NATIONAL MEDICAL WASTE ANNOUNCES THIRD QUARTER
AND NINE MONTHS OPERATING RESULTS
NASHVILLE, Tenn., Nov. 15 /PRNewswire/ -- National Medical Waste, Inc. (NASDAQ: NMWS), a rapidly expanding operator of medical waste incineration facilities, today reported operating results for the third quarter and nine months ended Sept. 30, 1991, with expenses related to the development and start-up of additional facilities resulting in a loss for the period as expected, according to Oren E. Embry, president.
"During the third quarter construction at our 23 ton-per-day facility in Nashville was completed and that facility is now operational," Embry said. "In addition, the installation of new equipment at our 10 ton-per-day Brazoria, Texas, facility was completed during the third quarter and that facility is now operational as well. The company now has four facilities currently in operation with total capacity in excess of 38 tons-per-day and an additional 17 tons-per-day available by contract for the next three years," he added.
For the three months ended Sept. 30, 1991, National Medical Waste had total revenues of $811,631 compared with $446,492 in the year-ago third quarter. There was a net loss for the three months of $1,184,173, or 31 cents per share, on a weighted average of 3,789,245 shares outstanding, vs. a net loss of $396,154 or 16 cents per share, on a weighted average of 2,432,925 shares outstanding in the 1990 third quarter.
For the nine months revenues totalled $1,954,347 compared with $556,522 for the same nine months of 1990. The net loss for the nine months amounted to $2,519,980, or 71 cents per share, on 3,551,682 weighted average shares outstanding, compared with a net loss of $772,274, or 32 cents per share, on 2,432,925 weighted average shares outstanding in the comparable year-ago period.
Embry noted that "the combination of the company's newly operational facilities in Texas and Nashville, the development of a 24 ton-per-day facility in Denver, Colo., on which construction as expected to be completed in mid-1992, as well as the company's recently announced joint venture to operate a 150 ton-per-day medical waste facility in Baltimore, Md., should begin to favorably impact revenues and earnings. The company continues to seek opportunities to acquire or develop permitted facilities in or near metropolitan markets which can generate an adequate supply of local medical waste," he said.
NATIONAL MEDICAL WASTE, INC.
Statement of Operations
Periods ended: Three months Nine months
Sept. 30: 1991 1990 1991 1990
Revenues $811,631 $446,492 $1,954,347 $556,522
Net loss (1,184,173) (396,154) (2,519,980) (772,274)
Net loss per share ($0.31) ($0.16) ($0.71) ($0.32)
shares outstanding 3,789,245 2,432,925 3,551,682 2,432,925
/CONTACT: Oren E. Embry, president, or Stephen R. Meek, CFO, of National Medical Waste, 615-889-2700/
(NMWS) CO: National Medical Waste Inc. ST: Tennessee IN: SU: ERN CK-TS -- NY057 -- 1580 11/15/91 13:03 EST