Exsorbet Industries, Inc. Announces Third Quarter Results Showing After Tax Profit for Third Consecutive Quarter with Record Sales and Earnings Year to Date.JACKSON, Miss.--(BUSINESS WIRE)--Nov. 12, 1996--Exsorbet Industries, Inc. (Nasdaq Small Cap: EXSO) today reported net earnings and revenues for the three months ended Sept. 30, 1996 and record net earnings and revenues for the nine months ending at the same time. Net earnings for the quarter ended Sept. 30, 1996 were $10,339. For the same period in 1995, the company had a net loss of ($267,610). Total revenues for the quarter ended Sept. 30, 1996 were $7,305,636, compared with $5,365,643 for the same period in 1995. Net earnings for the 9 month period ended Sept. 30, 1996 were $2,066,332 or 19 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 $707,111 or 7 cents per share for the same period in 1995. Total revenues for the nine month period ended Sept. 30, 1996 increased 36% to $22,419,265, compared with $16,443,693 for the same period in 1995. The Company's financial statements are restated to reflect the Company's acquisitions of Larco 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, , Inc. and K.R. Industrial Service of Alabama, Inc., which were both acquired in separate transactions and each was accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . The company's acquisition of 7-7, Inc. on Sept. 30, 1996 was not accounted for as a pooling of interests and, therefore, is not included in the third quarter financial statements of the company. In the third quarter of 1995, the company was primarily involved in sales of the Exsorbet peat moss peat moss: see sphagnum. peat moss or sphagnum moss Any of more than 160 species of plants that make up the bryophyte genus Sphagnum, which grow in dense clumps around ponds, in swamps and bogs, on moist, acid cliffs, and on based product. Since that time, the company has discontinued direct production and sales of the product. Operations of the company currently consist primarily of providing services in the environmental industry. The financial information released for the third quarter takes into account the acquisitions made by the company which were not in existence at the end of the third quarter of 1995, as well as the change in company operations. Dr. Ed Schrader Dr. Ed Schrader is President of Brenau University. He is the university's ninth president and has directed the Gainesville, GA school since January 2005. Brenau has experienced unprecedented growth in enrollment and academic quality under Dr. , President of Exsorbet, said, "Costs of acquisitions and on-going consolidation had a greater than expected impact on our third quarter results. These costs are recognized and the company has undertaken a cost reduction and personal consolidation program designed to produce a more efficient cost control system and stream lined management procedures." Many of the Exsorbet subsidiaries were acquired during the previous six months. Duplication of costs and expenses as well as operational inefficiencies have been specifically identified. Exsorbet is aggressively implementing consolidation and restructuring, management cost minimization, and reduction in duplicated salaries and labor. Administrative functions, such as finance, accounting, human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. , legal, and purchasing for corporate and subsidiary needs will be geographically consolidated. The reconfigured management will be able to respond rapidly, efficiently, and cost effectively to daily and long-term business needs. The Company has accelerated this consolidation effort and anticipates seeing results within the first half of 1997. Three Exsorbet subsidiaries -- Larco Environmental Services, Inc., Cierra, Inc., and Exsorbet Technical Services, Inc., d/b/a SpilTech Services -- stand to be major beneficiaries of the operational cost reduction. Exsorbet Industries, Inc. is a diversified environmental service company specializing in state of the art technical solutions for problems in site remediation, dewatering Dewatering (dē′wöd·ər·iŋ) is the removal of water from solid material or soil by wet classification, centrifugation, filtration, or similar solid-liquid separation processes. and pond solidification, coal and petroleum tar liquefication and recycling, 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. , cleanup materials and service, bioremediation bi·o·re·me·di·a·tion n. The use of biological agents, such as bacteria or plants, to remove or neutralize contaminants, as in polluted soil or water. , environmental engineering and project management, and twenty-four hour emergency response service. Subsidiaries of Exsorbet Industries, Inc. include Cierra, Inc., Consolidated Environmental Services, Inc., Eco-Systems, Inc., Exsorbet Technical/SpilTech Services, Inc., K.R. Industrial Service of Alabama, Inc., LARCO Environmental Services, Inc., and 7-7, Inc. with 22 offices located in the following cities: Dallas, Bridge City, Euless, and Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the ; Fort Smith and Little Rock, Ark.; Tulsa, Okla.; Kansas City Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). , Mo.; Jackson, Miss.; Mobile (2), Birmingham, Decatur, and Double Springs, Ala.; Baton Rouge and Sulphur (Lake Charles), La.; Knoxville, Tenn.; Wooster, Cleveland, and East Liverpool, Ohio East Liverpool is a city in Columbiana County, Ohio, United States. The population was 13,089 at the 2000 census. It is located along the Ohio River and borders the states of Pennsylvania and West Virginia. ; Harrisburg and Steelton, Pa. Exsorbet and its subsidiaries currently employ about 500 professionals and staff. CONTACT: Exsorbet Industries, Inc. Dr. Ed Schrader, 601/936-6633 Charles E. Chunn, Jr., 501/452-1987 Ed Penick, Jr., 501/664-7745 |
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