Printer Friendly

THE GNI GROUP REPORTS RECORD REVENUES AND NET INCOME FOR QUARTER AND YEAR

 THE GNI GROUP REPORTS RECORD REVENUES
 AND NET INCOME FOR QUARTER AND YEAR
 HOUSTON, Aug. 12 /PRNewswire/ -- The GNI Group, Inc. (NASDAQ: GNUC) reported that historically high financial results were achieved in the quarter and the year ended June 30, 1992. The record highs include net income of $525,236 or $.10 per share, on revenues of $6,881,125 in the fourth quarter of 1992 compared to net income of $40,182 or $.01 per share, on revenues of $4,792,203 in the same quarter of 1991.
 Weighted average shares totaling 5,219,280 in the most recent quarter were higher than the 4,540,131 shares in the comparable period the previous year, primarily as the result of a private placement of 600,000 common shares in March 1992.
 Record results for the year ended June 30, 1992 include net income of $949,641 or $.20 per share, on revenues of $21,467,014 compared to net income of $264,738 or $.06 per share, on revenues of $19,370,297 for the twelve months of 1991. Net income per share in 1992 was calculated on weighted average shares of 4,721,458 versus 4,544,392 in 1991.
 GNI's revenues increased on a consecutive quarter-to-quarter basis in fiscal 1992 despite soft business conditions during much of the year. An improved pricing structure for services and a target marketing program combined to produce better margins on higher disposal volumes from a broader base of customers. At the same time operating income benefited from a strict cost cutting and control program and from capital improvements which resulted in increased productivity.
 Carl V. Rush, Jr., President and Chief Executive Officer, said, "We are proud of the consistent progress made in 1992, but we are far from optimizing the full potential of GNI's existing facility and permits. For example, the addition of a smaller distillation column in the fourth quarter of fiscal 1992 is already paying benefits by enhancing GNI's processing capabilities and flexibility. Our capital investment plans for 1993 include a number of similar projects which will continue to leverage GNI's site and permits at relatively low cost."
 The GNI Group, Inc., headquartered in Deer Park, Texas, is an integrated environmental services and custom chemical processing and reclamation company.
 THE GNI GROUP INCORPORATED
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended
 June 30,
 1992 1991
 Net revenues $6,881,125 $4,792,203
 Operating income 1,115,680 392,753
 Income before tax 933,616 99,500
 Net income 525,236 40,182
 Net income per share $ .10 $ .01
 Weighted average shares 5,219,280 4,540,131
 Twelve Months Ended
 June 30,
 1992 1991
 Net revenues $21,467,014 $19,370,297
 Operating income 2,541,677 1,648,776
 Income before tax 1,640,959 531,338
 Net income 949,641 264,738
 Net income per share $ .20 $ .06
 Weighted average shares 4,721,458 4,544,392
 -0- 8/12/92
 /CONTACT: Titus H. Harris, III, executive vice-president and
 chief financial officer of The GNI Group, 713-930-0350; or Pat Hoyt
 of Hoyt & Associates, 713-665-2549/
 (GNUC)
 CO: GNI Group, Inc.
 ST: Texas
 IN:
 SU: ERN


DC -- NY019 -- 9299 08/12/92 09:58 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 12, 1992
Words:537
Previous Article:CHRYSLER CORPORATION STATEMENT ON NAFTA AGREEMENT
Next Article:GROW GROUP ANNOUNCES $20 MILLION REDEMPTION OF 12.5 PERCENT NOTES; DECREASE INTEREST EXPENSE OF $2,500,000 ANNUALLY
Topics:


Related Articles
THE GNI GROUP REPORTS BEST EVER SECOND QUARTER RESULTS
THE GNI GROUP REPORTS SHARPLY HIGHERTHREE AND SIX MONTH FINANCIAL RESULTS
THE GNI GROUP'S PROFITABILITY CONTINUES ON UPWARD TREND IN THE THIRD QUARTER
THE GNI GROUP REPORTS 147 PERCENT INCREASE IN NET INCOME ON A 14 PERCENT INCREASE IN REVENUES FOR FISCAL 1993
THE GNI GROUP REPORTS FIRST QUARTER FINANCIAL RESULTS
AMERICAN WASTE SERVICES, INC. ANNOUNCES FOURTH QUARTER RESULTS
The GNI Group Reports Third Quarter Results.
The GNI Group Announces Fourth Quarter and Year End Financial Results.
The GNI Group Announces First Quarter Results.
The GNI Group Reports Third Quarter Results.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters