METALCLAD CORP. REPORTS RESULTS
METALCLAD CORP. REPORTS RESULTS ANAHEIM, Calif., April 17 /PRNewswire/ -- Metalclad Corp.
(NASDAQ: MTLC) announced today that it experienced income from its continuing industrial insulation contracting services and industrial asbestos abatement business, before taxes and losses from its discontinued commercial insulation contracting and commercial asbestos abatement operations, of $109,244 on revenues of $21,905,000 in 1991, compared to $4,339 of net income before taxes and losses from discontinued operations on revenues of $21,077,000 in 1990. The losses from discontinued operations, less applicable income tax benefits, were $975,672 in 1991, compared to $174,906 in 1990. Of the losses reported for discontinued operations there is included a reserve of $180,000 in the event there are any further losses as a result of discontinued operations in 1992. By virtue of that reserve, no further losses are expected from discontinued operations in 1992 and subsequent years.
Metalclad Corp. remains engaged in the industrial insulation services and industrial asbestos abatement business, together with insulation material sales serving primarily markets in Northern and Southern California. METALCLAD CORP. Financial Summary 1991 1990 Revenues 21,905,177 21,076,258 Costs and expenses 21,795,933 21,071,919 Income (loss) before taxes and extraordinary items 109,244 4,339 Income taxes 44,000 11,000 Income (loss) before extraordinary items 65,244 (6,661) Loss from discontinued operations less applicable income tax benefit (860,916) (168,245) Reserve for loss from discontinued operations (180,000) --- Net income (loss) (975,672) (174,906) Income per share of common stock: Income (loss) from continuing operations .01 --- Income (loss) after discontinued operations (.19) (.04) Net income (loss) (.19) (.04) -0- 4/17/92 /CONTACT: Elgin Williams (investors) or Grant S. Kesler, president, 714-634-9050; or Bruce H. Haglund, 714-752-6100, all of Metalclad/ (MTLC) CO: Metalclad Corp. ST: California IN: SU: ERN
DM-EH -- LA007 -- 9713 04/17/92 14:34 EDT
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|Date:||Apr 17, 1992|
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