ATG Announces First Quarter Results.FREMONT Fremont (frē`mŏnt). 1 City (1990 pop. 173,339), Alameda co., W Calif., on San Francisco Bay; inc. 1956. Long an agricultural center, with champagne vineyards founded (1870) by Leland Stanford, it still ships fruits and vegetables. , Calif.--(BUSINESS WIRE)--April 28, 1999-- 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 waste Noun 1. low-level radioactive waste - (medicine) radioactive waste consisting of objects that have been briefly exposed to radioactivity (as in certain medical tests) treatment services, announced today results for the first quarter ended March 31, 1999. Revenue for the first quarter of fiscal 1999 was $12.9 million, up 136 percent from the $5.5 million recorded in the comparable quarter in fiscal 1998. The company recorded net income of $1.1 million, or $0.08 per share, 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. , in the first quarter of fiscal 1999, compared to net income of $670,000, or $0.05 per share, in the comparable quarter in fiscal 1998. Net income per share in 1999 includes the effect of shares issued pursuant to the company's initial public offering completed in May 1998. The company acquired certain business lines of the former Molten Metal Technologies, Inc. in December December: see month. 1998. Revenue for the first quarter of 1999 includes approximately $6.4 million from these new business lines. "We are very pleased with the growth in our base business over last year and with the early contribution of the new lines of business. We continue to make progress toward the full integration of the new business lines into ATG," said Doreen Doreen is a woman's name, usually found in English speaking countries. It is a combination of Dora with the suffix -een, therefore it can be said to mean "gift" from Greek doron [1]. Chiu, president and chief executive officer of ATG. Revenue from waste processing services, including the new business lines, was $10.3 million in the first quarter, or 79 percent of total revenue. Field service projects make up the other 21 percent. This compares to 54 percent and 46 percent, respectively, in the first quarter of 1998. "The split in waste processing revenue, which is principally from commercial customers, and field service revenue, which is principally from government contracts, continues a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. trend that we anticipated when ATG's SAFGLAS(TM) 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. technology was introduced," said Chiu. Revenue from the new business lines is substantially from commercial nuclear power plant operators. This announcement contains 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 including the ability of the company to integrate the new business lines acquired as well as risk 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 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. is a radioactive ra·di·o·ac·tive adj. Of or exhibiting radioactivity. radioactive characterized by radioactivity. radioactive decay 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. (Financial Tables to Follow) -0-
ATG INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
March 31, December 31,
1999 1998
(Unaudited)
Current assets:
Cash and cash equivalents $ 2,549 $ 3,789
Accounts receivable, net 22,258 22,561
Prepayments and other current assets 3,621 2,096
Total current assets 28,428 28,446
Property and equipment, net 46,567 42,988
Intangible and other assets, net 7,748 8,135
Total assets $ 82,743 $ 79,569
Current liabilities:
Short-term borrowings $ 9,440 $ 6,750
Current portion of long-term debt 5,131 4,733
Accounts payable 6,238 6,096
Accrued liabilities 6,487 9,222
Total current liabilities 27,296 26,801
Long-term debt and capitalized leases 12,312 11,246
Deferred income taxes 777 777
Total liabilities 40,385 38,824
Common stock 41,991 41,517
Deferred compensation (122) (152)
Retained earnings (deficit) 489 (620)
Total shareholders' equity 42,358 40,745
Total liabilities
and shareholders' equity $ 82,743 $ 79,569
ATG INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months
Ended March 31,
1999 1998
Revenue $ 12,944 $ 5,495
Cost of revenue 7,742 2,630
Gross profit 5,202 2,865
Sales, general & administrative expenses 3,064 1,697
Stock-based compensation expense 30 30
Operating income 2,108 1,138
Interest income 53 32
Interest expense (311) (36)
Net interest income (expense) (258) (4)
Income before provision for taxes 1,850 1,134
Provision for income taxes 740 464
Net income $ 1,110 $ 670
Net income per share
Basic $ 0.08 $ 0.06
Fully diluted $ 0.08 $ 0.05
Weighted average shares
Basic 14,018 11,516
Fully diluted 14,796 12,284
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