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OHM FY92 REMEDIATION REVENUES RISE 17 PERCENT TO $221.4 MILLION; OPERATING EARNINGS MORE THAN DOUBLE

 Gains in Core Business Masked by Reported Loss of $4.3 Million Due to
 $5.9 Million in Special Charges Taken Primarily in Connection
 with Asbestos Abatement Subsidiary Transaction
 FINDLAY, Ohio, Feb. 16 /PRNewswire/ -- OHM Corporation (NYSE: OHM), a leading on-site hazardous waste remediation services firm, today reported that revenues from its remediation services business rose 17 percent to $221.4 million in 1992 from $189.1 million in 1991, primarily because of increased business from private sector clients. Operating income from this core business more than doubled, rising to $13.7 million from $6.4 million for 1991. The award of several large, multi-year contracts during 1992 resulted in a record year-end backlog for the remediation business.
 Consolidated Results
 On a consolidated basis, revenues increased 18 percent to $283.6 million from $239.5 million in 1991. For the year, the company reported a consolidated net loss of $4.3 million or 35 cents per share. The 1992 loss included $5.0 million (41 cents per share in special charges, and $.9 million (7 cents per share) from a cumulative change in accounting method resulting from the adoption of Financial Accounting Standards Board Statement No. 109, "Accounting for Income Taxes." The charges taken were primarily in connection with the proposed combination of OHM's 70 percent owned asbestos abatement subsidiary, NSC Corporation, with the asbestos abatement operations of The Brand Companies, Inc. Without the charges and the change in accounting method, OHM would have reported net income for the year of $1.6 million, or 13 cents per share, a 37 cent per share improvement over the net loss, excluding special charges, of 24 cents per share for 1991. The 1991 loss of 24 cents per share excludes 33 cents per share for the write down of the company's investment in its Concord Resources Group joint venture.
 For the fourth quarter of 1992, the reported net loss was $5.5 million or 46 cents per share. Excluding special charges, OHM would have reported a net loss of $546,000 (5 cents per share) compared with net income of $200,000 or 2 cents per share in the fourth quarter of 1991. The decline in operating earnings, excluding special charges, from the fourth quarter of 1991 was related to losses in NSC's asbestos abatement operations in the New York City metropolitan market.
 James L. Kirk, Chairman, President and Chief Executive Officer, commented, "Considering the general economic weakness and the fact that we had to offset a $21 million decline in gross revenues from EPA contracts which expired early in 1992, we are pleased with the recovery of our remediation business. The strong performance in remediation is the result of initiatives commenced several years ago to focus on and strengthen our remediation business."
 NSC/Brand Transaction
 The NSC/Brand transaction, which is expected to be completed by the end of April 1993, will create the largest asbestos abatement company in the United States. As a result of the business combination, OHM's ownership of NSC will decrease from 70 percent to 41 percent. The Brand Companies, Inc., one of the Waste Management family of companies, will own 41 percent and 18 percent will be owned by the public. Kirk said, "We believe that in addition to being a sound investment for the future, this transaction is consistent with our strategic objective to focus on our core remediation business, which achieved a significant recovery in 1992."
 Positive Outlook for Core Remediation Business
 Positive results were achieved in 1992 in the company's core remediation business primarily as a result of growth in the Sun Belt regions of the country. Revenues and operating profits grew the fastest in the South and West where the company invested heavily in the past several years.
 Net revenues increased 18 percent in 1992, fueled by a 32 percent increase in revenues from the private sector. Higher revenues from the Department of Defense and other government agencies nearly offset a 49 percent decline in revenues from the EPA, which has delayed the award of replacement contracts previously held by the company that expired in early 1992. Operating income from the remediation business improved $7.3 million or 111 percent, as the company was able to leverage a higher volume of business from the infrastructure put in place in the Sun Belt regions over the last several years.
 Record Backlog
 OHM's obligated backlog was a record $163.3 million at Dec. 31, 1992, an increase of $102.3 million and 168 percent above last year. In addition, the company has term contracts with various government agencies which have a combined potential value of $207.2 million over the next five years for a record potential backlog of $370.5 million. Among the contracts awarded to the company during 1992, were the following large multi-year contracts:
 -- a five-year, $58 million contract with the U.S. Army Corps of Engineers for the cleanup of 200,000 tons of contaminated soil and debris at the Baird & McGuire Superfund site in Holbrook, Mass. for which field work commenced in October 1992. This project is expected to contribute significantly to the company's results for the second half of 1993 when it expects to commence incineration operations.
 -- a five-year contract with a total potential value of $50 million for remediation at various sites in Dade County, Fla., awarded in the fourth quarter of 1992 and under which the company commenced two projects in the first quarter of 1993.
 -- a two and one-half year contract for the cleanup of a Department of Energy low-level radioactive and hazardous waste site at the Weldon Spring Superfund site in Missouri. The time and materials contract is estimated to have a total potential value of $17.7 million. Work has already commenced on this project.
 -- In addition, the company began field work at the $110.5 million Bayou Bonfouca Superfund site cleanup in Louisiana which will take an estimated three to five years to complete. OHM's share of the Bayou Bonfouca joint venture is expected to be $35 million.
 OHM Strategy
 Kirk explained, "Several years ago we determined that our core remediation business has the greatest potential for long-term growth and profitability. Over the last three years, we've divested our non-core assets in an effort to reduce or eliminate distractions from our focus on the remediation business. In 1993, we expect to make significant progress toward that goal with the pending sale of our Atlanta, Ga. fixed-based treatment and storage operations and the completion of the NSC/Brand transaction.
 "In addition, we undertook several strategic initiatives to strengthen our remediation business in anticipation of significant opportunities as the industry shifts from hazardous waste studies to cleanups. We have already begun to benefit from large-scale federal government projects and federal facilities cleanup programs from which we expect significant near-term growth.
 "Over the past several years, we have developed a balanced portfolio of clients, both in the private and public sectors, reducing our dependence on any single client or sector of the economy. We have added significantly to our geographic presence in the Sun Belt regions of the country, giving us a truly national presence. As we expanded, we decentralized technical and administrative support to our five regional profit centers in an effort to better understand and serve our clients. Additionally, since 1988, we have invested in technical and project management expertise to position the company to successfully win and execute the larger opportunities we expect to emerge in the marketplace."
 Kirk said, "We are committed to the strategic direction set several years ago to focus on and strengthen our remediation business. We are optimistic as we enter our 24th year. Our multi-year contracts and strong backlog provide us with the opportunity to better manage our resource requirements and produce more consistent revenues and earnings growth over the next several years. 1993 will be a key year as we expect to bid on a number of large government contracts that could create a pipeline of significant projects to be performed by the company over the next five to 10 years."
 OHM Corporation is a leading nationwide environmental services firm providing a broad range of hazardous waste remediation services through its more than 30 locations in the United States.
 OHM CORPORATION
 CONSOLIDATED SUMMARY FINANCIAL RESULTS
 (In Thousands, Except Per Share Data)
 As Reported Pro Forma
 QUARTER ENDED DECEMBER 31: 1992 1991 1992(A) 1991(B)
 (Unaudited) (Unaudited)
 Gross Revenues $71,108 $65,905 $71,608 $65,905
 Net Revenues 51,146 47,222 51,646 47,222
 Operating income (Loss) (7,439) 2,906 1,061 2,904
 Net Income (Loss) From
 Continuing Operations (5,258) 189 (546) 189
 Discontinued Operations:
 Income From Operations 142 -- -- --
 Provision For Loss On
 Disposition (420) -- -- --
 Net Income (Loss) (5,536) 189 (546) 189
 Net Income (Loss) Per Share:
 Continuing Operations ($0.44) $0.02 $(0.05) $0.02
 Discontinued Operations:
 From Operations 0.01 -- -- --
 From Disposition (0.03) -- -- --
 Net Income (loss) Per Share $(0.46) $0.02 $(0.05) $0.02
 Weighted Average Number of
 Common and Common Equivalent
 Shares Outstanding 12,054 12,042 12,054 12,042
 As Reported Pro Forma
 YEAR ENDED DECEMBER 31: 1992 1991 1992(A) 1991(B)
 (unaudited)
 Gross Revenues $283,590 $239,460 $284,090 $239,460
 Net Revenues 209,142 175,492 209,642 175,492
 Operating income 2,398 3,784 10,898 3,784
 Net Income (Loss) From
 Continuing Operations (3,114) (6,863) 1,598 (2,913)
 Discontinued Operations:
 Income From Operations 122 -- -- --
 Provision For Loss On
 Disposition (420) -- -- --
 Net Income (Loss) (3,412) (6,863) 1,598 (2,913)
 Cumulative Effect of
 Accounting Change (857) -- -- --
 Net Income (Loss) $(4,269) $(6,863) $1,598 (2,913)
 Income (Loss) Per Share:
 Continuing Operations ($0.26) $(0.57) $0.13 $(0.24)
 Discontinued Operations:
 From Operations 0.01 -- -- --
 From Disposition (0.03) -- -- --
 Cumulative Effect of Accounting
 Change $(0.07) -- -- --
 Net Income (loss) Per Share $(0.35) $(0.57) $0.13 $(0.24)
 Weighted Average Number of
 Common and Common Equivalent
 Shares Outstanding 12,090 12,042 12,090 12,042
 (A) Pro Forma amounts for the year ended Dec. 31, 1992 exclude special charges of $5.9 million, net of tax taken primarily in connection with the proposed combination of the company's 70 percent owned asbestos abatement operations, NSC Corporation, with the abatement operations of The Brand Companies, Inc. and related to the adoption of Financial Accounting Standards Board Statement No. 109, "Accounting for Income Taxes."
 (B) Pro Forma amounts for the year ended Dec. 31, 1991 exclude a $3.95 million write down of the company's investment in its joint venture Concord Resources Group, Inc.
 -0- 2/16/93
 /CONTACT: Sam Iapalucci, financial, 419-424-4924, Pamela K. M. Beall, financial, 419-425-6002, or Cheryl Rectorschek, media, 419-424-4929, all of OHM Corporation/
 (OHM)


CO: OHM Corporation ST: Ohio IN: SU: ERN

BM -- CL004 -- 6764 02/16/93 09:41 EST
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Date:Feb 16, 1993
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