Printer Friendly

AIR-CURE ENVIRONMENTAL REPORTS FIRST QUARTER PROFIT

 ANNAPOLIS, Md., July 28 /PRNewswire/ -- Air-Cure Environmental, Inc. (NASDAQ: AIRE) today reported financial results for the first quarter of the company's fiscal year.
 Revenues for the three months ended June 30, 1993 were $8,068,000 versus $1,557,000 for the three months ended June 30, 1992. The company recorded an operating profit of $178,000 versus an operating loss of $231,000 in the comparable period in the prior year. Earnings before taxes were $128,000 as compared to a $211,000 loss a year earlier. Air- Cure Environmental, Inc.'s net earnings after taxes were $77,000 for the quarter versus a net loss of $126,000 in the first quarter of the prior fiscal year.
 Michael Lawlor, Air-Cure Environmental, Inc.'s president and chief executive officer noted that, "The $.01 per share profit for the first quarter is a significant improvement from the $.04 per share loss reported by the company in the first quarter last year." Mr. Lawlor went on to state that, "The reported earnings for the period are consistent with management's and the investment community's expectations. We continue to project a strong year, especially in the second half."
 Air-Cure environmental, Inc. designs, manufactures and markets proprietary air pollution control systems and components. These systems limit the emission of particulate and gaseous pollutants into the environment.
 AIR-CURE ENVIRONMENTAL, INC. AND SUBSIDIARIES
 Consolidated Statements Of Operations
 (In 000's)
 Quarter Ended June 30 1993 1992
 Revenues $8,068 $1,557
 Cost of revenues 6,216 1,331
 Gross profit 1,852 226
 SG&A expenses 1,674 457
 Operating profit (loss) 178 (231)
 Other income (expense):
 Interest income 12 21
 Interest expense (63) 0
 Miscellaneous 1 (1)
 Total (50) 20
 Earnings (loss) before
 income taxes 128 (211)
 Income taxes (benefit) 51 (85)
 Net earnings (loss) 77 (126)
 Net earnings (loss) per
 common share:
 Primary 0.01 (0.04)
 Fully diluted 0.01 (0.04)
 Weighted average number
 of common shares and
 common equivalent shares
 outstanding:
 Primary 5,969,532 2,869,542
 Fully diluted 5,976,177 2,984,980
 -0- 7/28/93
 /CONTACT: Lawrance McAfee, chief financial officer of Air-Cure Environmental, Inc., 410-268-2450/
 (AIRE)


CO: Air-Cure Environmental, Inc. ST: Maryland IN: ENV SU: ERN

MP-MG -- NY092 -- 6861 07/28/93 15:38 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 28, 1993
Words:379
Previous Article:BROOKTROUT TECHNOLOGY ANNOUNCES RECORD SECOND QUARTER REVENUES INCREASE 51 PERCENT, INCOME UP 49 PERCENT
Next Article:U.S. TRANSPORTATION SYSTEMS REPORTS
Topics:

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