Besicorp Group announces year-end fiscal 1996 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)--July 15, 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 fiscal year ended March 31, 1996. These results, shown with the results from the prior fiscal year, are summarized as follows: -0-
BESICORP GROUP INC.
Year Ended March 31,
1996 1995
Revenues $4,412,072 $6,864,198
Net loss (2,478,319) (367,077)
Loss per common share $(.84) $(.12)
Weighted number of shares outstanding
(in thousands) 2,938 3,082
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. President 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. F. Zinn Well known people with the surname Zinn include:
Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. investment of both cash and personnel resources. Return on that effort is dependent upon successful completion of the development effort. "The company's ownership stakes in power plant facilities are held as partnership interests, and are carried under the equity method of accounting, whereby only the company's net investment is reflected on the balance sheet and recordable income is reflected on the statement of operations See Income statement. . The partnership financial statements are not consolidated in Besicorp's financial statements. "Nonetheless, it should be noted that during Fiscal 1996, as identified in Note 5 to Besicorp's financial statements, Besicorp reported total partnership assets of $543,000,000, and that on revenues of $114,000,000, Besicorp realized $4,700,000 in net cash distributions from its partnerships, up from $3,200,000 in the prior year. Income from partnerships remained level at approximately $3,345,000, while development and management fees were $329,000, down from $2,255,000, reflecting the fact that all of the company's major domestic projects have achieved commercial operations. "The company continues to invest in solar electric development, and reported losses from technology-related activities reflecting that 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's goal and investment perspective is to build a significant world-class asset and technology-based company, using the foundation of power plant assets that has already been created." 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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