Chempower reports third 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)--Nov. 1, 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 $14.9 million for the quarter ended Sept. 30, compared with $16.4 million reported a year earlier. The Akron-based company reported net income of $476,000 or 6 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 $308,000 or 4 cents per share reported for the same period of 1995. For the first nine months of 1996, the company reported revenues of $48.3 million compared to $55.7 million for the same period of 1995. Net income was $1.1 million or 14 cents per share vs. $1.6 million or 22 cents per share for the first nine months of 1995. Commenting on the results of the quarter, T.J. Kukk, president and chief executive officer of Chempower Inc., stated, "We are pleased to report increased profits for a period during which we experienced a sharp reduction in maintenance work by our electric utility customers." 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, Ohio Akron is a city in the U.S. state of Ohio and the county seat of Summit County.GR6 The municipality is located in northeastern Ohio on the Cuyahoga River between Cleveland to the north and Canton to the south, approximately 60 miles (96 km) west of ; Canton, Ohio Canton is a city in the U.S. state of Ohio and the county seat of Stark CountyGR6. The municipality is located in northeastern Ohio and is situated on the Nimishillen Creek, approximately 24 miles (38 km) south of Akron[4] ; Cincinnati Cincinnati (sĭnsənăt`ē, –năt`ə), city (1990 pop. 364,040), seat of Hamilton co., extreme SW Ohio, on the Ohio River opposite Newport and Covington, Ky.; inc. as a city 1819. ; Washington, Pa.; Waverly, Tenn.; and Winfield, W.Va. -0-
CHEMPOWER INC.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
Quarter Ended
September 30
1996 1995
___________ ___________
Revenues $14,858,000 $16,430,000
Gross Profit $ 2,403,000 $ 2,532,000
Net Income $ 476,000 $ 308,000
Earnings Per Share $0.06 $0.04
Weighted Average Shares 7,789,104 7,380,557
Nine Months Ended
September 30
1996 1995
___________ ___________
Revenues $48,336,000 $55,696,000
Gross Profit $ 7,575,000 $ 9,159,000
Net Income $ 1,060,000 $ 1,604,000
Earnings Per Share $0.14 $0.22
Weighted Average Shares 7,706,392 7,356,190
CONTACT: Chempower Inc., Akron Robert E. Rohr, 330/896-4202 |
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