NATEC RESOURCES ANNOUNCES YEAR-END RESULTS
NATEC RESOURCES ANNOUNCES YEAR-END RESULTS HOUSTON, March 19 /PRNewswire/ -- NaTec Resources, Inc.
(NASDAQ: NATC) today reported operating results for the fourth quarter and for the year ended Dec. 31, 1991.
For the three months ended Dec. 31, 1991, NaTec had a net loss of $1.8 million on revenues of $405,000 compared with a net loss of $1.1 million on revenues of $873,000 for the corresponding period of the prior year. Results for the three months ended Dec. 31, 1990, included a gain on sale of assets of a subsidiary of $500,000. For the year ended Dec. 31, 1991, the net loss was $7 million on revenues of $2.1 million compared with a net loss of $4.8 million on revenues of $2.9 million. The increase in the net loss in the current year, as compared to fiscal year 1990, is primarily attributable to preferred stock dividends, the excess of start-up production costs over inventoried costs, and an increase in interest expense. The nahcolite facility was under construction in 1990 and completed in the first quarter of 1991. Socrates Christopher, chairman and CEO of NaTec, said, "The company continued to adjust to the delayed development of the clean air market in 1991. The successful start-up of our nahcolite production facility has positioned us to take advantage of the market as it develops. Additionally, we are greatly encouraged by the current level of interest and activity, from both the domestic industrial sector and from Europe, in our dry sorbent injection technology." NaTec Resources is committed to the control of pollutants commonly associated with acid rain. The company provides consulting engineering, injection system installation, operations and maintenance services, and processed sorbent supply. Primary markets are utility, industrial power generation, pulp and paper, refining and municipal solid waste. NATEC RESOURCES, INC. AND SUBSIDIARIES Consolidated Statement of Operations Periods ended Three Months Year Dec. 31 1991 1990 1991 1990 Revenues $405,354 $873,333 $2,098,008 $2,894,555 Cost of sales 406,788 525,927 1,711,896 1,824,127 Gross profit (1,434) 347,406 386,112 1,070,428 Excess of production costs over inventoried costs 336,687 -- 849,433 -- Operating costs 1,001,976 2,099,240 4,961,755 7,005,248 Loss from operations (1,340,097) (1,751,834) (5,425,076) (5,934,820) Gain on disposal of assets of subsidiary -- 500,117 -- 500,117 Other income and expense (116,317) 125,363 (84,852) 611,623 Net loss (1,456,414) (1,126,354) (5,509,928) (4,823,080) Preferred stock dividends 357,500 -- 1,486,569 -- Net loss attributable to common shares $(1,813,914) $(1,126,354) $(6,996,497) $(4,823,080) Net loss per common share $(0.07) $(0.04) $(0.28) $(0.19) Average shares outstanding 25,442,634 25,045,989 25,286,098 25,045,989 -0- 3/19/92 /CONTACT: Glenn Hobratschk of NaTec Resources, 713-552-2156/ (NATC) CO: NaTec Resources Inc. ST: Texas IN: SU: ERN
CK -- NY055 -- 9682 03/19/92 12:19 EST
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|Date:||Mar 19, 1992|
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