Printer Friendly

HORSEHEAD RESOURCE DEVELOPMENT REPORTS 1991 RESULTS

 HORSEHEAD RESOURCE DEVELOPMENT REPORTS 1991 RESULTS
 PALMERTON, Pa., Feb. 28 /PRNewswire/ -- Horsehead Resource


Development Company, Inc. (NASDAQ: HHRD) today reported record revenues of $71.1 million for the year ended Dec. 31, 1991. Net income in 1991 was $6.0 million, or $0.16 per share. In 1990, the company's revenues $54.7 million with net income of $19.8 million or $0.58 per share.
 For 1991s fourth quarter, the company reported revenues of $17.6 million with breakeven results, as compared with revenues of $15.3 million and net income of $5.3 million or $0.15 per share in the year earlier quarter.
 "HRD received the same volume of EAF dust in 1991 as in 1990 in spite of the current recession," said James H. Davis, HRD's president and chief executive officer. "Our revenue increases in 1991 resulted from the volume of zinc products sold which more than doubled over 1990s level and higher fees for processing EAF dust. However, these factors were offset by a 26 percent year-to-year decline in the LME price of zinc.
 "During 1991s fourth quarter, HRD's results continued to be adversely affected by both the low price of zinc and the costs of late 1990 capacity additions without a commensurate increase in the volume of EAF receipts. We believe our inventories are conservatively stated in light of current market conditions. Our costs during the period also reflect the greater volume of zinc products sold, and the inclusion of our Memtek subsidiary. In addition our results were impacted by certain one-time adjustments including a retroactive increase in Pennsylvania state income tax rates. As a consequence of theme factors we reported no net earnings for the fourth quarter.
 "We believe our record revenues in 1991 reflect the strength of our core business. On Jan. 1, 1992, we implemented a $27 per ton surcharge on EAF receipts, the effects of which are already being recognized. HRD's expanded capacity gives it substantial operating leverage for improved earnings as the economy improves and results in greater volumes of EAF dust receipts and/or increased zinc prices."
 HRD is a leader in specialized hazardous waste/resource recovery services emphasizing the recovery of zinc, lead and cadmium from electric arc furnace dust, and the recycling of these materials into useful products.
 HORSEHEAD RESOURCE DEVELOPMENT COMPANY, INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited)
 Periods Ended Three Months Twelve Months
 Dec. 31 1991 1990 1991 1990
 Operating revenues:
 Service fees $9,131 $10,295 $36,414 $30,103
 Product sales 8,517 4,969 34,690 24,598
 Total 17,648 15,264 71,104 54,701
 Operating costs 12,306 4,631 48,770 17,010
 Gross profit 5,342 10,633 22,334 37,691
 Selling, general &
 administrative 3,219 1,164 9,056 5,106
 Research and development 471 713 2,198 1,327
 Management fees 177 155 711 545
 Operating income 1,475 8,601 10,369 30,713
 Other income (expense):
 Interest, net (162) -- (590) (938)
 Results of joint venture (1,016) -- (4,335) --
 Technology fee -- -- (4,000) --
 Other, net 98 (208) 442 1,011
 Total (1,080) (208) (483) 73
 Income before income taxes 395 8,393 9,886 30,786
 Provision for income taxes 383 3,136 3,918 11,021
 Net income $ 12 $5,257 $5,968 $19,765
 Earnings per share $0.00 $0.15 $0.16 $0.58
 Average common shares 36,237,500 36,237,500 36,237,500 34,291,952
 -0- 2/28/92
 /CONTACT: Robert L. Hoguet of Horsehead Resource, 212-527-3023/
 (HHRD) CO: Horsehead Resource Development Company, Inc. ST: Pennsylvania IN: SU: ERN


PS -- NY004 -- 3552 02/28/92 06:37 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 28, 1992
Words:616
Previous Article:SNO COUNTRY REPORTS OFFICIAL SKI REPORT FOR FEB. 28, 1992
Next Article:PHH HOMEQUITY: SELLING YOUR HOUSE? FIRST HAVE IT APPRAISED
Topics:


Related Articles
HORSEHEAD RESOURCE DEVELOPMENT NET UP 56 PERCENT IN SECOND QUARTER
HORSEHEAD RESOURCE DEVELOPMENT NAMES WILLIAM M. QUIRK PRESIDENT
HORSEHEAD RESOURCE DEVELOPMENT REPORTS THIRD QUARTER RESULTS
HORSEHEAD RESOURCE DEVELOPMENT CO. DECLARES DIVIDEND AND FOURTH QUARTER 1993 CHARGE TO EARNINGS
HORSEHEAD RESOURCE DEVELOPMENT CO. REPORTS FIRST QUARTER RESULTS
HORSEHEAD RESOURCE DEVELOPMENT CO. REPORTS THIRD QUARTER RESULTS
HRD CORRECTS ENVIROSOURCE STATEMENT
HRD CLAIMS ENVIROSOURCE LAWSUIT A GROUNDLESS ATTACK
HORSEHEAD SETTLES ENFORCEMENT ACTION
HORESEHEAD RESOURCE DEVELOPMENT GOING PRIVATE; ANNOUNCES AMENDED TENDER OFFER AND FINAL EXTENSION

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters