Abatix Environmental Corp. Announces First Quarter 1996 Net Earnings Increase 99 percent.DALLAS--(BUSINESS WIRE)--April 23, 1996--ABATIX ENVIRONMENTAL CORP. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ABIX ABIX Air-Britain Information Exchange (UK-based aviation historical society members information website) ) today announced net earnings of $229,000 or $.11 per share on revenues of $7,658,000 for the first quarter 1996. Net earnings and revenues for the first quarter 1995 were $115,000 or $.05 per share and $5,989,000, respectively. In March 1996, the Company exercised its option to purchase its leased facility in Corpus Christi, Texas Corpus Christi is a coastal city and the county seat of Nueces CountyGR6 in the U.S. state of Texas. It is part of the region known as South Texas. , and simultaneously sold this facility to a third party. The sale of this facility resulted in a reversal of previously accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. lease obligations which are recorded as a special credit to operations of $34,000 or $.02 per share, net of taxes, and as earnings from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $21,000 or $.01 per share, net of taxes. Terry W. Shaver, President, announced, "We are extremely pleased with the first quarter earnings as the revenues were stronger than anticipated. Much of the growth was due to the stronger economy in some of our locations and the expanded customer base outside the asbestos abatement Noun 1. asbestos abatement - the removal of asbestos from a public building abatement of a nuisance, nuisance abatement - (law) the removal or termination or destruction of something that has been found to be a nuisance industry. Our facility in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , which opened in December 1995, is continuing to gain market share, however, this facility had a negative impact on the first quarter 1996 earnings. With continued improvement, we anticipate Las Vegas will have a positive impact in the second half of 1996." Shaver continued, "The increase in the first quarter revenues and the projected internal growth for the remainder of the year establish a base for revenue growth in 1996 of 15 to 20 percent with a substantial increase in earnings per share. Based on the first quarter results, we believe 1996 will be our fourth consecutive year of approximately 40 percent growth in earnings from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the , however, this growth is dependent on the continued growth in revenues and the containment of costs." Shaver concluded, "The Company will continue to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. its own stock as long as the Board of Directors believes it to be in the best interest of the shareholders." -0-
1995 1994 1993 1992
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Revenues $27,632,245 $25,981,570 $19,085,467 $11,362,264
Earnings from
continuing
operations 813,377 580,209 283,201 27,868
Net earnings
(loss) 813,377 216,976 158,825 (26,628)
-0- Except for the historical information contained herein, the matters set forth in this release are forward looking and involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially are the following: federal funding, general economic and commercial real estate conditions in the local markets, inability to pass on price increases to customers, unavailability of products and strong competition. ABATIX ENVIRONMENTAL CORP. is a full line supplier to the asbestos and lead abatement, hazardous materials remediation, industrial safety and construction tool industries. The Company has eight distribution centers in Dallas and Houston, Texas, in Hayward and Santa Fe Springs, Calif., in Phoenix, Ariz., in Denver, Colo., in Kent, Wash. and in Las Vegas, Nev. These distribution centers serve customers throughout the Southwest, Midwest, Pacific Coast, Alaska and Hawaii. -0- SELECTED FINANCIAL INFORMATION Three Months Ended March 31, --------------------------- 1996 1995 ------------ ------------ Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight $ 7,658,000 $ 5,989,434 ============ ============ Earnings from continuing operations (A) $ 208,000 $ 115,000 Earnings from discontinued operations 21,000 -- ------------ ------------ Net earnings $ 229,000 $ 115,000 ============ ============ Earnings Per Share: Continuing operations $ .10 $ .05 Discontinued operations .01 -- ------------ ------------ Net earnings $ .11 $ .05 ============ ============ Weighted average common and common equivalent shares outstanding 2,169,157 2,283,878 ============ ============ As of --------------------------- March 31, December 31, 1996 1995 ------------ ------------ Current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. $ 9,379,000 $ 8,230,000 Total assets $ 10,146,000 $ 8,977,000 Current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. $ 5,880,000 $ 4,659,000 Total liabilities $ 5,880,000 $ 4,659,000 Total stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. $ 4,267,000 $ 4,318,000 (A) Includes a credit of $34,000, net of taxes in the first quarter of 1996 for the reversal of previously accrued lease obligations. -0- CONTACT: Abatix Environmental Corp. Frank Cinatl, 888/ABATIXX (222-8499) |
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