Abatix Environmental announces third quarter 1995 results increase 19 percent.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 $190,000 or $.09 per share on revenues of $7,129,000 for the third quarter 1995. Third quarter 1995 net earnings include a non-recurring charge to operations totaling $48,000 or ($.02) per share, net of taxes, related to the closing of the company's Corpus Christi Corpus Christi, in Christianity Corpus Christi [Lat.,=body of Christ], feast of the Western Church, observed on the Thursday after Trinity Sunday (or on the following Sunday). location. Net earnings and revenues for the third quarter 1994 were $160,000 or $.07 per share and $6,982,000, respectively. Third quarter 1994 net earnings include a loss 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 ($26,000) or ($.01) per share. Earnings of $667,000 or $.30 per share for the first nine months of 1995 increased 111 percent from earnings of $316,000 or $.14 per share for the same period in 1994. The earnings for 1995 include the non-recurring charge related to the closing of the Corpus Christi location while the 1994 earnings include losses from discontinued operations of ($.05) per share. Revenues of $20,831,000 for the 1995 first nine months increased 5 percent compared to revenues of $19,911,000 for the same period in 1994. Terry W. Shaver, president, announced, "Exclusive of the non-recurring charge, the Corpus Christi location incurred pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern operating losses 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. of $60,000 on revenues of $294,000 for the nine months ended Sept. 30, 1995. These losses and the lack of market potential were the primary factors in our decision to close that location. Disregarding dis·re·gard tr.v. dis·re·gard·ed, dis·re·gard·ing, dis·re·gards 1. To pay no attention or heed to; ignore. 2. To treat without proper respect or attentiveness. n. the impact of Corpus Christi, the company performed well during the third quarter." Shaver continued, "The company is scheduled to open a distribution 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. , Nev. in November November: see month. 1995. Although this facility will sell all the Abatix product lines, its primary focus will be on the construction tools market, which has been successful in the company's Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. facility. Beginning Oct. 1, 1995, the company also expanded the construction tools product line to its Phoenix facility. In both Las Vegas and Phoenix, the company added experienced salespeople sales·peo·ple pl.n. Persons who are employed to sell merchandise in a store or in a designated territory. to handle this product line. The opening of Las Vegas and the additional sales force in Phoenix set the stage for continued revenue and earnings growth in 1996." ABATIX ENVIRONMENTAL CORP. is a full line supplier to 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 , hazardous materials, industrial safety and construction tool industries. The company has eight distribution centers in Dallas and Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , in Hayward and Los Angeles, Calif., in Phoenix, Ariz., in Denver, Colo., in Seattle, Wash. and in Las Vegas, Nev. (November 1995). These distribution centers serve customers throughout the Southwest, Midwest, and Pacific Coast.
ABATIX ENVIRONMENTAL CORP.
SELECTED FINANCIAL INFORMATION
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- -------------------------
1995 1994 1995 1994
----------- ----------- ----------- -----------
Net sales $ 7,129,000 $ 6,982,000 $20,831,000 $19,911,000
=========== =========== =========== ===========
Earnings from
continuing
operations (A) $ 190,000 $ 186,000 $ 667,000 $ 435,000
Loss from
discontinued
operations -- (26,000) -- (119,000)
----------- ----------- ----------- -----------
Net earnings $ 190,000 $ 160,000 $ 667,000 $ 316,000
=========== =========== =========== ===========
Earnings (Loss)
Per Share:
Continuing
operations $ .09 $ .08 $ .30 $ .19
Discontinued
operations -- (.01) -- (.05)
----------- ----------- ----------- -----------
Net earnings $ .09 $ .07 $ .30 $ .14
=========== =========== =========== ===========
Weighted average
common and
common
equivalent shares
outstanding 2,208,440 2,337,249 2,216,076 2,332,804
=========== =========== =========== ===========
As of
-------------------------
September 30, December 31,
1995 1994
----------- -----------
Current assets $ 8,186,000 $ 7,426,000
Total assets $ 8,841,000 $ 8,184,000
Current liabilities $ 4,610,000 $ 4,209,000
Total liabilities $ 4,649,000 $ 4,283,000
Total stockholders' equity $ 4,192,000 $ 3,901,000
-0-
(A) Includes a charge of $80,000 in the third quarter 1995 for the
closing of the Corpus Christi location.
CONTACT: Frank Cinatl ABATIX ENVIRONMENTAL CORP. 214/381-1146. |
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