METALCLAD CORP. ANNOUNCES RESULTS
METALCLAD CORP. ANNOUNCES RESULTS ANAHEIM, Calif., Aug. 24 /PRNewswire/ -- Metalclad Corp.
(NASDAQ: MTLC) announced today that it experienced a net loss from its consolidated activities of ($26,000) during the second quarter of 1992, compared to a net loss of ($401,000) during the comparable period in 1991, a decrease of 93.5 percent. The net loss for the six months ended June 30, 1992, was ($68,000) compared to a net loss of ($440,000) in the comparable period in 1991, a decrease of 84.5 percent. The net loss for the year ended Dec. 31, 1991, was ($976,000).
Revenues for the second quarter of 1992 decreased 38.8 percent to $3,550,000, compared to revenues of $5,801,000 during the same period in 1991. Revenues for the six months ended June 30, 1992, decreased 32.5 percent to $8,189,000, compared to $12,129,000 for the same period in 1991. Expenses decreased 38.9 percent to $3,577,000 during the second quarter of 1992, compared with $5,858,000 during the same period in 1991. Expenses for the six months ended June 30, 1992, decreased 31.8 percent to $8,256,000, compared with $12,105,000 for the same period in 1991. The company is also engaged in the development of toxic and hazardous waste treatment facilities in Mexico through its ownership interests in three Mexican corporations. The company also announced that plans to open a waste treatment facility in San Luis Potosi, Mexico, are progressing on schedule. The company anticipates commencing construction of this facility in the last quarter of 1992. The San Luis Potosi facility will be the first of multiple facilities the company intends to construct in Mexico. The company announced that the closing of unprofitable commercial insulation contracting operations in 1991 has enabled the company's insulation contracting activities to operate profitably on a scaled- down basis at a time when revenues have been substantially reduced because of the recession and increased competition for available work. The consolidated loss, which was well within the expectations of management, results from the company's general and administrative expenses relating to the development of the waste treatment facilities in Mexico. METALCLAD CORP. Summary Financial Information (Unaudited) Six Months Ended Three Months Ended June 30, June 30, 1992 1991 1992 1991 Revenues $8,188,596 $12,128,948 $3,550,172 $5,801,145 Costs and expenses 8,256,328 12,105,169 3,576,560 5,857,982 Income (loss) from continuing operations before taxes and extraordinary items (67,732) 23,779 (26,388) (56,837) Income taxes --- 9,500 --- --- Net income (loss) from continuing operations before extraordinary items (67,732) 14,279 (26,388) (56,837) Discontinued operations: Income (loss) from operations of discontinued commercial operations (less applicable income tax benefit of $9,500 in 1991) --- (454,623) --- (344,150) Net income (loss) ($67,732) ($440,344) ($26,388) ($400,987) Net income (loss) per share from continuing operations ($.01) $.01 ($.01) ($.01) Net income (loss) -- fully diluted ($.01) ($.08) ($.01) ($.08) -0- 8/24/92 /CONTACT: Grant S. Kesler, CEO of Metalclad, 714-634-9050; or Bruce H. Haglund, 714-752-6100, for Metalclad/ (MTLC) CO: Metalclad Corp. ST: California IN: SU: ERN
JB-JL -- LA020 -- 2794 08/24/92 18:54 EDT
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|Date:||Aug 24, 1992|
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