ENVIROPACT ANNOUNCES FIRST QUARTER RESULTS
ENVIROPACT ANNOUNCES FIRST QUARTER RESULTS MIAMI, Nov. 18 /PRNewswire/ -- Enviropact, Inc. (AMEX: ENV) today
announced its first quarter fiscal year 1992 results.
Revenues for the fist quarter ended Sept. 30, 1991 were $3,311,000, a 5 percent reduction over the same period a year ago. The company reported a net loss of $46,000 or one cent per share, for the quarter compared to a loss from continuing operations of $119,000, or 4 cents per share, a year ago. The 1991 and 1990 results are based on 3,087,362 average shares outstanding. The company's net loss for the quarter was reduced by $128,000 or 4 cents per share due to an adjustment of deferred income taxes. Although revenues for the quarter were disappointing, cost reduction measures have contained the company's salary and general and administrative costs. The company will continue to pursue higher levels of revenues while maintaining or reducing the current expense levels. The company said its previously announced $1 million financing from EPI, L.P., which is subject to execution of a definitive agreement and shareholder approval, is expected to close on or about Dec. 19, 1991. Enviropact offers a variety of environmental services, including real estate audits, contamination assessments and plans, asbestos management, groundwater and soil remediation, and analytical laboratory services. The company has offices in Miami, West Palm Beach, Jacksonville, Tampa Bay, Orlando and Titusville, Fla.; Yonkers, N.Y.; San Antonio, Texas, and Greenville, S.C. ENVIROPACT, INC. Operating Results Quarter ended Sept. 30: 1991 1990 Revenue $3,311,000 $3,471,000 Net loss 46,000 119,000 Loss per share $0.01 $0.04 -0- 11/18/91 /CONTACT: Edward C. King, Jr. of Enviropact, 305-362-8522, or John De Nigris of John De Nigris Associates, 516-671-7300, for Enviropact/ (ENV) CO: Enviropact Inc. ST: Florida IN: SU: ERN FC-TS -- NY060 -- 1440 11/18/91 12:23 EST
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|Date:||Nov 18, 1991|
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