NATIONAL ENVIRONMENTAL GROUP ANNOUNCES RESULTS
NATIONAL ENVIRONMENTAL GROUP ANNOUNCES RESULTS NEW BRUNSWICK, N.J., Nov. 4 /PRNewswire/ -- National Environmental
Group, Inc. (AMEX: NEG) today announced the financial results for the fiscal quarter ended Sept. 30, 1991.
The results include the company's oilwell services subsidiary ESKEY. Revenues were approximately $5.3 million for the quarter ended Sept. 30, 1991, which is the same as the quarter ended Sept. 30, 1990. Net earnings from continuing operations before taxes and extraordinary items was $231,000 compared to $468,000 for the quarter ended Sept. 30, 1990. Francis D. John, president and chief executive officer, stated, "The company's oil well service operation was negatively impacted by unusually rainy weather in the West Texas region during the months of July and September. In addition, the company experienced a significant increase in its workers' compensation insurance expense similar to other well service companies operating in the region. Despite these difficulties and a downturn in the industry, the company's equipment utilization rates and revenues remained unchanged from last year." John also stated, "The company has signed a letter of intent to acquire a small well service company in the Midland/Odessa area. This acquisition, which is subject to bank financing, will increase ESKEY's workover rig count by eight units." NATIONAL ENVIRONMENTAL GROUP, INC. (In thousands, except per-share data) Three months ended Sept. 30 1991 1990 (A) Revenues $ 5,262 $ 5,331 Costs and expenses 5,031 4,863 Income from continuing operations before income taxes and extraordinary credit 231 468 Income tax expense 79 159 Income from continuing operations 152 309 Discontinued operations: Loss from operations, net of applicable taxes --- (132) Income before extraordinary credit 152 177 Extraordinary credit 71 143 Net income 223 320 Preferred stock dividends 101 111 Net income applicable to common stock 122 209 Earnings per common share: Primary: Income from continuing operations before extraordinary credit $0.00 (B) $0.02 Income before extraordinary credit 0.00 (B) 0.01 Net earnings 0.00 (B) 0.02 Assuming full dilution: Income from continuing operations before extraordinary credit 0.00 (B) 0.01 Income before extraordinary credit 0.00 (B) 0.00 (B) Net earnings 0.00 (B) 0.01 Average common shares outstanding: Primary 14,717 11,527 Assuming full dilution 35,203 36,779 (A) Restated. (B) Earnings per common share less than $0.01. /delval/ -0- 11/4/91 /CONTACT: Diane Mack of National Environmental Group, 908-247-4822/ (NEG) CO: National Environmental Group, Inc. ST: New Jersey IN: SU: ERN JS-LJ -- PH018 -- 0878 11/04/91 16:10 EST
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|Date:||Nov 4, 1991|
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