Printer Friendly

COMPLETE COMPLIANCE REPORTS YEAR END REVENUES AND LOSS

 HOUSTON, Feb. 10 /PRNewswire/ -- 3CI Complete Compliance Corporation (3CI) (NASDAQ: TCCC), a medical waste management company, today announced losses for the fiscal year ended Sept. 30, 1992 of $524,812 or $0.16 per share, compared with a pro forma net loss of $938,674 or $0.30 per share for the comparable period in 1991. Revenues for the year ended Sept. 30, 1992 were $6.647 million, an increase of 54 percent over the $4.317 million in revenues for the same period in 1991.
 The loss for the quarter ended Sept. 30, 1992 was $631,408, or $0.19 per share, compared with a pro forma loss of $204,071, or $0.07 per share for the comparable period in 1991. Revenues for the three months ended Sept. 30, 1992 were $1.571 million, an increase of 15.3 percent over the $1.363 million recorded for the same period in 1991.
 Dr. J. A. Argovitz, president and CEO, said: "The loss during the quarter was the result of lower than expected revenues which declined $343,000 from the preceding quarter due to industry price discounting, the resulting loss of several hospital accounts and the decrease in the sale of OSHA compliance manuals. Expenses increased while 3CI shifted its marketing emphasis and concentration into professional and third party markets to offset the impact of widespread price discounting by our major competitors."
 Argovitz said "3CI has adjusted quickly by replacing lost institutional business, increasing its penetration into professional and third party markets and entering the MARPOL waste market by providing waste services to the shipping industry at several Gulf ports. Although our fourth quarter was disappointing in terms of financial results, we believe our strategies of offering waste management alternatives, controlling disposal costs and seizing opportunities in complementary medical waste niches are firmly in place, and we expect our first quarter of fiscal 1993 to reflect significant improvement over the three months ended Sept. 30."
 3CI has also initiated microwave disposal technology to a major Dallas hospital by 3CI's purchase of equipment through its option to acquire a distributorship with exclusive rights in Texas. The company also expects to announce soon a new service designed to lower disposal costs for small medical waste generators.
 3CI is a majority-owned subsidiary of American Medical Technologies, Inc. (NASDAQ: AMOT), based in Houston.
 3CI COMPLETE COMPLIANCE CORPORATION
 Summary of Financial Data
 (In thousands, except per share data)
 Year-Ended Percentage
 Sept. 30 increase
 Operating Data: 1992 1991(A)
 Revenues $ 6,647 $ 4,317 54
 Net loss (525) (939)
 Average number of shares
 outstanding (B) 3,472 3,100
 Net loss per share (0.16) (0.30)
 Three Months Ended
 Sept. 30
 1992 1991 (A)
 Revenues $ 1,571 $ 1,363 15.3
 Net loss (631) (204)
 Average number of shares
 outstanding (B) 3,472 3,100
 Net loss per share (0.19) (0.07)
 Balance Sheet Data: Sept. 30
 1992 1991
 Cash and cash equivalents $ 502 $ 8
 Current assets 1,677 796
 Total assets 10,049 7,295
 Current liabilities 824 701
 Shareholders' equity 9,226 6,594
 Current working capital $ 853 $ 95
 (A) Comparable amounts for 1991 have been restated on a pro forma unaudited basis to give effect to the acquisition by American Medical Technologies, Inc. on Sept. 6, 1991.
 (B) Weighted average shares outstanding increased during the current reporting period due to an initial public offering of 3CI's shares which became effective April 14, 1992.
 -0- 2/10/93
 /CONTACT: Leonard A. Bedell or Leonard Carr of 3CI Complete Compliance, 713-783-8200/
 (TCCC)


CO: 3CI Complete Compliance Corporation ST: Texas IN: MTC SU: ERN

PS-WB -- NY046 -- 5170 02/10/93 12:42 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 10, 1993
Words:610
Previous Article:NANCY VAUGHAN NAMED DIRECTOR OF CORPORATE COMMUNICATIONS FOR BEST WESTERN INTERNATIONAL INC.
Next Article:THE DAYTON POWER AND LIGHT COMPANY $220 MILLION FIRST MORTGAGE BONDS (SHELF) RATED 'A+'
Topics:


Related Articles
3CI RECORD QUARTERLY EARNINGS AND REVENUES
AMERICAN MEDICAL TECHNOLOGIES ANNOUNCES FISCAL YEAR EARNINGS
3CI COMPLETE COMPLIANCE REPORTS QUARTERLY REVENUES AND LOSS
3CI COMPLETE COMPLIANCE CORPORATION REPORTS QUARTERLY REVENUES AND LOSS
3CI COMPLETE COMPLIANCE CORPORATION REPORTS QUARTERLY REVENUES AND LOSS
3CI COMPLETE COMPLIANCE REPORTS YEAR END REVENUES AND LOSS
AMT SECOND QUARTER RESULTS
AMERICAN MEDICAL TECHNOLOGIES, INC. REPORTS 1994 INCOME OF $.12 VERSUS 1993 LOSS OF $.13
3CI Reports Increase in First Quarter Earnings
3CI Reports Year End Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters