Recycling Industries, Inc. announces first quarter results.ENGLEWOOD Englewood (ĕng`gəlw  d).1 City (1990 pop. 29,387), Arapahoe co., N central Colo., on the South Platte River, a residential and industrial suburb of Denver; inc. 1903. , Co.--(BUSINESS WIRE)--Feb. 16, 1996--Recycling Industries, Inc. (NASDAQ--Small Cap Issues: RECY RECY Recovery ) today announced it incurred a net loss of $123,000, or $0.01 per share, for the first quarter of fiscal 1996, ended December 31, 1995. For the same quarter a year earlier, the Company earned $421,000, or $0.14 per share. Weighted average shares outstanding for the first fiscal 1996 quarter totaled 8,409,281 compared to 3,111,259 for the quarter a year earlier. Sales for the first quarter of fiscal 1996 were $3,478,000 compared to $3,402,000 reported for the-year-earlier quarter ended December 31, 1994. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs J. Wiens, Chairman and Chief Executive Officer, stated, "We acquired Anglo Iron & Metal, the largest metals recycler in the South Texas Rio Grande Rio Grande, city, Brazil Rio Grande (rē` grän`dĭ), city (1991 pop. Valley, late in the first quarter. We only
accounted for eleven days of Anglo's results in the quarter,
however, we incurred approximately $225,000 in acquisition-related
expenses which had a significant impact on our results. Revenues were
negatively effected as certain temporary mill closings and
transportation bottlenecks limited our ability to ship processed metals
to our customers. To illustrate, our Nevada operation had $705,000 of
processed materials in inventory at December 31, 1995 compared to
$161,000 a year earlier. In addition, gross margins fell from
year-earlier levels due to a decline in certain metals prices during the
quarter. We have seen indications in the current quarter of a recovery
in sales and margins. Sales in January were a record $2.4 million."We are pleased with the results of the Anglo acquisition. We have processed record tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. of metals and the shipping delays experienced in the first quarter have been eliminated. We are confident that Nevada Recycling recycling, the process of recovering and reusing waste products—from household use, manufacturing, agriculture, and business—and thereby reducing their burden on the environment. will continue and that Anglo will begin to make a positive and material contribution to our near-term financial performance." The Company reported an improvement in its financial position at December 31, 1995. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. for the quarter ended December 31, 1995 was $7.3 million compared to stockholders' equity of $2.2 million a year earlier. During the second quarter, the Company completed a private placement of $3.75 million in new equity, bringing stockholders' equity to approximately $11.0 million. Mr. Wiens further stated, "We are pleased and delighted with the progress Recycling Industries continues to make. The Anglo acquisition is anticipated to more than double our existing revenue base and we continue to actively pursue other acquisition opportunities with privately-owned metals recycling companies. We see our growth strategy taking shape according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. our expectations and are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our expansion plans and the Company's prospects." Recycling Industries, Inc. is a fully integrated metals recycling firm. It also processes, to a lesser extent, paper and plastics. The Company, which is headquartered in Englewood, Colorado Englewood is a city in Arapahoe County, Colorado, USA. As of 2005, the city is estimated to have a total population of 32,350.[5] It is part of the Denver-Aurora Metropolitan Area. , owns and operates metals processing facilities in Nevada and Texas and is a minority owner of a facility in Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. . -0-
Recycling Industries, Inc. and Subsidiaries
Financial Highlights
Three Months Ended
December 31,
1995 1994
Revenues $ 3,479,000 $ 3,417,000 Costs & expenses 4,324,000 3,057,000 Income (loss) before extraordinary gain (845,000) 360,000 Extraordinary gain from settlement of debts - 61,000 Net income (loss) before income taxes (845,000) 421,000 Income tax (benefit) (722,000) - Net income (loss) (123,000) 421,000 Net income (loss) per common share Before extraordinary item $ (0.01) $ 0.12 Extraordinary item $ - $ 0.02 Net income (loss) per common share $ (0.01) $ 0.14 Weighted average common 8,409,281 3,111,259 shares outstanding -0- CONTACT: Thomas J. Wiens, C.E.O., Recycling Industries, Inc., tel: (303) 790-7372 or Hal Levine/Marty Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , The Levine Group, tel: (212) 682-8875 |
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