Aqua Care reports first quarter profit.CORAL SPRINGS Coral Springs, city (1990 pop. 79,443), Broward co., SE Fla.; inc. 1963. Largely residential, it is a city that has grown rapidly along with the southern Florida and Fort Lauderdale area. The population of Coral Springs nearly doubled between 1980 and 1990. , Fla.--(BUSINESS WIRE)--April 15, 1997--Aqua Care Systems 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 :AQCR AQCR Air Quality Control Region (US EPA) AQCR Air Quality Control Regulation ) on April 15, 1997 announced its unaudited financial results for the company for the quarter ended March 31, 1997. Revenues for the three-month period ended March 31, 1997 were $3,631,701 which represented a decrease of $349,431 or 8.8% below the corresponding three-month period in 1996. This decrease was primarily attributable to the timing of revenue recognition of wastewater treatment contracts. The company's wastewater treatment subsidiaries recognized decreased revenues earned on such contracts for the three months ended March 31, 1997 as opposed to the same period in 1996. This decrease in revenues was offset by a decrease in cost of revenues and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . The company realized net income for the first quarter of 1997 of $10,226 compared to a net loss of 46,213 in the corresponding three months of 1996. William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack K. Mackey Mackey can refer to: People
n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the company's business prospects for the balance of 1997; the company continues to expand its capabilities in an attempt to maximize value for the company and its shareholders." Aqua Care Systems Inc. based in Coral Springs, is a manufacturer and supplier of municipal, industrial and residential water filtration filtration: see sewerage; water supply. Filtration The separation of solid particles from a fluidsolids suspension of which they are a part by passage of most of the fluid through a septum or membrane that retains most of the solids and purification purification, in religion, the ceremonial removal of what the religion deems unclean. The usual agents of purification are water (as in baptism), bodily alteration (as in circumcision), and fire. systems. Aqua Care Systems' subsidiaries include EnviroSystems Supply Inc., Pure Flow Water Co. Inc., Gravity Flow Systems Inc., Car Wash Equipment & Supplies Inc., KISS International Inc., Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians Water Technologies Inc., Di-tech Systems Inc. and Integrated Process Automation Systems Inc. -0-
AQUA CARE SYSTEMS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (a)
For the three months ended March 31, 1997 and 1996
(amounts in thousands, except share and per share data)
(Unaudited)
For the three months ended
March 31,
1997 1996
REVENUES $3,632 $3,981
COST OF REVENUES 2,435 2,611
GROSS PROFIT 1,197 1,370
OPERATING EXPENSES 1,296 1,442
LOSS FROM OPERATIONS (99) (72)
OTHER INCOME, net 109 26
NET INCOME/(LOSS) $10 ($46)
Net income/(loss) per common share $0.00 ($0.01)
Weighted average number
of outstanding
shares of common stock 10,722,554 8,256,237
(a) Certain 1996 amounts have been reclassified to conform to
1997 presentation.
CONDENSED CONSOLIDATED BALANCE SHEET DATA
As of March 31, 1997 and 1996
(amounts in thousands)
(Unaudited)
March 31, March 31,
1997 1996
CASH AND CASH EQUIVALENTS $398 $513
WORKING CAPITAL $2,411 $3,072
TOTAL ASSETS $10,132 $10,469
LONG-TERM DEBT,
net of current maturities $625 $482
STOCKHOLDERS' EQUITY $7,328 $8,004
CONTACT: Aqua Care Systems Inc. William K. Mackey Chairman and Chief Executive Officer 954/796-3338 |
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