Crown Andersen Inc. Announces Results for First Quarter of Fiscal 2002.Business Editors PEACHTREE CITY, Ga.--(BUSINESS WIRE)--Feb. 13, 2002 Crown Andersen 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 :CRAN n. 1. A measure for fresh herrings, - as many as will fill a barrel. Cran a measure of fish, about 750 herrings, 1797. Noun 1. ), the Peachtree City, Georgia-based supplier of engineered products and systems for environmental protection, waste management and product recovery, today announced its consolidated results for the first quarter of fiscal 2002 (ended December 31, 2001). For the quarter, the Company reported consolidated net income of $132,834 or $0.07 per share (basic) and $0.06 per share (diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) on revenues of $6,661,838. In comparison, the Company reported net income of $163,795 or $0.09 per share (basic and diluted) on revenues of $7,781,271 for the first quarter of fiscal 2001. Net income contributed by the Company's incineration incineration the act of burning to ashes. products business offset a substantial decline in net income from dust collection and air pollution control products, which were adversely impacted by the September 11, 2001 events and their negative effect on manufacturing activities worldwide. Foreign sales accounted for 31.9% of total revenues in the current quarter compared to 13.3% in the same quarter in 2001, reflecting the more rapid slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , compared with the remainder of the world. Backlogs for Company products related to manufacture of consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and dropped rapidly in the quarter, leaving incineration products, particularly outside the United States, as the most promising sustained business in fiscal 2002. In January 2002, the Company added a $5 million order for an international 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. incinerator incinerator, furnace for burning refuse. The older and simpler kind of incinerator was a brick-lined cell with a metal grate over a lower ash pit, with one opening in the top or side for loading and another opening in the side for removing incombustible masses called to its backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. , increasing total backlog to about $16 million at the end of January. In addition, the Company was actively bidding on other hazardous waste incineration projects ranging in size from about $6 million to as large as $30 million, some of which will almost certainly proceed in 2002. The Company's ability to grow in fiscal 2002 will be determined by these potential projects and their schedules. For a comparison of current quarter results with prior periods, see the table below:
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THREE MONTHS ENDED
DECEMBER 31
2002 2001
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REVENUES $6,661,838 $7,781,271
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Income before taxes 217,434 264,195
Income taxes 84,600 100,400
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NET INCOME $ 132,834 $ 163,795
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Average shares outstanding
Basic 1,855,217 1,838,886
Diluted 2,064,180 1,838,886
EARNINGS PER SHARE:
Basic $0.07 $0.09
Diluted $0.06 $0.09
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Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains certain forward-looking statements. The Company's results may differ materially from those in the forward-looking statements. Forward-looking statements are based on management's current views and assumptions, and involve risks and uncertainties that significantly affect expected results. For example, operating results may be affected by several external factors. Such factors include, but are not limited to, change in the regulatory environment, general conditions in the environmental industry, the Company' s competitive position, and economic conditions in international markets. |
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