Addington Resources 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. 14, 1996--Addington Resources, Inc. (NASDAQ-NMS: ADDR ADDR Address ADDR Addressed (stamp and envelope collecting) ADDR Air Data Dead Reckoning ) a solid waste management company, announced today its results for the quarter ended September September: see month. 30, 1996. 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 for the three months ended September 30, 1996, decreased 39% to $1,166,000 or $.08 per share compared to $1,899,000 or $.12 per share during the third quarter of 1995. Total 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. remained relatively unchanged at $16,317,000 and $3,331,000, respectively, during the three months ended Sept. 30, 1996, compared to $16,578,000 and $3,309,000 recorded during the third quarter of 1995. The decrease in net income during the third quarter of 1996 compared to the third quarter of 1995 is primarily due to $1,035,000 of expenses and interest charges incurred during the third quarter of 1996 primarily related to the proposed merger with Republic Industries, Inc. In September 1996, the Company opened a new regional solid waste landfill in Bibb County, Georgia Bibb County is a county located in the U.S. state of Georgia. As of 2000, the population was 153,887. The 2005 Census Estimate shows a population of 154,918 [1]. The county seat is Macon, Georgia6. , outside 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. . The Company has another new landfill under development, 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. , which is currently expected to be completed in early 1997. For the nine-month period ended September 30, 1996, the Company recorded revenues of $46,012,000 and net income from continuing operations of $5,419,000 or $.35 per share. For the nine-month period ended September 30, 1995, the Company recorded revenues of $41,579,000 and net income from continuing operations of $4,901,000 or $.31 per share. 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 September 30, 1995, the Company recorded net income from discontinued operations of $1,778,000 or $.11 per share and a loss on disposal of discontinued operations of $30,537,000 or $1.91 per share. During the nine months ended September 30, 1995, the Company recorded net income from discontinued operations of $5,707,000 or $.36 per share and a loss on disposal of discontinued operations of $30,537,000 or $1.92 per share. As previously announced, the Company has signed a definitive agreement to merge See mail merge and concatenate. with Republic Industries, 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 : 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 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. The Company currently 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. Except for the historical information contained herein, the matters discussed in this news release are forward looking statements that involve risks and uncertainties, including the receipt of governmental permits, the risk of 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. challenges, competition and other risks in the environmental industry detailed from time to time in the Company's SEC reports including the report on 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. for the year ended December December: see month. 31, 1995 and the report on From 10-Q for the quarters ended March 31, 1996, June June: see month. 30, 1996 and September 30, 1996. -0-
ADDINGTON RESOURCES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September 30, December 31,
1996 1995
------------- ------------
(unaudited)
(in thousands)
CURRENT ASSETS:
Cash and cash equivalents $ 1,165 $ 3,387
Accounts receivable, net 8,567 9,090
Prepaid expenses and other 2,882 3,246
------------- ------------
Total current assets 12,614 15,723
------------- ------------
PROPERTY, PLANT AND EQUIPMENT,
at cost 140,611 119,414
Less accumulated depreciation (18,563) (13,667)
------------- ------------
122,048 105,747
------------- ------------
OTHER 7,109 6,812
------------- ------------
Total assets $ 141,771 $ 128,282
============= ============
CURRENT LIABILITIES:
Accounts payable $ 3,788 $ 4,743
Current portion of long-term
debt 2,710 1,823
Accrued expenses and other 5,920 3,504
------------- ------------
Total current liabilities 12,418 10,070
------------- ------------
NON-CURRENT LIABILITIES:
Long-term debt, less current
portion 17,073 14,407
Accrued closure and post-closure
costs 6,738 5,168
Other long-term liabilities 7,544 7,451
------------- ------------
Total non-current liabilities 31,355 27,026
------------- ------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock, $1.00 par value;
30,000,000 shares authorized,
16,194,034 shares and
16,054,301 shares outstanding
at September 30, 1996 and
December 31, 1995, respectively 16,194 16,054
Paid-in capital 87,187 85,934
Retained earnings 8,242 2,823
Less treasury stock; 1,000,000
shares, at cost (13,625) (13,625)
------------- ------------
Total stockholders' equity 97,998 91,186
------------- ------------
Total liabilities and
stockholders' equity $ 141,771 $ 128,282
============= ============
ADDINGTON RESOURCES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Nine Months
Ended September 30, Ended September 30,
1996 1995 1996 1995
---- ---- ---- ----
(in thousands, except share amounts)
REVENUES $ 16,317 $16,578 $ 46,012 $ 41,579
--------- ------- --------- ---------
COSTS AND EXPENSES:
Cost of operations 9,174 9,377 26,680 23,370
Depreciation and
amortization 1,873 2,081 5,752 5,272
Selling, general and
administrative 1,939 1,811 4,100 4,922
--------- ------- --------- ---------
12,986 13,269 36,532 33,564
--------- ------- --------- ---------
Income from operations 3,331 3,309 9,480 8,015
--------- ------- --------- ---------
INTEREST AND OTHER INCOME
(EXPENSE):
Interest income 11 82 38 366
Interest expense (487) (210) (629) (384)
Other, net (569) (16) (777) 171
--------- ------- --------- ---------
(1,045) (144) (1,368) 153
--------- ------- --------- ---------
Income before income tax
provision 2,286 3,165 8,112 8,168
INCOME TAX PROVISIONS:
Federal 960 1,076 2,191 2,777
State 160 190 502 490
--------- ------- --------- ---------
1,120 1,266 2,693 3,267
--------- ------- --------- ---------
Income from continuing
operations 1,166 1,899 5,419 4,901
--------- ------- --------- ---------
DISCONTINUED OPERATIONS:
Income from operations of
discontinued segment (less
applicable income taxes of
$480 and $1,899 for the
three and nine months
ended September 30, 1995) -- 1,778 -- 5,707
Loss on disposal of segment
(less applicable income tax
benefit of $10,000) -- (30,537) -- (30,537)
--------- ------- --------- ---------
Loss from discontinued
operations -- (28,759) -- (24,830)
--------- ------- --------- ---------
NET INCOME (LOSS) $ 1,166 $(26,860) $ 5,419 $ (19,929)
========= ======= ========= =========
EARNINGS PER SHARE:
Income from continuing
operations $ .08 $ .12 $ .35 $ .31
Income (loss) from
discontinued operations -- .11 -- .36
Loss on disposal of
segment -- (1.91) -- (1.92)
--------- ------- --------- ---------
Net income (loss) $ .08 $ (1.68) $ .35 $ (1.25)
========= ======= ========= =========
Equivalent shares of
stock outstanding 15,377 15,983 15,348 15,911
========= ======= ========= =========
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