Addington Resources, Inc. announces financial results.LEXINGTON Lexington. 1 City (1990 pop. 225,366), seat of Fayette co., N central Ky., in the heart of the bluegrass region; inc. 1832, made coextensive with Fayette co. 1974. , Ky.--(BUSINESS WIRE)--Nov. 21, 1995--Addington Resources, Inc. (NASDAQ-NMS: ADDR ADDR Address ADDR Addressed (stamp and envelope collecting) ADDR Air Data Dead Reckoning ) announced today its results for the three and nine months ended September September: see month. 30, 1995. For the period, the Company adopted discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. accounting for all its non-environmental businesses. 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 represent the Company's solid waste landfill operations and waste hauling services. As previously announced, on November November: see month. 2, 1995 the Company consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. the sale of its coal mining, mining equipment manufacturing and licensing operations and citrus citrus Any of the plants that make up the genus Citrus, in the rue family, that yield pulpy fruits covered with fairly thick skins. The genus includes the lemon, lime, sweet and sour oranges, tangerine, grapefruit, citron, and shaddock (C. maxima, or C. grandis; also called pomelo). operations and entered into an agreement to sell its gold and industrial minerals operations. On November 17, 1995, the Company sold its limestone limestone, sedimentary rock wholly or in large part composed of calcium carbonate. It is ordinarily white but may be colored by impurities, iron oxide making it brown, yellow, or red and carbon making it blue, black, or gray. The texture varies from coarse to fine. operations for $2.5 million. Net income from continuing operations for the three months ended September 30, 1995 was $1,899,000 or $0.12 per share. This compares to net loss from continuing operations of $244,000 during the 1994 period. Net income from continuing operations for the nine months ended September 30, 1995 was $4,901,000 or $0.31 per share as compared to $1,303,000 or $0.08 per share during the comparable 1994 period. These results reflect the substantial increases in revenues and operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. from the Company's landfill operations from increased tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. , as well as substantially improved operating results from the Company's hauling operations. During the three months ended September 30, 1995 tonnage received increased to 535,000 tons (Transparent Optical Networking Services) A marketing term for providing dark fiber to a customer. The customer is responsible for generating the transmission signal and interpreting it at the other end. See dark fiber. from 305,000 tons in the 1994 period, and during the nine months ended September 30, 1995, tonnage received increased to 1,331,000 tons from 801,000 tons in the comparable 1994 period. These increases are principally attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the Company's internal growth and operation of 10 landfills as of September 30, 1995 as compared to seven landfills at September 30, 1994. The Company plans to commence construction of an additional landfill near Macon Macon (mā`kən, mā`kŏn), city (1990 pop. 106,612), seat of Bibb co., central Ga., at the head of navigation on the Ocmulgee River; inc. 1823. , Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. during the fourth quarter of 1995. The results from continuing operations were also affected by the absence in the 1995 period of any asset write down associated with environmental projects as compared to a write down of $670,000 during the 1994 period. Income from operations increased $2,635,000 or 390% for the three months ended September 30, 1995 as compared to the 1994 period. Income from operations increased as a percentage of revenues from 7% to 20%. The increase in operating income in dollars and as a percentage of sales primarily reflects economies of scale realized by the Company as its costs are spread over a broader revenue base. Howard Howard, English noble family. Landowners in Norfolk from the 13th cent., the Howards obtained the duchy of Norfolk through the marriage of Sir Robert Howard to Margaret Mowbray, daughter of Thomas Mowbray, 1st duke of Norfolk. P. Berkowitz Berkowitz is a surname. Famous people with this name include:
The Company also reported income from discontinued operations during the three months ended September 30, 1995 of $1,778,000 or $0.11 per share and a loss on disposal of discontinued operations of $30,537,000 or $1.91 per share. For the nine months ended September 30, 1995 the Company reported income from discontinued operations of $5,707,000 or $0.36 per share, principally reflecting the inclusion of $14,000,000 of revenues related to the sale of technology patents to BHP BHP blood hydrostatic pressure; the pressure exerted by the blood cells and plasma in the capillaries. Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. Coal Pty. Ltd. Net loss was $26,860,000 or $1.68 per share during the three months ended September 30, 1995, as compared to a net loss of $11,819,000 or $0.75 per share during the 1994 three month period. Net loss was $19,929,000 or $1.25 per share during the nine months ended September 30, 1995, as compared to a net loss of $7,407,000 or $0.47 per share during the 1994 nine month period. Average shares outstanding during the three and nine months ended September 30, 1995 were 15.9 million. Subsequent to quarter ended, on November 2, 1995, the Company redeemed re·deem tr.v. re·deemed, re·deem·ing, re·deems 1. To recover ownership of by paying a specified sum. 2. To pay off (a promissory note, for example). 3. 1,000,000 shares in connection with the sale of its citrus operations. -0-
ADDINGTON RESOURCES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED
September 30, September 30,
1995 1994 1995 1994
(in thousands, except per share amounts)
Discontinued operations Income (loss) from operations of discontinued segment (less applicable income taxes (benefit) of $480, $(6,136), $1,899 and $(5,087) for the three and nine months ended September 30, 1995 and 1994) $ 1,778 $(11,575) $ 5,707 $(8,710) Estimated loss on disposal of segment, including pro- vision of $2,000 for operating losses during disposal period (less applicable income tax benefit of $9,790 for the three and nine months ended September 30, 1995 and 1994) (30,537) -- (30,537) -- Loss from discontinued operations (28,759) (11,575) (24,830) (8,710) Net loss $(26,860) $(11,819) $(19,929) $ (7,407) Earnings per share: Income (loss) from continuing operations $ .12 $ (.02) $ .31 $ .08 Income (loss) from discontinued operations .11 (.73) .36 (.55) Estimated loss on disposal of segment (1.91) -- (1.92) -- Net loss $ (1.68) $ (.75) $ (1.25) $ (.47) Equivalent shares of stock outstanding 15,983 15,853 15,911 15,780
ADDINGTON RESOURCES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED
September 30, September 30,
1995 1994 1995 1994
(in thousands, except per share amounts)
REVENUES $16,578 $ 9,942 $41,579 $25,660
COSTS AND EXPENSES:
Cost of operations 9,377 5,719 23,370 15,150
Provision for asset
write-down -- 670 -- 670
Depreciation and
amortization 2,081 1,285 5,272 3,456
Selling, general and
administrative 1,811 1,594 4,922 3,495
-------- -------- -------- --------
13,269 9,268 33,564 22,771
INCOME FROM OPERATIONS 3,309 674 8,015 2,889
INTEREST AND OTHER INCOME
(EXPENSE):
Interest income 82 228 366 604
Interest expense (210) (156) (384) (199)
Other, net (16) (1,152) 171 (1,123)
-------- -------- -------- --------
(144) (1,080) 153 (718)
Income (loss) before
income taxes 3,165 (406) 8,168 2,171
INCOME TAX PROVISIONS
(BENEFITS):
Federal 1,076 (146) 2,777 781
State 190 (16) 490 87
-------- -------- -------- --------
1,266 (162) 3,267 868
Net income (loss) from
continuing operations $1,899 $ (244) $ 4,901 $ 1,303
ADDINGTON RESOURCES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
September 30, December 31,
1995 1994
(Unaudited)
(in thousands)
CURRENT LIABILITIES:
Accounts payable $ 5,518 $ 3,883
Current portion of long-term debt 674 860
Accrued expenses and other 9,157 6,211
Net current liabilities of
discontinued operations 8,132 8,385
Total current liabilities 23,481 19,359
NON-CURRENT LIABILITIES:
Long-term debt, less current portion 35,417 32,767
Other long-term liabilities 12,058 8,204
Deferred income taxes 3,158 3,923
Long-term liabilities of
discontinued operations 16,074 19,068
Total non-current liabilities $66,707 $63,962
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock, $1.00 par value;
30,000 shares authorized,
15,967 and 15,853 shares
outstanding at September 30, 1995
and December 31, 1994, respectively 15,967 15,853
Paid-in capital 85,120 83,789
Retained earnings 650 20,579
Total stockholders' equity 101,737 120,221
Total liabilities and
stockholders' equity $191,925 $203,542
ADDINGTON RESOURCES, INC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
September 30, December 31,
1995 1994
(Unaudited)
CURRENT ASSETS: (in thousands)
Cash and cash equivalents $ 916 $ 3,410
Short-term investments 703 8,474
Accounts receivable, net 14,161 7,191
Prepaid expenses and other 650 1,543
Total current assets 16,430 20,618
PROPERTY, PLANT AND EQUIPMENT, at cost 109,646 89,537
Less - Accumulated depreciation (13,177) (8,020)
-------- --------
96,469 81,517
PROPERTY, PLANT AND EQUIPMENT and other long-term assets of discontinued operations, net 71,403 91,490 RESTRICTED CASH 5,497 4,348 OTHER 2,126 5,569 Total assets $191,925 $203,542 CONTACT: Addington Addington may refer to: Places Addington as a place name is Anglo Saxon in origin, and means 'Eadda's estate'. In Australia:
R. Douglas Douglas, city, Isle of Man Douglas, city (1991 pop. 19,950), capital of the Isle of Man, Great Britain. It is a popular resort, connected by rail to Ramsey and Port Erin, on the Irish Sea. Tourism is the chief industry. Striebel, 606/223-3824 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion