ATG Announces First Quarter 2000 Results.Business Editors
FREMONT, Calif.--(BUSINESS WIRE)--May 15, 2000
ATG ATG antithymocyte globulin.
lymphocyte immune globulin (antithymocyte globulin equine, ATG, ATG equine, LIG)
Pharmacologic class: Immunoglobulin
Therapeutic class: Immunosuppressant Inc. (Nasdaq:ATGC ATGC Adenine,Thymine, Guanine, & Cytosine
ATGC Asiantaeth Trwyddedu Hywyr A Cherbydau (Welsh: Driver and Vehicle Licensing Agency, UK) ), a leading provider of low-level radioactive and low-level mixed waste treatment services, today announced results for its first quarter ended March 31, 2000.
Revenue for the first quarter of 2000 was $11.1 million compared to $12.9 million in the comparable quarter of 1999. Revenues in the 2000 first quarter were negatively impacted by a major shortfall in spent ion exchange resin An ion exchange resin is an insoluble matrix (or support structure) normally in the form of small (1-2 mm diameter) beads, usually white or yellowish, fabricated from an organic polymer substrate. receipts at the company's facility in Oak Ridge Oak Ridge, city (1990 pop. 27,310), Anderson and Roane counties, E Tenn., on Black Oak Ridge and the Clinch River; founded by the U.S. government 1942, inc. as an independent city 1959. , Tenn. The facility processes spent ion exchange resins from nuclear power plants, reducing the volume of waste going to final disposal. The processed resin resin, any of a class of amorphous solids or semisolids. Resins are found in nature and are chiefly of vegetable origin. They are typically light yellow to dark brown in color; tasteless; odorless or faintly aromatic; translucent or transparent; brittle, fracturing waste is then disposed of at the Barnwell waste disposal site in South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures
Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. . During the quarter, the operator of the Barnwell site offered customers a very deep discount to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use.
See also: Dispose the resins resins,
n.pl complex, insoluble, sticky substances secreted by plants. Used as astringents, antimicrobials, and antiinflammatories, and are burned as incense. Can cause oral ulcers and epidermal irritations. without volume reduction, prior to the sale of the Barnwell operations in May 2000. This deep discount program diverted di·vert
v. di·vert·ed, di·vert·ing, di·verts
1. To turn aside from a course or direction: Traffic was diverted around the scene of the accident.
2. several million dollars worth of spent ion exchange resins to direct disposal at Barnwell during the first quarter of 2000 and is anticipated to do the same during the second quarter. A repeat of the current deep discounted pricing is considered to be unlikely past the second quarter of 2000 due to pending South Carolina legislation that removes the site operator's ability to set pricing and places that authority with a multi-state appointed oversight
Oversight may refer to:
The company recorded net income of $6 thousand, or $0.00 per 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. share, in the first quarter of 2000 compared to net income of $1.1 million, or $0.08 per fully diluted share, in the comparable quarter of 1999.
As announced on May 11, 2000, ATG expects to record a one-time charge in the amount of approximately $2.4 million in the second quarter of 2000 related to its recent plant consolidation and workforce reduction. These measures are anticipated to favorably fa·vor·a·ble
1. Advantageous; helpful: favorable winds.
2. Encouraging; propitious: a favorable diagnosis.
3. impact expense levels on a go forward basis.
"Revenue in the first quarter was impacted by circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact.
2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or outside our immediate control," said Doreen Chiu, President and Chief Executive Officer of ATG. "That said, we are confident that the recent steps we've taken will allow ATG to show considerable improvement throughout the second half of the year.
"In particular, we've reduced substantially our Oak Ridge facility labor costs, phased in a new lower-cost resin decontamination decontamination /de·con·tam·i·na·tion/ (de?kon-tam-i-na´shun) the freeing of a person or object of some contaminating substance, e.g., war gas, radioactive material, etc.
n. process and identified ways to process new, high-margin wastes by utilizing certain existing Q-CEP equipment," said Chiu.
"Our traditional business lines continue to perform well and now it is a matter of executing on our plans and quickly ramping up our newer capabilities. I am confident that we can successfully achieve these goals as we continue improving our processes and working toward positioning ATG as the leader in low-level radioactive and low-level mixed waste treatment."
ATG will be holding an investor conference call to discuss the company's financial and operational results at 11:00 a.m. eastern on May 15, 2000. Investors will have the opportunity to listen to the conference call over the Internet through Vcall at www.vcall.com. To listen to the live call, go to the web site at least 15 minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call at www.vcall.com.
ATG Inc. is a radioactive and hazardous waste Hazardous waste
Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes. management company that offers comprehensive thermal and non-thermal treatment solutions for low-level radioactive and low-level mixed waste generated by commercial entities such as nuclear power plants, medical facilities and research institutions, both in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and overseas, and by the U.S. Departments of Defense and Energy.
This news release may contain forward-looking statements forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in the forward-looking statements as a result of various factors set forth under "Factors Affecting Future Operating Results" in the Company's annual report on Form 10-K Form 10-K
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.
See 10-K. and such other risks detailed from time to time in the Company's other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof here·of
Formal or law of or concerning this
Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" or to reflect the occurrence of unanticipated events.
ATG Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended March 31, 2000 1999 Revenue $ 11,103 $ 12,944 Cost of Revenue 6,687 7,742 Gross Profit 4,416 5,202 Sales, general & administrative expenses 3,877 3,064 Stock-based compensation expense 30 30 Operating Income 509 2,108 Net interest income (expense) (499) (258) Income before provision for taxes 10 1,850 Provision for income taxes 4 740 Net income $ 6 $ 1,110 Net income per share Basic $ 0.00 $ 0.08 Fully Diluted $ 0.00 $ 0.08 Weighted average shares Basic 14,091 14,018 Fully Diluted 15,032 14,796 ATG Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) March 31, Dec. 31, 2000 1999 (Unaudited) Current assets: Cash and cash equivalents $ 458 $ 2,776 Accounts receivable, net 22,471 24,488 Prepayments and other current assets 5,496 5,396 Total current assets 28,425 32,660 Property and equipment, net 87,606 80,428 Restricted Cash 9,586 16,014 Intangible assets, net 2,195 2,203 Other assets, net 4,756 4,774 Total assets $132,568 $136,079 Current liabilities: Short-term borrowings $ 2,680 $ 1,721 Current portion of long-term debt 4,270 4,259 Accounts payable 10,053 11,649 Accrued liabilities 12,706 15,197 Total current liabilities 29,709 32,826 Long-term debt and capitalized leases 56,163 56,595 Total liabilities 85,872 89,421 Common stock 42,139 42,137 Deferred compensation (2) (32) Retained earnings (deficit) 4,559 4,553 Total shareholders' equity 46,696 46,658 Total liabilities and shareholders' equity $132,568 $136,079