revenues and 148% revenue increase for nine month period.NEW YORK--(BUSINESS WIRE)--Jan. 10, 1997--Morry F. Rubin, President and Chief Executive Officer of ATC ATC Air Traffic Control ATC Average Total Cost ATC Certified Athletic Trainer ATC At the Center (Hartford, Maine retreat center) ATC Applied Technology Council ATC All Things Considered Group Services Inc., (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ATCS ATCS Air Traffic Control System ATCS Air Traffic Control Specialist ATCS Advanced Train Control System ATCS air traffic control section (US DoD) ATCS Advanced Tactical Communications System ATCS Advanced Technology Crew Station ) announced today that the Company achieved record results for the quarter and nine month period ended November 30, 1996. Third quarter net income increased 36% on a 193% revenue gain. ATCS reported record third quarter revenues of $32,848,840. and record net income of $1,506,278 for the third quarter ended November 30, 1996 as compared to revenues of $11,223,139 and net income of $1,104,675 for the comparable period of the prior year. Earnings per share reached $.18 versus $.15 in the prior year on a 12% increase in fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. weighted average shares outstanding. For the nine month period ended November 30, 1996, ATCS also achieved record results. Net income for this period increased 51% on a 148% revenue gain. ATCS reported nine-month revenues of $83,416,851. and net income of $5,326,074. as compared to 1995 period revenues of $33,687,570 and net income of $3,518,920. Earnings per share reached $.62 versus $.52 (including a one-time tax benefit of $.05 per share resulting from the merger of Aurora Aurora, cities, United States Aurora (ərôr`ə, ô–). 1 City (1990 pop. 222,103), Adams and Arapahoe counties, N central Colo., a growing suburb on the east side of Denver; inc. 1903. ) on a 27% increase in weighted average shares outstanding. Commenting on the third quarter results, Morry F. Rubin, President and Chief Executive Officer of ATC Group Services Inc. said "The record third quarter results reflect the positive contribution of the acquisitions of American Testing and Engineering Corporations and 3D Information Services See Information Systems. , Inc., purchased in May 1996 of this year. The Company further expects to benefit from its expanded environmental and information technology consulting Information technology consulting (IT consulting or business and technology services) is a field that focuses on advising businesses on how best to use information technology to meet their business objectives. capabilities by providing one-stop shopping for environmental services The various combinations of scientific, technical, and advisory activities (including modification processes, i.e., the influence of manmade and natural factors) required to acquire, produce, and supply information on the past, present, and future states of space, atmospheric, and specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. environmental management systems and support, including environmental risk management software, internet site development and hosting capabilities to clients needing more sophisticated environmental information systems and to companies desiring to outsource their environmental services needs." ATCS is a national business services firm providing specialized technical and project management services to Fortune 500 corporations and federal, state and local government agencies. ATCS provides environmental consulting Environmental consulting is often a form of compliance consulting, in which the consultant ensures that the client maintains an appropriate measure of compliance with environmental regulations. and engineering services to its clients through 60 branch offices in 30 states, and information technology consulting services to clients through its wholly-owned subsidiary, ATC Insys Technology, Inc., headquartered in New Jersey. -0-
ATC Group Services Inc.
Consolidated Operating Results
November 30, 1996
(Unaudited)
Nine Months Ended
November 30
1996 1995 $Change %Change
REVENUES $83,416,851 $33,687,570 $ 49,729,281 148%
NET REVENUES 70,062,018 30,287,761 39,774,257 131%
INCOME BEFORE
INCOME TAXES 8,691,074 5,195,920 3,495,154 67%
NET INCOME 5,326,074 3,518,920 1,807,154 51%
Fully diluted
earnings per
share (1) $.62 $0.52 $0.10 19%
Weighted Average
Shares
Outstanding 8,570,170 6,735,948 1,834,222 27%
-0-
Three Months Ended
November 30
1996 1995 $Change %Change
REVENUES $ 32,848,840 $11,223,139 $21,625,701 193%
NET
REVENUES 27,193,068 10,072,196 $17,120,872 170%
INCOME BEFORE
INCOME TAXES 2,433,278 1,811,675 621,603 34%
NET INCOME 1,506,278 1,104,675 401,603 36%
Fully diluted
earnings per
share $0.18 $0.15 $0.03 20%
Weighted
Average Shares
Outstanding 8,454,151 7,542,528 911,623 12%
(1) Includes a one-time tax benefit of $.05 per share related to
the merger of Aurora Environmental Inc. for the nine months ended
November 30, 1995.
CONTACT: Morry F. Rubin ATCS President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 212/353-8280 |
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