ATG Announces First Quarter 2000 Results.Business EditorsFREMONT, Calif.--(BUSINESS WIRE)--May 15, 2000 ATG ATG antithymocyte globulin. lymphocyte immune globulin (antithymocyte globulin equine, ATG, ATG equine, LIG) Atgam 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 v.tr. 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 adj. 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. de·con·tam·i·na·tion 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. Form 10-K 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 adv. Of this. hereof Adverb 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
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