Chempower reports second quarter results.AKRON Akron (ăk`rən), city (1990 pop. 223,019), seat of Summit co., NE Ohio, on the Little Cuyahoga River; inc. 1865. Once the heart of the nation's rubber industry, Akron still contains the headquarters of some rubber corporations and chemical and , Ohio--(BUSINESS WIRE)--Aug. 12, 1996--Chempower 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 :CHEM CHEM Chemistry CHEM Chemical CHEM Chemist CHEM Chemistry Mission CHEM Centre des Hautes Études Militaires (French) CHEM Center for Healthcare Environmental Management CHEM Charge-Energy-Mass (spectrometer) ) today reported revenues of $16.5 million for the quarter ended June June: see month. 30, compared with $20.2 million reported a year earlier. The Akron-based company reported net income of $386,000 or 5 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. for the quarter, compared with $1,034,000 or 14 cents per share reported for the same period of 1995. For the first six months of 1996, the company reported revenues of $33.5 million compared to $39.3 million for the same period of 1995. Net income was $584,000, or 8 cents per share vs. $1,296,000 or 18 cents per share for the first half of 1995. Results included the operations of Controlled Power Limited Partnership, which was acquired on May 3, 1995. Commenting on the results of the quarter, T.J. Kukk, president and chief executive officer of Chempower Inc., stated, "As previously forecast, the company's Construction Services segment continues to experience a slow-down; however, our Manufacturing Services segment remains strong in both sales and profitability." Chempower Inc. provides construction services and manufacturing services to the industrial and commercial markets. The company operates offices in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. ; Akron, Canton Canton, cities, United States Canton. 1 City (1990 pop. 13,922), Fulton co., W central Ill., in the corn belt; inc. 1849. It is a trade and industrial center for a coal and farm area. 2 Town (1990 pop. 18,530), Norfolk co. and Cincinnati, Ohio “Cincinnati” redirects here. For other uses, see Cincinnati (disambiguation). Cincinnati is a city in the U.S. state of Ohio and the county seat of Hamilton County. ; Washington, Pa.; Waverly, Tenn.; and Winfield, W. Va. -0-
Chempower Inc.
Consolidated Statement of Income
(Unaudited)
Quarter Ended
June 30
1996 1995
_________ _________
Revenues $ 16,488,000 $ 20,227,000
Gross Profit $ 2,917,000 $ 4,275,000
Net Income $ 386,000 $ 1,034,000
Earnings Per Share $.05 $.14
Weighted Average Shares 7,686,920 7,314,021
Six Months Ended
June 30
1996 1995
_________ _________
Revenues $ 33,478,000 $ 39,266,000
Gross Profit $ 5,172,000 $ 6,626,000
Net Income $ 584,000 $ 1,296,000
Earnings Per Share $.08 $.18
Weighted Average Shares 7,665,036 7,346,458
CONTACT: Chempower Inc., Akron Robert E. Rohr, 330/896-4202 |
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