Comprehensive Environmental Systems reports third quarter and nine month results.WEST BABYLON, N.Y.--(BUSINESS WIRE)--March 19, 1997-- Comprehensive Environmental Systems Inc. (COEV:Nasdaq/BB) today announced results for its third quarter and nine months ended Jan. 31, 1997. For the nine month period, the company reported a 65 percent increase in revenues to $12,391,000 versus $7,993,000 a year ago. Earnings were $626,000 or seven 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. , compared with $148,000, or two cents, for the comparable period in 1996. For the third quarter ended Jan. 31, revenues increased to $4,136,000 versus $1,621,000 in 1996. Earnings for the quarter were $31,000, or zero cents per share, against $(394,000) or (five cents) a year ago. Commenting on the results, Michael O'Reilly, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Comprehensive, stated, "We are extremely pleased with the progress Comprehensive has made since the roadblocks we recently encountered as a result of prior management, including the indictment indictment (ĭndīt`mənt), in criminal law, formal written accusation naming specific persons and crimes. Persons suspected of crime may be rendered liable to trial by indictment, by presentment, or by information. of a former officer and the former special securities counsel to the company, as well as the Nasdaq delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. . "While we continue to incur certain one-time costs associated with correcting those problems, including approximately $300,000 of current non-recurring expenses, demand for our environmental services The various combinations of scientific, technical, and advisory activities (including modification processes, i.e., the influence of manmade and natural factors) required to acquire, produce, and supply information on the past, present, and future states of space, atmospheric, has continued to be substantial." O'Reilly continued, "During the last three months we announced the awarding of some $2,100,000 in remediation/reconstruction contracts, and we believe that recent changes in lead regulations, indoor air quality Indoor Air Quality (IAQ) deals with the content of interior air that could affect health and comfort of building occupants. The IAQ may be compromised by microbial contaminants (mold, bacteria), chemicals (such as carbon monoxide, radon), allergens, or any mass or energy stressor standards and the newly passed New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State Environmental Bond Act should continue to foster our current rate of growth." Comprehensive Environmental Systems Inc., through its subsidiary Trade-Winds Environmental Restoration Inc., is a leading environmental company that offers a broad range of services through vertically integrated businesses in the areas of hazardous waste Hazardous waste Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes. remediation, asbestos removal, lead clean-up and emergency spill response. This press release includes certain forward looking statements about the company that are based on management's current expectations. Actual results may differ materially as a result of any one or more of the risks identified in the company's filings under the Securities and Exchange Act of 1934. -0-
Comprehensive Environmental Systems Inc.
Condensed Statements of Operations
Unaudited
Three Months
Ended Jan. 31,
1997 1996
Revenues $ 4,136,000 $ 1,621,000
Net income/(loss) 31,000 (394,000)
Net income/(loss) per share 0 cents (5 cents)
Weighted average shares outstanding 9,727,371 8,723,971
Nine Months
Ended Jan. 31,
1997 1996
Revenues $12,391,000 $ 7,993,000
Net income 626,000 148,000
Net income per share 7 cents 2 cents
Weighted average shares outstanding 9,125,444 7,537,387
CONTACT: Comprehensive Environmental Systems Inc. Michael O'Reilly, 516/755-4000 or Rubenstein Investor Relations Investor relations The process by which the corporation communicates with its investors. Clint Clint is the diminutive word for the given name Clinton and may refer to: People:
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