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CHAMBERS ANNOUNCES RESULTS FOR 1992 AND THE FIRST QUARTER OF 1993

 PITTSBURGH, July 13 /PRNewswire/ -- Chambers Development Company, Inc. (AMEX: CDVA, CDVB), which on July 9 announced agreements with its lender groups, today announced:
 -- 1992 revenues increased 18 percent over 1991, while operating results (before unusual items) improved by $37.0 million, going from an operating loss of $25.7 million in 1991 to an operating profit of $11.3 million in 1992.
 -- In the fourth quarter of 1992, operating results (before unusual items) improved by $11.2 million, going from an operating loss of $9.5 million in 1991 to an operating profit of $1.7 million in 1992.
 -- In the first quarter of 1993, the operating profit was $4.3 million, compared to a break-even position (excluding unusual items) in the comparable period of 1992. Net income in the first quarter of 1993 was $1.8 million, compared to a net loss of $22.6 million in the same quarter of 1992.
 John G. Rangos Sr., Chambers' president and CEO, commented, "During this past year of intense restructuring, we have transformed Chambers from a company focused on expansion, to one zeroing in on greater efficiency and profitability. We have made significant progress and we expect that progress to continue as we build on our quality assets and excellent environmental record with a strong management team. We are continuing to streamline our operations by selling non-strategic assets and reducing costs."
 Commenting on the financial results for 1992, Rangos said, "The improvement in our operations reflects the results of our ongoing restructuring program. In addition, we embarked on a more aggressive marketing program in 1992, which included an emphasis on special waste disposal and the long-distance rail transportation of waste. We started and are continuing to pursue a divestiture program with the intent of making the company not only leaner, but stronger. Additional positive financial signs include an 18 percent increase in revenues and a $64 million improvement in net cash flow from continuing operating activities when compared to 1991."
 William Rodgers Jr., chief financial officer, said, "I'm pleased that we had net income in the first quarter of 1993. This is a significant improvement for the company. Although a gain on asset sales bolstered the bottom line, it's important to note that our quarterly operating results improved by $4.3 million compared to a year ago."
 Peter V. Morse, Chambers' vice president of operations, said that the priority for operations is to more fully utilize the substantial inventory of disposal capacity by increasing the volume of waste into the company's landfills with specific emphasis on special wastes.
 "We are making good progress in this area. In April, landfill volumes were more than 320,000 tons, a record for the company," Morse said. "Monthly volumes in May and June continued to increase. Landfill volumes for the second quarter of 1993 are up more than 20 percent compared to the second quarter of 1992 and up more than 30 percent vs. the first quarter of 1993."
 Even with these record volume levels, Morse said Chambers' 16 operating landfills have permitted capacity to significantly increase their daily intake. This makes Chambers well-positioned as stricter federal and state environmental regulations are gradually put into effect.
 Details on 1992 Financial Results
 Revenues from waste services for 1992 were $294.3 million, compared with $249.4 million in 1991. On an operating basis (excluding unusual items), profit for 1992 was $11.3 million, compared with a loss of $25.7 million, in 1991. Including $55.1 million of unusual items, the net loss was $70.7 million, or $1.06 per share for 1992. The 1991 net loss of $72.2 million, or $1.21 per share, included $16.9 million of unusual items.
 Excluding the unusual items and the effect of discontinued operations, the net loss per common share for 1992 and 1991 would have been $.23 and $.79 respectively.
 The $55.1 million ($.83 per share) of unusual items in 1992 is principally for costs related to the federal and state class-action litigation, including Directors' and Officers' insurance premiums, restructuring credit facilities and surety arrangements, reorganizing corporate and regional activities, disposition of certain businesses and abandonment of certain development activities as a result of the corporate restructuring. Unusual items of $16.9 million in 1991 consisted of charges for asset impairments and losses related to planned asset divestitures and contractual commitments.
 Results for 1991 also included a $7.7 million operating loss from the company's security services business, which was sold in 1992 for more than $27 million.
 In the fourth quarter of 1992, revenues totaled $72.6 million, up 8 percent over the fourth quarter of 1991. Chambers generated an operating profit (excluding unusual items) in the fourth quarter of $1.7 million, compared to a $9.5 million operating loss in the same period of 1991. The net loss for the 1992 fourth quarter was $44.1 million, including $38.6 million in unusual items and a net gain of $.9 million for the discontinued security services business. In the fourth quarter of 1991, the net loss of $35.9 million included $16.9 million in unusual charges and a loss of $4.4 million for the discontinued security services business.
 Details on First Quarter 1993 Financial Results
 The operating profit in the first quarter of 1993 was $4.3 million, compared to breaking even (excluding unusual items) a year earlier. Revenues were $67.7 million compared to $67.9 million in the first quarter of 1992.
 Net income for the first quarter of 1993 was $1.8 million, or $.03 per share, compared to a net loss of $22.6 million, or $.34 a share, in the first quarter of 1992. First quarter 1993 results included a $4.9 million gain on asset sales. The first quarter of 1992 included unusual charges of $16.5 million and a loss of $1.2 million for the discontinued security services business.
 Outlook
 Rangos said, "We know we've still got a lot of work to do, but we are optimistic about the rest of 1993 and beyond. The fact that we have achieved solid improvements in our operations, even in a difficult industry climate, indicates that we are on the right track."
 He added that the expected easing of pricing pressures over the next several years with the implementation of stricter government regulations regarding the design, construction and operation of landfills, should help companies like Chambers with quality landfill sites, as would any significant improvement in the general economy.
 "We have been convinced, and the market results are beginning to bear us out, that corporate America is looking for environmentally and financially safe havens for its special waste streams. We believe this process will intensify as stricter federal and state environmental regulations are enforced. We have positioned Chambers to provide the type of disposal services these companies need," Rangos said.
 Chambers Development Company, Inc., headquartered in Pittsburgh, is a leading environmental services firm involved in landfill, transfer station and recycling operations, as well as the collection, transportation and disposal of residential, commercial, non-hazardous industrial and medical wastes.
 CHAMBERS DEVELOPMENT COMPANY, INC.
 Consolidated Statements of Operations
 (Unaudited)
 (In Thousands, Except Per Share Amounts)
 Three Months Ended March 31
 1993 1992
 Revenues $67,687 $67,905
 Costs and Expenses
 Operating 47,667 49,072
 General and administrative 6,270 10,252
 Depreciation and amortization 9,499 8,608
 Unusual items -- 16,500
 Income (Loss) from Operations 4,251 (16,527)
 Other Income (Expense)
 Gain on disposition of assets held
 for sale 4,860 --
 Other income, primarily interest 985 2,554
 Interest expense (8,058) (7,043)
 Income (Loss) from Continuing Operations
 Before Income Taxes 2,038 (21,016)
 Provision for Income Taxes 250 339
 Income (Loss) from Continuing Operations 1,788 (21,355)
 (Loss) from Discontinued Operations -- (1,204)
 Net Income (Loss) 1,788 (22,559)
 Income (Loss) Per Common Share
 Continuing operations $.03 $(.32)
 Discontinued operations -- $(.02)
 Net income (Loss) $.03 $(.34)
 Weighted Average Shares Outstanding 66,788 66,788
 Three Months 12 Months
 Ended Dec. 31 Ended Dec. 31
 1992 1991 1992 1991
 Revenues $72,557 $67,404 $294,310 $249,384
 Costs and Expenses
 Operating 52,592 53,462 206,761 196,565
 General and
 administrative 8,230 13,381 37,853 42,908
 Depreciation and
 amortization 10,032 10,087 38,363 35,611
 Unusual items 38,644 16,938 55,144 16,938
 Loss from Operations (36,941) (26,464) (43,811) (42,638)
 Other Income (Expense)
 Other income, primarily
 interest 760 2,628 6,509 12,270
 Interest expense (8,562) (6,796) (31,628) (30,514)
 Loss from Continuing
 Operations Before
 Income Taxes (44,743) (30,632) (68,930) (60,882)
 Provision for Income
 Taxes 292 862 1,325 3,600
 Loss from Continuing
 Operations (45,035) (31,494) (70,255) (64,482)
 Income (Loss) from
 Discontinued Operations 939 (4,360) (468) (7,722)
 Net Loss (44,096) (35,854) (70,723) (72,204)
 Income (Loss) Per
 Common Share
 Continuing operations $(.67) $(.47) $(1.05) $(1.08)
 Discontinued operations $.01 $(.07) $(.01) $(.13)
 Net Income (Loss) $(.66) $(.54) $(1.06) $(1.21)
 Weighted Average Shares
 Outstanding 66,788 66,779 66,788 59,895
 -0- 7/13/93
 /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: ENV SU: ERN

DM-KC -- PG002 -- 1017 07/13/93 16:08 EDT
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Date:Jul 13, 1993
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