Aquagenix reports second quarter and six months results.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)--Aug. 20, 1996--Aquagenix 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 : AQUX, AQUXW), announced today results for the second quarter and six months ended June 30, 1996. Revenues for the second quarter ended June 30, 1996 increased 66.4 percent to $2,479,478 from $1,490,192 reported in the second quarter of 1995. 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 second quarter of 1996 totaled $116,455, or 3 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. , compared with a loss of $61,169 in the comparable 1995 quarter. Income from continuing operations has been offset by an increase in allowance for estimated phase-out losses relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. during the second quarter of 1996, resulting in a total net loss of $288,363, or (9 cents) per share for the second quarter of 1996 as compared to a net loss of $330,228, or (11 cents) for the corresponding quarter of 1995. Revenues for the 1996 six months increased 65.7 percent to $4,732,112, compared with $2,855,344 reported in the 1995 six month period. Income from continuing operations for the first six months of 1996 totaled $366,945, or 11 cents per share, compared with $112,707, or 3 cents per share in 1995. Net income for the six months ended June 30, 1996 was $831,634 or 25 cents per share, compared with a net loss of $165,843, or (5 cents) per share for the six months ended June 30, 1995. The net income for 1996 included a change in the allowance for estimated phase-out losses of discontinued operations of $464,689, or 14 cents per share; relating primarily to the gain on the sale of one of its remediation subsidiaries, while the 1995 six months loss included an 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. from discontinued operations of $278,550, or (8 cents) per share. Andrew Chesler, chairman and president of Aquagenix said, "The significant revenue gains for both the second quarter and six months are the result of our expanded customer base in Florida, Northern Georgia, and North and South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. which has increased substantially the number of recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. waterway waterway, natural or artificial navigable inland body of water, or system of interconnected bodies of water, used for transportation, may include a lake, river, canal, or any combination of these. and industrial vegetation management contracts as well as wetland planting contracts. We believe this trend will continue for the remainder of 1996." Chesler added that the company's acquisition of Aquatic & Right of Way Control Inc. in June 1996 should also add revenues in the remainder of the year. He pointed out that the net loss in the second quarter was attributable to a change in the allowance for the estimated phase-out and losses from discontinued operations relating to an increase in the allowance for the company's remaining remediation subsidiary. The phase-out period in the discontinued operations has been extended to allow more time to complete the outstanding contractual obligations and to locate a buyer for its remediation assets. Aquagenix Inc. is the leading, and only public company, providing aquatic and industrial vegetation management services to commercial, private and governmental and utility customers in the southeastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Headquartered in Fort Lauderdale, it has service offices in Daytona Beach Daytona Beach (dātō`nə), city (1990 pop. 61,921), Volusia co., NE Fla., on the Atlantic coast and Halifax River (a lagoon); inc. 1876. Center of a rapidly urbanizing area, in a region settled by Spanish Franciscans in the 17th cent. , Ft. Lauderdale, Ft. Myers, Jacksonville, Miami Lakes, Orlando, Palm Beach, Sarasota and Tampa, Fla.; Myrtle Beach and Hilton Head S.C.; and is opening offices in Atlanta and Montgomery, Ala. -0-
Aquagenix Inc. and Subsidiaries
Financial Highlights
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
Revenues $2,479,478 $1,490,192 $4,732,112 $2,855,344 Income (loss) from continuing operations 116,455 (61,169) 366,945 112,707 Discontinued operations: Loss from environmental remediation business segment, net of income taxes 0 (269,059) 0 (278,550) Change in allowance for estimated phase-out losses from environmental remediation segment (404,818) 0 464,689 0 Net (loss) income ($288,363) ($330,228) $831,634 ($165,843) Earnings (loss) per common and common equivalent shares: Continuing operations - primary $0.03 ($0.02) $0.11 $0.03 Continuing operations - assuming full dilution 0.03 (0.02) 0.11 0.03 Discontinued operations (0.12) (0.09) 0.14 (0.08) Net (loss) income per common share (0.09) (0.11) 0.25 (0.05) Weighted average common and common equivalent shares outstanding: Primary 3,411,639 3,126,887 3,322,364 3,342,194 Assuming full dilution 3,417,309 3,126,887 3,325,200 3,342,194 CONTACT: Aquagenix Inc., Fort Lauderdale Andrew P. Chesler 954/975-7771 or KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Paul Holm/Joseph A. Mansi 212/682-6300 ext. 201/205 |
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