Besicorp Group announces first quarter fiscal '97 results.KINGSTON Kingston, city, Canada Kingston, city (1991 pop. 56,597), S Ont., Canada, on Lake Ontario, near the head of the St. Lawrence River and at the end of Rideau Canal from Ottawa. Kingston has probably the best harbor on the lake. , N.Y.--(BUSINESS WIRE)--Aug. 14, 1996--Besicorp Group Inc. (AMEX AMEX See: American Stock Exchange Emerging Company Marketplace - BGI BGI Barclays Global Investors BGI Bainbridge Graduate Institute BGI Bureau Gravimétrique International BGI Borland Graphic Interface (File Name Extension) BGI Bridgetown, Barbados - Grantley Adams International .EC) announced today results for the first quarter ending June June: see month. 30, 1996. These results shown with the comparable period from the prior fiscal year, are summarized as follows: -0-
Three Months Ended June 30,
1996 1995
Revenues $ 1,605,654 $ 1,456,172 Net Income (Loss) $ 403,909 $ (45,121) Income (Loss) per Common Share $ .14 $ (.02) Weighted Average Number of Shares Outstanding (in Thousands) 2,912 2,989 According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. J. Daley Da·ley , Richard Joseph 1902-1976. American politician who dominated Chicago politics during his years as mayor (1955-1976). Known as one of the last old-time big city bosses, Daley was also an important figure in the national Democratic Party. , vice president and chief financial officer, "Due to the nature of the project development business, quarterly results of operations may fluctuate significantly. During the three months ended June 30, 1996, the company realized net income of approximately $404,000, an increase of $449,000 compared to the three months ended June 30, 1995. "The primary reasons for this increase are the company's recording income from partnerships of approximately $2,005,000, up from $982,000 for the comparable prior period, and development and management fees of approximately $146,000, up from $68,000 for the comparable prior period. "The company's ownership stakes in power facilities totaling 378 megawatts (with the company's interests representing 178 megawatts) are held as partnership interests, with total partnership assets of approximately $541,000,000 and total partnership quarterly revenues of approximately $35,000,000. "During the first quarter of fiscal 1997, Besicorp realized $2,074,000 in net cash distributions, up from approximately $1,153,000 for the comparable prior period. "The company continues to invest in solar electric development, and realized a loss in the first quarter from technology-related activities reflecting such investment. Almost all costs associated with these development activities, as well as a significant portion of the costs of project development activities, are expensed on a current basis." Besicorp specializes in the development of independent power projects and energy technologies. CONTACT: Besicorp Group Inc., Kingston Karen A. Keator, Investor Relations Investor relations The process by which the corporation communicates with its investors. 914/336-7700 |
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