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Environmental Systems Co.

ENVIRONMENTAL SYSTEMS CO.

Has $3.3 Million In Second-Quarter Income

LITTLE ROCK -- Environmental Systems Co. reported second-quarter net income for common shares of $3,322,000, 21 cents a share, for the period that ended April 30 on revenues of $37,979,000.

Net income for common shares for the six months that ended April 30 (before the cumulative effect of a change in the company's method of revenue recognition, which occurred in the quarter ended January 31) was $6,892,000, 43 cents a share, on revenues of $80,612,000.

The one-time charge during the first quarter for the cumulative effect of the accounting change was $9,420,000, 59 cents a share.

Those numbers compare with net income results for the second quarter of fiscal 1990 of $2,499,000, 16 cents a share, on revenues of $35,628,000.

Previously reported results for the six months that ended April 30, 1990, were net income for common shares of $4,929,000, 31 cents a share, on revenues of $69,210,000.

Financial results on a pro-forma basis (as if the new revenue recognition method had been in effect last year) would have been:

* For the quarter ended April 30, net income for common shares of $3,110,000, 19 cents a share, on revenues of $36,625,000.

* For the six months ended April 30, net income for common shares of $5,450,000, 34 cents a share, on revenues of $69,587,000.

In a statement prior to his resignation from the company, Jack W. Forrest, president and chief executive officer, said, "We are pleased with the continued good operating performance. The recently announced settlement of our contract with the state of Arizona will eliminate uncertainty about potential future impacts of the Arizona project. The project has been a major distraction to the company and investors in the company's securities and has been a cash drain during the past several years. While we regret that the settlement does not include the future earnings opportunity we originally envisioned, we believe that under the circumstances, it is in the best interest of the company and our shareholders."

Ensco provides integrated hazardous and solid waste management services to industry, public utilities and government entities.

The company's services include chemical analysis, collection, transportation, processing and incineration of hazardous and solid waste.

Contact: John Corcia, Environmental Systems Co., 333 Executive Court, Little Rock, 72205, 223-4100.
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Title Annotation:Public company coporate reports
Publication:Arkansas Business
Article Type:company profile
Date:Aug 12, 1991
Words:405
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