ATG Reports Record Results for the 1998 Fourth Quarter and Year End; Fourth Quarter Earnings Up 300 Percent Over Prior Year's Quarter.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)--March 8, 1999--ATG 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 record revenues and net income for the fourth quarter and full year ended Dec. 31, 1998. Revenues for the fourth quarter of fiscal 1998 were $14.6 million, up 75 percent from the $8.4 million recorded in the comparable quarter in 1997. The company recorded net income of $2.1 million, or $0.14 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 fourth quarter of fiscal 1998, compared to net income of $520,000, or $0.04 per share, in the fourth quarter of fiscal 1997. For the full year ended Dec. 31, 1998, revenues were $35.9 million, up 88 percent from $19.1 million for 1997. Net income was $5.1 million, or $0.38 per share, for the year, compared to a net income of $1 million, or $0.08 per share, in 1997. ATG's record results were due to the performance of and customer response to its 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. system that was introduced just one year ago. Waste processing at the company's Richland, Wash. waste processing facility where the SAFGLAS system is located has grown by over 300 percent in 1998. Fourth quarter revenue includes approximately $7.6 million for waste processing and approximately $7 million of work on field service projects, principally for U.S. Government remediation projects. Late in the fourth quarter, ATG ATG antithymocyte globulin. lymphocyte immune globulin (antithymocyte globulin equine, ATG, ATG equine, LIG) Atgam Pharmacologic class: Immunoglobulin Therapeutic class: Immunosuppressant acquired certain business lines from Molten Metal Technologies. Revenue from these business lines is included in waste processing revenue. "We are extremely pleased with our growth and performance in 1998," said Doreen Chiu, president and chief executive officer. "Our revenues have almost doubled and our profitability has increased by over 400 percent. The acquisition of the wet waste and 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. treatment businesses located 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. add new strategic capabilities to ATG's service offerings." Through this acquisition, ATG now has service agreements in place with approximately 90 percent of the operating nuclear power plants in the country. Bill Hewitt
As in past years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time fourth quarter included significant work within the field services group. Major projects were completed in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , Utah and Hawaii to meet customer needs during this quarter. Other projects were scheduled in the quarter in anticipation of adverse weather conditions in cold weather states. Overall field services business has grown by 25 percent, to over $17 million in 1998. "We are pleased with the field services group results. The group will continue to focus in special niche markets A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. in support of the company's overall strategy," continued Chiu. The fourth quarter of 1998 also marked ATG's entry into a significant new market. ATG has been awarded contracts with Taiwan Power Co. and Korea Electric Power This article is about Korean Electric Power Company. For the Japanese Electric Power Company, see Kansai Electric Power Company. Korea Electric Power (NYSE: KEP) is the only electric utility provider in South Korea. Co. "After recent visits to Taiwan, I am convinced that this region will be a significant growth area for the company in the future," said Doreen Chiu. "In addition to the Taiwan contract, we now have a contract to provide equipment and special containers to Korean Electric Power Company and an alliance in Japan for potential work in chemical demilitarization de·mil·i·ta·rize tr.v. de·mil·i·ta·rized, de·mil·i·ta·riz·ing, de·mil·i·ta·riz·es 1. To eliminate the military character of. 2. ." "Several events characterize the significance of the past year. During 1998, ATG became a public company, almost doubled its revenues, completed a significant strategic acquisition and expanded into the international market. In 1999, we expect to continue this expansion, complete the permitting and construction of the new mixed waste processing facility, and begin processing mixed waste," added Chiu. 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 from Molten Metal Technologies, the ability to permit and operate it mixed waste facility, and expand its operations in the international market as well as 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 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 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 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. -0-
ATG Inc.
Condensed CONSOLIDATED balance Sheets
(In thousands)
Dec. 31, 1998 Dec. 31, 1997
Current assets:
Cash and cash equivalents $ 3,789 $ 2,586
Accounts receivable, net 22,737 5,935
Prepayments and other
current assets 1,460 1,477
Total current assets 27,986 9,998
Property and equipment, net 42,988 22,104
Intangible and other
assets, net 8,832 5,125
Total assets $ 79,806 $ 37,227
Current liabilities:
Short-term borrowings $ 6,750 $ 3,996
Current portion of
long-term debt and
capital leases 4,733 1,380
Accounts payable 6,096 3,246
Accrued liabilities 9,818 944
Payable to related parties -- 1,280
Total current liabilities 27,397 10,846
Long-term debt,
capitalized leases
and other, net 11,713 6,669
Total liabilities 39,110 17,515
Mandatorily redeemable
preferred stock -- 19,416
Common stock 41,468 6,337
Deferred compensation (152) (272)
Accumulated deficit (620) (5,769)
Total shareholders'
equity 40,696 296
Total liabilities and
shareholders' equity $ 79,806 $ 37,227
ATG Inc.
Condensed consolidated Statements Of Operations
(In thousands, except per share data)
Three months Year Ended
Ended Dec. 31, Dec. 31,
1998 1997 1998 1997
Revenue $ 14,612 $ 8,351 $ 35,900 $ 19,107
Cost of revenue 9,045 5,947 19,816 11,172
Gross profit 5,567 2,404 16,084 7,935
Sales, general and
administrative expenses 2,397 1,905 7,833 6,903
Stock-based
compensation expense 30 29 120 117
Operating income 3,140 470 8,131 915
Interest income, net 35 4 173 58
Income before
provision for taxes 3,175 474 8,304 973
Provision for income taxes 1,104 (46) 3,156 (45)
Net income $ 2,071 $ 520 $ 5,148 $ 1,018
Net income per share
Basic $ 0.15 $ 0.05 $ 0.40 $ 0.09
Fully diluted $ 0.14 $ 0.04 $ 0.38 $ 0.08
Weighted average shares
Basic 13,844 11,516 12,975 11,516
Fully diluted 14,556 12,284 13,698 12,284
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