NATEC RESOURCES INC. ANNOUNCES THIRD QUARTER RESULTS
NATEC RESOURCES INC. ANNOUNCES THIRD QUARTER RESULTS HOUSTON, Nov. 13 /PRNewswire/ -- NaTec Resources, Inc.
(NASDAQ: NATC) today announced operating results for the third quarter ended Sept. 30, 1992. For the three months ended Sept. 30, 1992, NaTec generated a loss, after preferred stock dividends, of $1.5 million, or $0.06 per share, on revenues of $1.4 million compared with a loss, after preferred stock dividends, of $2.0 million, or $0.08 per share, on revenues of $0.6 million for the corresponding three month period of the prior year.
NaTec generated a loss, after preferred stock dividends, of $5.6 million, or $0.22 per share, on revenues of $3.4 million for the nine months ended September 30, 1992. This compares to a loss, after preferred stock dividends, of $5.2 million, or $0.21 per share, on revenues of $1.7 million, for the corresponding nine month period of the prior year. The $5.6 million loss for the nine months ended Sept. 30, 1992 includes a $1.0 million, or $0.04 per share, estimated loss on sale of assets related to the North American Chemical Company transaction and the finalization of the Proxy, which was mailed to the shareholders on Oct. 26, 1992. Excluding the effect of this loss, the results for the nine months ended Sept. 30, 1992 would be a loss of $4.6 million, or $0.18 per share, vs. the corresponding period of the prior year loss of $5.2 million, or $0.21 per share. Commenting on NaTec's operations, John T. McCormack, president and chief executive officer, stated, "The improved performance for the third quarter of 1992 compared to the third quarter of 1991 reflects increased activity in our dry sorbent injection emissions control technology segment coupled with the continuing cost reduction efforts undertaken by the company." As previously announced, NaTec has entered into an agreement to sell a 50 percent interest in its nahcolite production facilities to North American Chemical Company. Consummation of this agreement will provide NaTec with $10 million payable $2 million in cash at closing and the balance, without interest, over a period of approximately four years, subject to adjustment. The purchase price is estimated to have a value of approximately $7.6 million, after certain adjustments which are more fully described in the Proxy. The pollution control operations will remain wholly owned by NaTec and will not be affected by this transaction. A special meeting of the shareholders will be held on Nov. 18, 1992 for the purpose of voting on the transaction. Shareholder approval and subsequent closing of the North American transaction is viewed by management as essential to the continued viability of NaTec's operations. NaTec Resources is committed to the control of pollutants commonly associated with acid rain. The company provides consulting engineering, injection system installation, operations and maintenance services, and processed sorbent supply. Primary markets are utility, industrial power generation, pulp and paper, refining and municipal solid waste. NATEC RESOURCES, INC. AND SUBSIDIARIES Consolidated Statements of Operations Periods ended Three months Nine Months Sept. 30 1992 1991 1992 1991 Revenues $ 1,353,607 $ 587,709 $ 3,351,862 $ 1,692,654 Cost of sales 1,396,357 994,682 3,605,373 1,879,853 Gross loss (42,750) (406,973) (253,511) (187,199) Operating costs 971,481 1,228,854 3,065,052 3,959,779 Loss from opers. (1,014,231) (1,635,827) (3,318,563) (4,146,978) Interest income 6,058 7,558 40,970 113,897 Interest expense (106,761) (25,904) (302,157) (82,432) Estimated loss on pending sale of assets -- -- (956,746) -- Net loss (1,114,934) (1,654,173) (4,536,496) (4,115,513) Preferred stock dividends (357,500) (329,069) (1,072,500) (1,129,069) Net loss attributable to common shares $(1,472,434) $(1,983,242) $(5,608,996) $(5,244,582) Net loss per common share $(0.06) $(0.08) $(0.22) $(0.21) Average shares outstanding 25,458,787 25,324,604 25,458,787 25,233,346 -0- 11/13/92 /CONTACT: John T. McCormack of NaTec ReSources, Inc., 713-552-2344/ (NATC) CO: NaTec Resources, Inc. ST: Texas IN: OIL SU: ERN
TS -- NY023 -- 0607 11/13/92 10:28 EST
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|Date:||Nov 13, 1992|
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