Addington Resources Inc. reports 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)--July 30, 1996--Addington Resources, Inc. (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 - NMS See NetWare Management System. :ADDR ADDR Address ADDR Addressed (stamp and envelope collecting) ADDR Air Data Dead Reckoning ) announced today its results for the quarter ended June June: see month. 30, 1996. Net income for the three months ended June 30, 1996, increased 17 percent to $2,244,000 or $.15 per share compared to net income 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 of $1,926,000 or $.12 per share generated during the second quarter of 1995. Total revenues and income from operations increased 8 percent and 12 percent, respectively, to $15,380,000 and $3,587,000, respectively, during the three months ended June 30, 1996, compared to total revenues and income from continuing operations of $14,253,000 and $3,195,000, respectively, recorded during the three months ended June 30, 1995. The increase in revenues and income from operations recorded by the company is primarily a result of a new contract executed by the company in June 1995, to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose waste for the city of Lexington, Kentucky Lexington, Kentucky, United States, known as the "Horse Capital of the World," is located in the heart of the Bluegrass region. It is the second-largest city in Kentucky, after Louisville, Kentucky,[1] and the 68th largest in the United States. . During the second quarter of 1996, $750,000 is included in other expense in connection with investment banking services incurred by the company related to the proposed merger with Republic Industries. During the second quarter of 1995, $700,000 is included in other expense related to legal and investment banking expenses incurred in connection with the aborted a·bort v. a·bort·ed, a·bort·ing, a·borts v.intr. 1. To give birth prematurely or before term; miscarry. 2. To cease growth before full development or maturation. 3. offer from the Addington Addington may refer to: Places Addington as a place name is Anglo Saxon in origin, and means 'Eadda's estate'. In Australia:
During the second half of 1996, the company expects to begin accepting waste at two new landfills which are currently under development. One of these landfills is located in Person County, North Carolina Person County is a county located in the U.S. state of North Carolina. Located in the northwestern piedmont Research Triangle region. As of 2005, the population was 37,344. Its county seat is Roxboro6. and the other is located near the city of 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. . For the six-month period ended June 30, 1996, the company recorded revenues of $29,695,000 and net income of $4,253,000 or $.28 per share. The company operated ten landfills and received approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 896,000 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. of waste during the six-month period ended June 30, 1996. For the six-month period ended June 30, 1995, the company recorded revenues of $25,001,000 and net income from continuing operations of $3,003,000 or $.19 per share. The company operated ten landfills and received approximately 796,000 tons of waste during the six-month period ended June 30, 1995. As previously reported, the company completed the sale of all of its non-environmental businesses during the fourth quarter of 1995. 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 its non-environmental businesses. During the three months ended June 30, 1995, the company recorded net income from discontinued operations of $3,066,000 or $.19 per share. During the six months ended June 30, 1995, the company recorded net income from discontinued operations of $3,929,000 or $.24 per share. The average number of shares of stock and share equivalents outstanding during the three months ended June 30, 1996 and 1995, were 15.4 million and 16.0 million, respectively. The average number of shares of stock and share equivalents outstanding during the six months ended June 30, 1996 and 1995, were 15.3 million and 16.1 million, respectively. As previously announced, the company has signed a definitive agreement to merge See mail merge and concatenate. with Republic Industries, Inc. (NASDAQ:RWIN (Receive WINdow) A TCP/IP setting that defines the size of the buffer that holds incoming packets. In Windows, RWIN is set in the Registry. ) in a stock-for-stock transaction. The proposed transaction is subject to approval by the stockholders of the company and other customary closing conditions and the filing and clearance CLEARANCE, com. law. The name of a certificate given by the collector of a port, in which is stated the master or commander (naming him) of a ship or vessel named and described, bound for a port, named, and having on board goods described, has entered and cleared his ship or vessel of the Republic registration statement and the company's related proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. by the Securities and Exchange Commission and other regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approvals. The company anticipates that the merger with Republic will be 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. in the fourth quarter of 1996. Addington Resources, Inc. trades on the NASDAQ National Market System under the symbol ADDR. The company is involved in waste management operations. -0-
ADDINGTON RESOURCES, INC. AND SUBSIDIARIES
June 30, December 31,
1996 1995
--------- ---------
Current Assets: (in thousands)
Cash and cash equivalents $ 2,624 $ 3,387
Accounts receivable, net 8,957 9,090
Prepaid expenses and other 3,937 3,246
--------- ---------
Total current assets 15,518 15,723
--------- ---------
Property, plant and equipment, at cost 130,375 119,414
Less accumulated depreciation (17,177) (13,667)
--------- ---------
113,198 105,747
--------- ---------
Restricted cash 41 40
--------- ---------
Other 7,424 6,772
--------- ---------
Total assets $136,181 $128,282
========= =========
Current Liabilities:
Accounts payable $ 4,023 $ 4,743
Current portion of long-term debt 1,929 1,823
Accrued expenses and other 5,876 3,504
--------- ---------
Total current liabilities 11,828 10,070
--------- ---------
Long Term Debt, Less Current Portion:
Solid waste revenue bonds 7,400 7,400
Equipment and other debt 6,587 7,007
Revolving line of credit 2,000 --
--------- ---------
Total long term debt 15,987 14,407
--------- ---------
Other long-term liabilities 11,581 12,619
--------- ---------
Commitments and Contingencies
Stockholders' Equity
Common stock, $1.00 par value; 30,000,000
shares authorized, 16,189,284 shares
and 16,054,701 shares outstanding at
June 30, 1996 and December 31, 1995,
respectively 16,189 16,054
Paid-in capital 87,145 85,934
Retained earnings 7,076 2,823
Less treasury stock; 1,000,000 shares,
at cost (13,625) (13,625)
--------- ---------
Total stockholders' equity 96,785 91,186
--------- ---------
Total liabilities and
stockholders' equity $136,181 $128,282
========= =========
ADDINGTON RESOURCES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
For the Three Months For the Six Months
Ended June 30, Ended June 30,
1996 1995 1996 1995
-------- -------- -------- --------
(in thousands, except per share amounts)
Revenues $ 15,380 $ 14,253 $ 29,695 $ 25,001
Costs and Expenses:
Cost of operations 8,768 7,899 17,506 14,520
Depreciation and
amortization 1,908 1,930 3,879 3,191
Selling, general
and administrative 1,117 1,229 2,161 2,584
--------- --------- --------- ---------
11,793 11,058 23,546 20,295
--------- --------- --------- ---------
Income from operations 3,587 3,195 6,149 4,706
--------- --------- --------- ---------
Interest and Other Income
(Expense):
Interest income 1 170 27 284
Interest expense (79) (123) (142) (174)
Other, net (435) (831) (208) (612)
--------- --------- --------- ---------
(513) (784) (323) (502)
--------- --------- --------- ---------
Income before income
tax provision 3,074 2,411 5,826 4,204
Income Tax Provision: 830 485 1,573 1,201
--------- --------- --------- ---------
Net income from continuing
operations 2,244 1,926 4,253 3,003
Net income from discontinued
operations -- 3,066 -- 3,929
--------- --------- --------- ---------
Net income $ 2,244 $ 4,992 $ 4,253 $ 6,932
========= ========= ========= =========
Earnings per share:
Income from continuing
operations $ .15 $ .12 $ .28 $ .19
Income from discontinued
operations $ -- $ .19 $ -- $ .24
--------- --------- --------- --------
Net income per share $ .15 $ .31 $ .28 $ .43
========= ========= ========= ========
Equivalent shares of
stock outstanding 15,379 16,035 15,349 16,127
========= ========= ========= ========
CONTACT: Addington Resources, Inc. 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 |
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