Philip Environmental Reports Fully Diluted Earnings Per Share of $0.26 From Continuing Operations for the Third Quarter of 1996, a 37 Percent Improvement Over the Third Quarter of 1995.HAMILTON Hamilton, city, Bermuda Hamilton, city (1990 est. pop. 3,100), capital of Bermuda, on Bermuda Island. It is a port at the head of Great Sound, a huge lagoon and deepwater harbor protected by coral reefs. , Ontario--(BUSINESS WIRE)--Nov. 6, 1996-- (NYSE NYSE See: New York Stock Exchange PEV PEV Partido Ecologista os Verdes (The Greens, Portuguese ecological party) PEV Prediction Error Variance PEV Positive Effect Variegation , TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME PEN ) Philip Philip, tetrarch of Ituraea Philip, d. A.D. 34, tetrarch of Ituraea, son of Herod the Great. He was perhaps the ablest of the Herod dynasty. He is mentioned in the Gospel of St. Luke. Environmental Inc. ("Philip Environmental") today reported earnings from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $17.0 million for the three months ended September September: see month. 30, 1996, compared to $8.9 million for the same period in 1995. Revenue from continuing operations increased 25.5 percent to $198.9 million from $158.5 million for the same quarter last year. Basic earnings per share from continuing operations for the third quarter of 1996 were $0.32 compared to $0.24 and fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of from continuing operations were $0.26 compared to $0.19 for the third quarter of 1995. Earnings from continuing operations for the nine months ended September 30, 1996 were $26.0 million ($0.58 per share basic and $0.49 fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) compared to $21.4 million ($0.57 per share basic and $0.47 fully diluted) for 1995. Revenue from continuing operations for the nine months ended September 30, 1996 was $522.3 million. Cashflow per share from operations for the nine months ended September 30, 1996 amounts to $1.57 compared to $1.60 for the prior year ($1.16 and $1.09 per share respectively, fully diluted). At September 30, 1996, the average number of shares outstanding had increased by 20.1 percent compared to September 30, 1995, in part due to the fact that US $35.0 million of the Company's convertible subordinated debentures subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before were presented for conversion into 5.6 million common shares of the Company in July July: see month. of 1996. On October October: see month. 15, 1996 the remaining US $84.875 million in convertible subordinated debentures were converted and 13.580 million additional common shares were issued. -0-
PHILIP ENVIRONMENTAL INC.
BALANCE SHEET INFORMATION
(in thousands of Canadian dollars)
September 30 December 31
1996 1995
(unaudited)
----------- ---------------
Working capital $ 192,785 $ 106,604
----------- ---------------
Fixed assets $ 269,506 $ 308,944
----------- ---------------
Total assets $ 993,463 $ 1,002,912
----------- ---------------
Long-term debt,
net of current maturities $ 176,606 $ 250,662
----------- ---------------
Convertible subordinated
debentures $ 115,854 $ 163,629
----------- ---------------
Shareholders' equity $ 462,487 $ 296,357
----------- ---------------
PHILIP ENVIRONMENTAL INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(in thousands of Canadian dollars, except per share amounts)
(unaudited)
Three months ended Nine months ended
September 30 September 30
1996 1995 1996 1995
---------- ---------- ---------- ----------
Revenue
Metals recovery $ 100,844 $ 63,558 $ 264,102 $ 220,796
By-products
recovery 63,407 64,615 173,313 177,613
Environmental
services 34,609 30,350 84,842 78,442
---------- ---------- ---------- ----------
198,860 158,523 522,257 476,851
Operating expenses 150,260 120,437 412,815 372,494
---------- ---------- ---------- ----------
Gross profit 48,600 38,086 109,442 104,357
---------- ---------- ---------- ----------
Expenses
Selling, general
and
administration 20,004 18,046 54,170 51,200
Interest 3,979 5,802 15,159 17,845
Amortization
of goodwill 1,892 1,899 5,640 5,328
Other 658 --- 658 ---
---------- ---------- ---------- ----------
26,533 25,747 75,627 74,373
---------- ---------- ---------- ----------
Earnings from
continuing
operations
before tax 22,067 12,339 33,815 29,984
Income taxes 5,101 3,399 7,808 8,619
Earnings from
continuing
operations 16,966 8,940 26,007 21,365
Discontinued
operations
(net of tax) (8,239) 2,069 (1,005) 2,566
---------- ---------- ---------- ----------
Net earnings $ 8,727 $ 11,009 $ 25,002 $ 23,931
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
PHILIP ENVIRONMENTAL INC.
ADDITIONAL EARNINGS INFORMATION
(in Canadian dollars)
(unaudited)
Three months ended Nine months ended
September 30 September 30
1996 1995 1996 1995
Earnings per share
Basic
Continuing
operations $ 0.32 $ 0.24 $ 0.58 $ 0.57
Discontinued
operations $(0.16) $ 0.05 $(0.02) $ 0.07
------ ------ ------ ------
$ 0.16 $ 0.29 $ 0.56 $ 0.64
------ ------ ------ ------
------ ------ ------ ------
Fully-diluted
Continuing
operations $ 0.26 $ 0.19 $ 0.49 $ 0.47
Discontinued
operations $(0.11) $ 0.03 $(0.01) $ 0.04
------ ------ ------ ------
$ 0.15 $ 0.22 $ 0.48 $ 0.51
------ ------ ------ ------
------ ------ ------ ------
Cash flow per share
from operations
Basic $ 0.58 $ 0.66 $ 1.57 $ 1.60
------ ------ ------ ------
Fully diluted $ 0.47 $ 0.44 $ 1.16 $ 1.09
------ ------ ------ ------
Weighted average
number of common
shares outstanding
(000's) 53,178 37,351 44,814 37,311
------ ------ ------ ------
Exchange rate
US$1.00 1.370 1.355 1.368 1.377
------ ------ ------ ------
Philip Environmental is a fully integrated resource recovery and industrial services company, with operations throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada. The Company is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "PEV" and on the Toronto and Montreal Stock Exchanges Montreal Stock Exchange See Bourse de Montreal, Inc. (Canadian Derivatives Exchange) under the symbol "PEN". The Company's news releases are now available through Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. Corporate News' Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the Home Page: http://www.cdn-news.com CONTACT: Philip Environmental Inc. Allen Al·len , Edgar 1892-1943. American anatomist who is noted for his studies of hormones and for the discovery (1923) of estrogen. Fracassi, 905/ 540-6620 or Philip Environmental Inc. Marvin Boughton, 905/ 540-6622 |
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