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CHAMBERS ANNOUNCES IMPROVED RESULTS

 PITTSBURGH, Nov. 17 ~PRNewswire~ -- Chambers Development Compan y, Inc. (AMEX: CDVA, CDVB) today announced results for the third quarter and first nine months of 1992 that showed improvement compared to the same periods in 1991.
 Revenues from the waste services business for the third quarter of 1992 were $78.2 million, up 18 percent compared with $66.5 million during the third quarter of 1991. Operating earnings from continuing operations for the third quarter increased to $7.4 million compared with a loss of $4.5 million for the same period in 1991. Net income increased to $.5 million for the third quarter of 1992, improving from a net loss of $9.3 million in the same period of last year. Earnings per common share for the quarter increased to $.01 compared with a per share loss of $.15 for the third quarter of 1991.
 Revenues for the first nine months of 1992 increased 22 percent over the first nine months of 1991. Operating earnings from the waste services business (excluding an unusual charge of $16.5 million) for the first nine months of 1992 improved to $9.7 million compared with a loss of $16.2 million in the same period of 1991. The net loss for the first nine months of 1992 totaled $25.2 million on revenues of $221.7 million, compared with a net loss of $36.3 millin on revenues of $182.0 million in the same 1991 period. For the first nine months of 1992 the net loss per common share was $.38 vs. a net loss of $.63 for the comparable 1991 period. The net loss for the first nine months of 1992 includes an unusual charge of $16.5 million ($.25 per common share) principally for professional fees related to shareholder litigation and costs associated with restructuring actions and overhead reductions. The net loss for the first nine months of 1991 includes a $3.3 million loss, or $.06 per common share, from the discontinued security business.
 Commenting on the third quarter and nine month results, John G. Rangos Sr., Chambers' president and CEO, said Chambers is making progress. "Our business continues to grow. Nine months revenue is up 22 percent compared with the same period in 1991. Because of our quality assets and service, customers continue to look to Chambers to satisfy their waste disposal needs.
 "The beneifts of the program of reducing overhead and operating expences are beginning to be shown in our current financial performance. Further cost reductions, especially in the area of operating expenses, are also planned."
 New Financial Management
 Chambers also recently strengthened its financial management.
 "We have put an outstanding financial team in place," Rangos said. "In the last month, an experienced team of financial executives has joined Chambers, including a new chief financial officer, a vice president of finance and a vice president and controller."
 Controlling Costs
 Since March of 1992, Chambers has reduced its waste services work force nationwide. Reductions have been made on both the administrative and operational sides of the business as part of the Company's ongoing cost-reduction programs. Reductions in other corporate and regional overhead expenses have also been made this year.
 "The restructuring actions we are taking will make Chambers more efficient, but will not impact the Company's ability to provide quality service to its customers," Rangos said. "Cost cutting, especially that involving employees, is a painful but necessary process. However, competitive and economic factors have accelerated the need for companies both within and outside the waste industry to become leaner and more efficient."
 Negotiations with Lenders
 Because of delays in the issuance of financial statements and the restatement of prior years' results, Chambers is not in compliance with certain covenants in its principal loan agreements.
 Company lenders have been informed of these events and negotiations are continuing concerning the revision of the loan terms and covenants so that the company will be in compliance going forward. Chambers believes that it will be able to negotiate appropriate modifications to its agreements.
 Chambers Development Company, Inc., headquartered in Pittsburgh, is a leading environmental services firm involved in landfill and transfer station development, recycling and the collection, transportation and disposal of residential, commercial, non-hazardous industrial and medical wastes.
 CHAMBERS DEVELOPMENT COMPANY, INC., AND SUBSIDIARIES
 Summary of Operations
 (Unaudited)
 (In millions, except share amounts)
 Period Ended Three Months Nine Months
 Sept. 30 1992 1991 1992 1991
 Revenues $78.2 $66.5 $221.7 $182.0
 Costs and expenses
 Operating 52.9 50.8 154.3 143.1
 General & administrative 7.8 10.4 28.5 29.6
 Depreciation & amortization 10.1 9.8 29.2 25.5
 Unusual items (A) -- -- 16.5 --
 Income (loss) from operations 7.4 (4.5) (6.8) (16.2)
 Other income (expense)
 Other income 1.2 4.1 5.7 9.6
 Interest expense (7.8) (8.0) (23.1) (23.7)
 Income (loss) from continuing
 operations before income taxes .8 (8.4) (24.2) (30.3)
 Provision for income taxes .3 .9 1.0 2.7
 Income (loss) from continuing
 operations .5 (9.3) (25.2) (33.0)
 Loss from discontinued opers. -- -- -- (3.3)
 Net income (loss) .5 (9.3) (25.2) (36.3)
 Income (loss) per common share
 Continuing operations $.01 $(.15) $(.38) $(.57)
 Discontinued operations -- -- -- $(.06)
 Net income (loss) $.01 $(.15) $(.38) $(.63)
 Weighted common shares outstanding
 (in thousands) 66,788 62,503 66,788 57,575
 (A) Consists principally of professional fees related to shareholder litigation and costs associated with restructuring actions and overhead reductions.
 -0- 11~17~92
 ~CONTACT: media, Jim Leonard, 412-244-7560, or financial, Lew Nevins, 412-244-6195, both of Chambers Development~
 (CDV)


CO: Chambers Development Company, Inc. ST: Pennsylvania IN: SU: ERN

DM-DS -- PG005 -- 1757 11~17~92 10:40 EST
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Date:Nov 17, 1992
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