HESI ANNOUNCES THIRD QUARTER RESULTS
HESI ANNOUNCES THIRD QUARTER RESULTS SOUTHPORT, Conn., Feb. 11 /PRNewswire/ -- Hunter Environmental
Services, Inc. (NASDAQ-NMS: HESI) announced today the results of its third quarter and nine month period ended Dec. 31, 1991. Results of operations for the nine month period aggregated a net loss of $2,183,000 comprised of $971,000 from Hunter Industrial Facilities, Inc. (HIFI), a majority owned subsidiary of HESI and $1,212,000 from HESI. Results of the third quarter ended December 31, 1991 were a net loss of $631,000 comprised of $337,000 from HIFI and $294,000 from HESI.
1990 Results of the nine month period ended Dec. 31, 1990 aggregated a net loss of $1,009,000 comprised of $703,000 from HIFI and $306,000 from HESI. Results of the third quarter ended Dec. 31, 1990 were a net loss of $486,000 comprised of $273,000 from HIFI and $213,000 from HESI. HESI Interest, general and administrative expenses were partially offset by dividend income on securities received from the disposition of discontinued operations during 1990. During 1991, HESI has sold a substantial amount of these securities reducing its dividend income from $1,679,000 to $616,000 for the nine months and from $499,000 to $122,000 for the three months. This reduction is the cause for the increased loss at HESI. HIFI Increased expenses at HIFI have been due to the level of activities associated with the permitting process. Salt Dome Project Permit Status HESI's operations focus on the development of a facility which will utilize underground salt dome caverns for (1) the disposal of hazardous waste (2) the storage of natural gas and/or other petrochemical products and (3) the development of an adjacent industrial park, all contingent on the receipt of necessary permits by HIFI. The evidentiary portion of the hearings at the Texas Water Commission (TWC) relating to HIFI's permit for hazardous waste disposal in underground salt dome caverns in the North Dayton Salt Dome has been delayed by the TWC. The delay has been caused primarily to allow the TWC time to implement requirements set forth in hazardous waste legislation enacted in Texas in June 1991. Management expects the TWC to complete that process shortly. It can then better assess the timing for the resumption of the evidentiary portion of the TWC hearings on its draft hazardous waste disposal permits. HIFI continues to believe it will receive its final hazardous waste disposal permits by the end of calendar year 1992. Hunter Environmental Services, Inc. is an environmental service company devoted to developing and providing environmentally safe solutions to the fundamental problems surrounding the disposal of hazardous waste. HUNTER ENVIRONMENTAL SERVICES, INC. Summary of Financial Information for the Third Quarter Periods ended Nine Months Three Months Dec. 31 1991 1990 1991 1990 Dividend income $616,000 $1,679,000 $122,000 $499,000 General and Administrative Expenses: Hunter (1,199,000) (1,068,000) (356,000) (403,000) HIFI (971,000) (703,000) (337,000) (273,000) Interest expense (489,000) (917,000) (60,000) (309,000) Non-operating charges(A) (140,000) -- -- -- (Loss) before income taxes (2,183,000) (1,009,000) (631,000) (486,000) (Provision) for income taxes -- -- -- -- Net (loss) (2,183,000) (1,009,000) (631,000) (486,000) Net (loss) per share $(.14) $(.07) $(.04) $(.03) Weighted average number of common and common share equivalents outstanding 15,961,000 13,563,000 17,155,000 13,921,000 (A) Non-operating charges relate to the loss on the sale of securities. -0- 2/11/92 /CONTACT: John Murphy of Hill and Knowlton, 713-961-3334/ (HESI) CO: Hunter Environmental Services, Inc. ST: Connecticut IN: SU: ERN SM -- NY079 -- 8999 02/11/92 17:45 EST
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|Date:||Feb 11, 1992|
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