ATG Announces Second Quarter Results.
Revenues for the second quarter of fiscal 1998 were $6.8 million, up 89% from the $3.6 million recorded in the comparable quarter in the prior year. The company recorded net income of $.9 million, or $0.07 per share, in the second quarter of fiscal 1998, compared to net income of $72,000, or $0.01 per share, in the second quarter of fiscal 1997.
For the six months ended June 30, 1998, revenues were $12.3 million, up 94% from $6.3 million for the same period in 1997. The company posted a net income of $1.5 million, or $0.12 per share, for the six months ended June 30, 1998, compared to a net loss of $194,000, or $0.03 per share, for the same period in 1997.
"Customer acceptance of the SAFGLAS thermal treatment technology has been very gratifying. The company now has 31 of the approximately 108 nuclear power reactors in the U.S. under general service agreements, up from only 4 at the end of 1997," said Doreen Chiu, Chairman and CEO of ATG. "The SAFGLAS system is performing as expected. Volume is steadily increasing and there is additional capacity in the current system," she said. "During the second quarter, the company began the addition of a bulk solids processing unit, completed the addition of bulk liquid capabilities and began the addition of a GASVIT vitrification unit to be operational by the end of the year. These additions will increase ATG's thermal processing capacity and flexibility in order to meet specialized customer processing needs," added Chiu.
ATG Inc. is a radioactive and hazardous waste management company that offers comprehensive thermal and non-thermal treatment solutions for low-level radioactive and low-level mixed waste generated by the U.S. Departments of Defense and Energy, and commercial entities such as nuclear power plants, medical facilities and research institutions, both in the United States and overseas.
This announcement contains forward-looking statements 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 risk factors set forth under "Risk Factors" in the company's Registration Statement (Commission File No. 333-46107) 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 after the date hereof or to reflect the occurrence of unanticipated events. -0-
ATG INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) Three Months Six Months Ended June 30, Ended June 30, 1998 1997 1998 1997 Revenue $6,773 $3,581 $12,267 $ 6,332 Gross Profit 3,426 1,565 6,291 2,897 Operating income (loss) 1,409 63 2,540 (244) Income (loss) before provision for taxes 1,448 73 2,582 (193) Net income (loss) $ 879 $ 72 $ 1,549 $ (194) Net income per share Basic $ 0.07 $0.01 $ 0.13 $(0.03) Fully diluted $ 0.07 $0.01 $ 0.12 $(0.03) Weighted average shares outstanding Basic 12738 7532 12127 7532 Fully diluted 13471 7532 12877 7532 -0-
CONTACT: ATG Inc.
Doreen Chiu or Steve Guerrettaz, 510/490-3008