Addington Resources reports fiscal 1994 and 4th quarter financial results.ASHLAND Ashland (ăsh`lənd). 1 Industrial city (1990 pop. 23,622), Boyd co., E Ky., on terraces along the Ohio River near the influx of the Big Sandy; settled 1786, inc. 1854. , Ky.--(BUSINESS WIRE)--March 6, 1995--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 National Market: ADDR ADDR Address ADDR Addressed (stamp and envelope collecting) ADDR Air Data Dead Reckoning ) today reported a net loss of $7.1 million (a loss of 45 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. ) on total revenues of $151.2 million for the fiscal year ending December December: see month. 31, 1994. The 1994 net loss includes approximately $21 million in previously reported, one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. non-recurring restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. and write-offs included in the company's third quarter financial statements. 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. was $3.1 million for the year. For the fourth quarter of fiscal 1994, the company earned $273,000 (two cents per share) on revenues of $36.3 million. For fiscal 1993, Addington Addington may refer to: Places Addington as a place name is Anglo Saxon in origin, and means 'Eadda's estate'. In Australia:
pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta asset write-offs and restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). costs and $9.8 million in other one-time charges. Income from operations for 1993 was $3.4 million. Prior year revenues were $384 million, which included revenues from Addington Resources' coal properties and coal supply contracts sold to Pittston Pittston, industrial city (1990 pop. 9,389), Luzerne co., NE Pa., on the Susquehanna; settled c.1770 by the Susquehanna Company of Connecticut, inc. as a city 1894. It is a mining center for surface anthracite coal. Minerals Group in early 1994. Fourth quarter 1993 revenues were $107.9 million. The fourth quarter 1993 net loss was $17 million ($1.08 per share loss), reflecting the 1993 restructuring actions. President Kirby Kirby is a common place name, surname, and given name. Other common uses include:
Taylor Taylor, city (1990 pop. 70,811), Wayne co., SE Mich., a suburb of Detroit adjacent to Dearborn; founded 1847 as a township, inc. as a city 1968. A small rural village until World War II, it developed significantly in the second half of the 20th cent. said the company's environmental division and its direct coal mining operations outperformed the company's other divisions and operations. (More) Addington Environmental, which operates 10 landfills, six hauling companies and seven transfer stations in the Southeast, reported total revenues of $36.1 million during 1994, a 45 percent increase over 1993. Waste shipments to Addington landfills increased 50 percent to 1.1 million tons in 1994. Income from operations increased to $5.4 million from a 1993 operating loss 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 $1.6 million, which included a $5.1 million write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. reflecting a discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: project. The company's direct mining operations, which involve four Eastern Kentucky Kentucky, state, United States Kentucky (kəntŭk`ē, kĭn–), one of the so-called border states of the S central United States. It is bordered by West Virginia and Virginia (E); Tennessee (S); the Mississippi R. coal mines and coal supply contracts, generated operating income of $6.9 million on revenues of $105.4 million. These operations offset the performance of the Mining Technologies, Inc. subsidiary, which provides third-party contract mining services and administers a mining equipment manufacturing and leasing agreement. MTI MTI Ministry of Trade and Industry (Singapore) MTI Metal Treating Institute MTI Moving Target Indicator (radar) MTI Magyar Távirati Iroda (news agency in Budapest, Hungary) revenues for fiscal 1994 were $9.5 million, compared with $4.5 million during 1993. It had operating losses of $1.9 million in 1994 and $2 million in 1993. Taylor said poor mining geology Noun 1. mining geology - the branch of economic geology that deals with the applications of geology to mining economic geology - the branch of geology that deals with economically valuable geological materials hampered contract coal operations late in the year, particularly at one contract job in Kentucky. Excluding that project, the division would have operated at near break-even levels. The division has experienced difficulty in getting its highwall mining machines into longer-term, profitable jobs. Stricter criteria are now being used to evaluate new contract jobs, said Taylor. The company's gold mining division, Addwest Minerals, produced its first gold in December. Addington Resources also has citrus-growing operations in Central America Central America, narrow, southernmost region (c.202,200 sq mi/523,698 sq km) of North America, linked to South America at Colombia. It separates the Caribbean from the Pacific. . The company announced last October October: see month. that it would put these operations up for sale. As previously reported March 1, a shareholder group consisting of Chairman Larry Lar´ry n. 1. Same as Lorry, or Lorrie. Addington and brothers Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. Addington and Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. Addington submitted an offer to exchange the shares of company common stock they own, plus $5 million in cash and other consideration, for the company's non-environmental businesses. Those include coal and gold mining, mining equipment manufacturing and licensing, 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). and other smaller operations. The board has appointed a special committee of outside directors to evaluate the offer. While the offer is being evaluated, Taylor said he will continue to implement the restructuring steps that were announced in October 1994 in order to maximize the profitability and growth of the company's operation. Addington Resources, Inc., is traded on the NASDAQ National Market under the symbol ADDR. -0-
Addington Resources, Inc.
Consolidated Balance Sheet
December 31, 1994 & December 31, 1993
(In Thousands)
12/31/94 12/31/93
Current Assets $ 40,158 $184,076 Property & Equipment (Net) 152,157 116,390 Mineral Reserves (Net) 1,717 1,685 Other Assets 29,050 13,507 Total Assets $223,081 $315,658 Current Liabilities $ 40,077 $172,659 Other Liabilities 62,783 18,066 Stockholders' Equity 120,221 124,933 Total Liabilities & Equity $223,081 $315,658
Addington Resources, Inc.
Income Statements
For the 3 Months and 12 Months Ended
December 31, 1994 & December 31, 1993
(In Thousands)
3 Months Ended 12 Months Ended
12/31/94 12/31/93 12/31/94 12/31/93
Revenues
Mining Revenues $ 25,780 $ 100,192 $113,824 $358,957
Environmental Revenues 10,397 7,715 36,057 24,929
Other Income 128 0 1,276 261
Total Revenue 36,305 107,907 151,156 384,147 Income From Operations 657 (8,811) 3,082 3,448 Interest Income/(Expense) Net (90) (3,974) 163 (15,929) Gain on Sale of Subsidiaries (4) 0 (6,161) 0 Other Income/(Expense) 144 (9,894) (8,003) (9,125) Net Income Before Taxes 708 (22,679) (10,918) (21,606) Income Tax Provisions 435 (5,713) (3,784) (5,417) Net Income $ 273 $(16,966) $ (7,134) $(16,189) Net Income Per Share $ 0.02 $ (1.08) $ (0.45) $ (1.04) Average Shares Outstanding 16,055 15,675 15,798 15,563 Tons of Waste Received 334 230 1,134 754 Tons of Coal Sold 820 3,524 3,883 11,530
Addington Resources, Inc.
Income Statements
For the 3 Months Ended
December 31, 1994
(In Thousands)
Coal Environ- HWM Joy Other Total
Mining mental
Revenues
Mining
Revenues $ 22,407 $ 0 $ 3,245 $ 0 $ 128 $ 25,780
Environmental
Revenues 0 10,397 0 0 0 10,397
Other
Income 0 0 0 331 (203) 128
Total Revenue 22,407 10,397 3,245 331 (74) 36,305 Costs & Expenses Cost of Operations 17,900 4,803 5,235 0 412 28,350 Provision for Asset Write-Down 0 0 0 0 0 0 Depreciation & Amorti- zation 1,609 677 343 0 109 2,738 Selling, General & Admini- stration 843 2,891 407 0 418 4,559 Total Costs & Expenses 20,353 8,371 5,986 0 938 35,648 Income from Operations 2,054 2,025 (2,741) 331 (1,013) 657 Other Income/(Expense) Sale of Fixed Assets 114 0 53 0 0 167 Interest Income 1 10 0 0 101 112 Interest Expense (122) (21) (1) 0 (57) (202) Sale of Subsidiary 0 0 0 0 (4) (4) Other Income/ (Expense) (51) 42 0 0 (13) (22) Total Other Income/ (Expense) (58) 31 51 0 27 51 Net Income Before Taxes 1,996 2,056 (2,689) 331 (985) 708 Income Tax Provisions Total Income Tax Provision 1,226 331 (1,651) 203 326 435 Net Income 771 1,725 (1,038) 128 (1,312) 273
Addington Resources, Inc.
Income Statements
For the 12 Months Ended
December 31, 1994
(In Thousands)
Coal Environ- HWM Joy Other Total
Mining mental
Revenues Mining Revenues $105,443 $ 0 $ 8,252 $ 0 $ 128 $113,824 Environmental Revenues 0 36,057 0 0 0 36,057 Other Income 0 0 0 1,276 0 1,276 Total Revenue 105,443 36,057 8,252 1,276 128 151,156 Costs & Expenses Cost of Operations 90,065 19,077 9,554 0 1,437 120,134 Provision for Asset Write-Down 2,000 671 0 0 3,354 6,024 Depreciation & Amorti- zation 3,189 4,133 843 0 611 8,776 Selling, General & Admini- stration 3,335 6,732 985 0 2,089 13,141 Total Costs & Expenses 98,589 30,613 11,383 0 7,490 148,075 Income from Operations 6,854 5,444 (3,131) 1,276 (7,362) 3,082 Other Income/(Expense) Sale of Fixed Assets 206 0 (28) 0 (9) 169 Interest Income 14 73 0 0 700 786 Interest Expense (343) (84) (3) 0 (194) (623) Sale of Subsidiary 0 0 0 0 (6,161) (6,161) Other Income/ (Expense) (305) (1,069) 0 0 (6,798) (8,172) Total Other Income/ (Expense) (428) (1,080) (30) 0 (12,461) (14,000) Net Income Before Taxes 6,426 4,364 (3,161) 1,276 (19,823) (10,918) Income Tax Provisions Total Income Tax Provision 2,227 1,775 (1,096) 442 (7,133) (3,784) Net Income 4,199 2,589 (2,065) 833 (12,690) (7,134) CONTACT: Addington Resources, Inc., Ashland Kirby J. Taylor, 606/928-3433 |
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