ERD Waste announces a 173% increase in revenues for the first quarter of fiscal 1997.RAHWAY, N.J.--(BUSINESS WIRE)--March 3, 1997--ERD Waste Corp. (NASDAQ/NMS:ERDI ERDI Emergency Response Diving International ERDI Enhanced Remote Defect Indicator (Cisco) ERDI Exploratory Research and Development Initiative ) announced today revenues of $8,995,567 for the first quarter ended Dec. 31, 1996, an increase of 173 percent over first quarter revenues in the previous year of $3,293,518. The decline in profitability was primarily due to the company's acquisition of 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, of America Inc. whose subsidiaries operate at lower profit margins; these acquisitons will, however, contribute to an increase in the company's overall sales and profitability over the long term. The company reported income from operations of $469,221 for the quarter ended Dec. 31, 1996, as compared to income from operations of $791,196 for the same quarter of the prior year. Net income declined 66% to $114,968 ($0.03 per share) vs. $609,975 ($0.10 per share) for the first quarter of 1996. The decrease is primarily attributable to the increase in the company's interest expense and the reduction in profits from the company's discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . For the three months ended Dec. 31, 1996, net income from discontinued operations amounted to $75,029, net of income taxes of $50,020. This amount has been reflected as an increase in accured expenses payable since the income has been accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. at Sept. 30, 1996. Joseph Wisneski, president and COO of ERD Waste Corp., said, "We are dealing with the closing of our Long Beach Facility and are continuing to consolidate our recent acquisitions. We have been able to accomplish this while maintaining profitability from operations, which is very encouraging. Hopefully, this trend will continue and improve in the future." ERD is a diversified waste management company specializing in the management and disposal of solid waste and 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. and provides brokerage, advisory, consulting and technical services to generators of waste. The company owns and operates three strategically located RCRA RCRA Resource Conservation & Recovery Act of 1976 RCRA Resort and Commercial Recreation Association part B permitted Treatment, Storage and Disposal Facilities and provides environmental services including: consulting, technical contracting, tank management, site remediation, indoor and outdoor air quality testing and monitoring services The general surveillance of known air traffic movements by reference to a radar scope presentation or other means, for the purpose of passing advisory information concerning conflicting traffic or providing navigational assistance. and equipment, and technical support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services related to all of the foregoing. The company also operates an oil filter recycling recycling, the process of recovering and reusing waste products—from household use, manufacturing, agriculture, and business—and thereby reducing their burden on the environment. facility and a facility which manufactures various sorbent sorbent /sor·bent/ (sor´bent) an agent that sorbs; see absorbent and adsorbent. sorbent an agent that sorbs. products for use in marine, automotive, and janitorial applications. -0-
Consolidated Statements of Operations
Three Months Ended
Dec. 31,
1996 1995
Revenue $8,995,567 $3,293,518
Gross profit 3,883,588 2,437,995
Income from operations 469,221 791,196
Net income 144,968 609,975
Net income per common share $ 0.03 $ 0.10
Weighted average number of common
shares and equivalent outstanding: 5,887,910 5,817,524
Consolidated Balance Sheets
Dec. 31 Sept. 31,
1996 1996
Total current assets $15,208,866 $16,425,999
Total assets $40,497,648 $41,808,013
Total liabilities $33,214,626 $35,450,822
Total stockholders equity 7,283,022 6,357,191
CONTACT: ERD Waste Corp., Rahway Joseph Wisneski, 908/381-9229 |
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