ATG Announces First Quarter 2001 Results.Business Editors FREMONT, Calif.--(BUSINESS WIRE)--May 16, 2001 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 ra·di·o·ac·tive adj. Of or exhibiting radioactivity. radioactive characterized by radioactivity. radioactive decay and low-level mixed waste treatment services, today announced results for the first quarter ended March 31, 2001. Revenue for the first quarter of 2001 was $9.8 million compared with $11.1 million in the comparable quarter of 2000. Net loss for the first quarter of 2001 was $2.1 million, or $0.12 per share, compared to net income of $6,000, 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 comparable quarter of 2000. During the first quarter of 2001, ATG began the production ramp-up of its new thermal treatment Thermal treatment is a term given to any waste treatment technology that involves high temperatures in the processing of the waste feedstock. This commonly, although not exclusively involves the combustion of waste materials. processing facility that partially offset the comparable period's negative impact in revenue and gross margin that resulted from the shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. 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 from its facility in Oak Ridge, Tennessee Oak Ridge is an incorporated city in Anderson and Roane Counties in East Tennessee, about 25 miles northwest of Knoxville. Oak Ridge's population was 27,387 people at the 2000 census. . ATG's transition to the non-thermal 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 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 has continued through the first quarter of fiscal 2001 and is anticipated to be completed during the second quarter of fiscal 2001. In addition, revenue and gross margin during the first quarter was negatively impacted by LLRW LLRW Low-Level Radioactive Waste thermal production capacity constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. at ATG's Richland, Washington Richland is a city in Benton County in southeastern Washington, at the confluence of the Yakima River and the Columbia River. As of the 2000 census, the city population was 38,708, with a 2005 population estimate of 43,520. processing facilities. The production capacity constraints were due to the inability of acquiring the second bulk processing unit (BPU BPU benzoylphenyl urea. ) that was scheduled for installation during the fourth quarter of 2000. The Company anticipates that the unit will be installed during the second quarter of 2001. ATG is in the process of obtaining a contract modification of its low-level mixed waste thermal processing contract with the Department of Energy regarding the funding of approximately $2 million to complete demonstration testing of its thermal processing facility. The modification is to include five milestone achievements that will allow ATG to receive periodic payments at the completion of each milestone. During April 2001, ATG completed the first two milestones and received payments totaling $990,000. ATG has scheduled milestones three and four for completion during June 2001, and will be entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to receive additional payments of approximately $900,000 when these milestones are achieved. "Our operations are still negatively impacted by the tight cash-flow situation and the lack of thermal treatment capacities," said Doreen Chiu, President and Chief Executive Officer of ATG. "The completion of the second BPU in the second quarter will finally provide us with the necessary production capacity to process wastes more efficiently." "I am pleased that we have increased our low-level mixed waste capabilities, both the GASVIT and the non-thermal operations are reporting increases in production," concluded Ms. Chiu. ATG will be holding an investor conference call to discuss the company's financial and operational results at 11:00 a.m. Eastern/8:00 a.m. Pacific on May 16, 2001. The conference call is open to any participant by telephone at 1-800-230-1096, passcode No. 587025. For those who cannot listen to the live broadcast, a replay will be available shortly after the call by telephone at 1-800-475-6701, passcode No. 587025. About ATG Inc. 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 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 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,
---------------------
2001 2000
-------- --------
Revenue $ 9,774 $ 11,103
Cost of Revenue 6,233 6,687
-------- --------
Gross Profit 3,541 4,416
Sales, general & administrative
expenses 5,120 3,877
Stock-based compensation expense -- 30
-------- --------
Operating Income (1,579) 509
Other income 420 --
Net interest income (expense) (923) (499)
-------- --------
Income before provision for taxes (2,082) 10
Provision for income taxes -- 4
-------- --------
Net income $ (2,082) $ 6
======== ========
Net income per share
Basic $ (0.12) $ 0.00
Fully Diluted $ (0.12) $ 0.00
Weighted average shares
Basic 16,945 14,091
Fully Diluted 16,945 15,032
ATG Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, December 31,
2001 2000
--------- ---------
(Unaudited)
Current assets:
Cash and cash equivalents $ 272 $ 351
Accounts receivable, net 17,533 18,666
Prepayments and other current
assets 5,739 5,315
--------- ---------
Total current assets 23,544 24,332
Property and equipment, net 92,309 90,109
Restricted Cash 452 452
Other assets 5,390 5,408
--------- ---------
Total assets $ 121,695 $ 120,301
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Current liabilities:
Short-term borrowings $ 25,374 $ 25,374
Current portion of long-term
debt 5,191 5,159
Accounts payable 20,143 16,160
Accrued liabilities 13,329 12,878
--------- ---------
Total current liabilities 64,037 59,571
Long-term debt and capitalized
leases, net 33,407 34,413
--------- ---------
Total liabilities 97,444 93,984
--------- ---------
Common stock 47,324 47,308
Retained earnings (23,073) (20,991)
--------- ---------
Total shareholders' equity 24,251 26,317
--------- ---------
Total liabilities and
shareholders' equity $ 121,695 $ 120,301
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