Aquagenix Inc. Releases Results for the Year Ended Dec. 31, 1998.FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.--(BUSINESS WIRE)--June 25, 1999-- Aquagenix Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:AQUX) announced Friday results for the year ended Dec. 31, 1998. Revenues for the year were $16,346,000 up from $13,188,000 for the year ended Dec. 31, 1997. 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. for the year totaled $9,832,000 compared to an operating loss of $1,933,000 for the previous year. After interest expense of $900,000 and the loss of $2,346,000 resulting from the termination of an acquisition, the net loss for the year ended Dec. 31, 1998 totaled $13,079,000 or ($2.42) per share, compared to the net loss of $2,697,000 or ($.61) per share for the year ended Dec. 31, 1997. Total assets at Dec. 31, 1998 were $7,287,000 compared to total liabilities of $11,428,000, resulting in a stockholders deficiency of $4,141,000. Included in the loss for 1998 are a number of onetime nonrecurring charges Nonrecurring Charge An expense occurring only once on a company's financial statement. Notes: An extraordinary item is an example of a nonrecurring charge. Also known as "nonrecurring item". - they are; (a) 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. of $755,000, (b) impairment losses on certain intangible assets of $1,251,000, (c) a loss relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Lewis Tree termination agreement of $2,346,000, (d) losses related to uncompleted construction contracts in California of $1,636,000, (e) cost associated with the termination of a consulting relationship of $932,000, (f) claims relating to the former Chief Executive Officer of $682,000, (g) losses related to facility closings of $656,000, (g) an adjustment for the change in useful life of spray equipment of $523,000 and (h) a loss provision of $225,000 relating to unauthorized financing advances. These onetime charges total $9,009,000 and account for approximately 70 percent of the 1998 loss. Aquagenix Inc. is a leading aquatic vegetation management company providing services to government, commercial, industrial, golf courses and private customers. You can reach Aquagenix on their Web site at http://www.aquagenix.com. This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 which represents the company's expectations or beliefs concerning future events and the company's financial performance. Any forward-looking statements contained herein are made pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements are qualified by important factors that could cause actual results to differ materially from those contained in such forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, those detailed in the company's filings with the Securities and Exchange Commission. |
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