ATG Reports Record Revenues for Fourth Quarter, 1997 Fiscal Year.MONROVIA, Calif.--(BUSINESS WIRE)--Nov. 14, 1997--American Technologies Group Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :ATEG ATEG Assembly for the Teaching of English Grammar ) (ATG ATG antithymocyte globulin. lymphocyte immune globulin (antithymocyte globulin equine, ATG, ATG equine, LIG) Atgam Pharmacologic class: Immunoglobulin Therapeutic class: Immunosuppressant ) Friday reported record revenues for the fourth quarter and 1997 fiscal year ended July 31, 1997. Revenues for the quarter were $1.55 million, compared with revenues of $14,566 in the fourth quarter of fiscal 1996. When the results of the company's mining operations are fully reflected in the results for the same period, revenues increased to approximately $1.7 million. The company reported a net loss for the fourth quarter of $2,441,293, or $0.12 per share, compared with a net loss of $1,755,939, or $0.11 per share, for the corresponding period last year. Revenues for fiscal 1997 rose to $3,083,216 from revenues of $457,642 in fiscal 1996. The company reported a net loss of $9,637,377, or $0.52 per share, compared with a net loss of $5,068,689, or $0.34 per share, in fiscal 1996. Commenting on the company's results, Lawrence J. Brady, president of ATG, said: "To position the company's financial condition for the enormous growth that is anticipated, the company undertook an extensive review of its balance sheet and wrote off or made adjustments as necessary to reflect a lean and conservative balance sheet that would not burden future operations. While these actions have penalized pe·nal·ize tr.v. pe·nal·ized, pe·nal·iz·ing, pe·nal·iz·es 1. To subject to a penalty, especially for infringement of a law or official regulation. See Synonyms at punish. 2. current profitability, these measures were prudent preparation for the company for expected growth and profitability." The company also reported that it has determined that its mining operations no longer fit in its strategic growth plan. Accordingly, the company has shut down its mining activities. The company is in negotiations to sell or otherwise dispose of the mining business. Management expects to recover all of the company's cost of mining business assets. Operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. attributable to 1997 mining operations was $1,544,000. Net loss in the fourth quarter of $2,441,293, when adjusted for interest, depreciation, amortization and other unusual, non-cash items, approaches break even. Adjustment items entering into this calculation in the fourth quarter are as follows: --Cost of non-employee options/adoption of FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). 123 -- $900,000 --Write-off goodwill and other depreciation and amortization -- $963,000 --Interest and other expense -- $381,000 "Based on our fourth-quarter performance, we are confident that ATG is on the path towards profitability," stated Brady. "Revenue streams from The Force, household products and the emerging Water Dew dew, thin film of water that has condensed on the surface of objects near the ground. Dew forms when radiational cooling of these objects during the nighttime hours also cools the shallow layer of overlying air in contact with them, causing the condensation of some product should ensure profitability during fiscal 1998." ATG is an advanced science and technology company providing the solutions to environmental problems worldwide. Its core technologies and products include The Force airborne fuel treatment, IE Crystal products, fuel additives, water purification  It has been suggested that , , and be merged into this article or section. and heavy particle heavy particlen. See baryon. heavy particle A subatomic particle with relatively high mass, especially a baryon. Noun 1. beam generation. These technologies have numerous applications in the nuclear, energy, water, mining and oil and gas industries. Matters discussed in this release include 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. that involve risks and uncertainties, and actual results may be materially different. Factors that could cause actual results to differ include the effectiveness of the IE Crystal in this case, activity levels in the securities markets and other risk factors listed in the company's reports to the Securities and Exchange Commission including its Form 10-Q Form 10-Q See 10-Q. and 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. on file with the SEC. -0-
AMERICAN TECHNOLOGIES GROUP INC. AND SUBSIDIARIES
Consolidated Statement of Operations
For The Year Ended July 31, 1997 and 1996
(In thousands, except per-share data)
1997 1996
Total revenues $ 3,083 $ 458
Total costs and expenses 12,460 6,326
Loss before income tax and
extraordinary item (9,377) (5,868)
Benefit for income taxes 597 260
Extraordinary item:
Gain on extinguishment of debt 0 540
Net loss (8,780) (5,068)
Accreted dividends 857 0
Net loss attributable to common
stockholders $(9,637) $(5,068)
Net loss per share $ (0.52) $ (0.34)
Weighted average number of
common shares outstanding 18,640,000 14,729,961
Condensed Consolidated Balance Sheets
(In thousands)
1997 1996
Assets
Current assets $ 1,866 $ 2,585
Property and other 7,696 7,135
Total assets $ 9,562 $ 9,720
Liabilities and Equity
Current liabilities 1,777 1,004
Long term debt & deferrals 1,840 2,290
Total liabilities 3,617 3,294
Stockholders' equity 5,945 6,426
Total liabilities and equity $ 9,562 $ 9,720
CONTACT: American Technologies Group Inc., Monrovia Jim Nicastro, 626/357-5000 or Pondel Parsons Parsons, city (1990 pop. 11,924), Labette co., SE Kans.; inc. 1871. It is a shipping point for dairy products, grain, and livestock. Manufactures include ammunition, wire and paper products, plastics, and appliances. & Wilkinson Michael Pollock Admiral of the Fleet Sir Michael Patrick Pollock, GCB, LVO, DSC (19 October 1916 – 27 September 2006) was a British officer in the Royal Navy who rose to become First Sea Lord from 1971 to 1974. , 310/207-9300 |
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