Printer Friendly

PDG ENVIRONMENTAL INC. REPORTS PROFITABILITY IN SECOND QUARTER 1992

 PDG ENVIRONMENTAL INC. REPORTS PROFITABILITY IN SECOND QUARTER 1992
 MONROEVILLE, Pa., Sept. 15 /PRNewswire/ -- PDG Environmental, Inc. (NASDAQ: PDGE), today reported net income of $508,596 or $0.18 per primary share for the three months ended July 31, 1992, compared to net income of $58,943 or ($0.15) per primary share reported in the comparable period of the prior year after undeclared preferred dividends of $225,000 in each period. Revenues were $14,693,235 compared to $5,395,989 last year.
 Net income for the six months was $379,497 or ($0.06) per share versus a loss of ($26,745) or ($0.43) per primary share in the comparable period of the previous year after undeclared preferred dividends of $450,000 in each period. Revenues were $20,245,795 compared with $9,108,073 in the year earlier period.
 John C. Regan, PDGE's chief executive officer and chairman, stated, "We are pleased with the surge in revenues during this quarter which in large part is attributable to major asbestos abatement projects in the Midwest and Northeast and the expansion of our asbestos abatement business into Florida and Texas. Also contributing to enhanced revenues is our acquisition of Enviro-Tech which was effective April 1, 1992. We see continued growth in all of these areas and especially in the underground storage tank remediation business in the Southeast. We continue to view the soil remediation business as key to our strategy of diversification and are actively pursuing acquisitions in this area."
 PDG Environmental, Inc., is an environmental services contractor headquartered in Pittsburgh with operations in the Northeast, Florida and Texas. PDGE has been in the asbestos abatement business since 1984 and is recognized as one of the nation's leaders in this specialty area. PDGE began a second business unit in late 1990 which remediates facilities contaminated by leaking underground fuel storage tanks (UST). The company has developed a successful UST remidiation operation in Florida, which is currently being expanded to other PDGE market areas.
 PDG ENVIRONMENTAL INC.
 Summary Financial Information
 Three months ended July 31 1992 1991
 Revenues $14,693,235 $5,395,989
 Net income $ 508,596 $ 58,943
 Primary earnings per common share (A):
 Income (loss) before extraordinary item $0.18 $(0.19)
 Extraordinary item -- 0.04
 Net income (loss) $0.18 $(0.15)
 Fully diluted earnings per common share (A):
 Income (loss) before extraordinary item $0.09 $(0.19)
 Extraordinary item -- 0.04
 Net income (loss) $0.09 (0.15)
 Average common shares outstanding:
 Primary 1,665,890 1,111,697
 Fully diluted 6,165,545 1,111,697
 Six months ended July 31 1992 1991
 Revenues $20,245,795 $9,108,073
 Net income (loss) $ 379,497 $ (26,745)
 Primary earnings per common share (A):
 Income (loss) before extraordinary item $(0.06) $(0.47)
 Extraordinary item -- 0.04
 Net (loss) $(0.06) $(0.43)
 Average common shares outstanding 1,205,510 1,111,623
 (A) -- Earnings per share reflect the deduction of undeclared preferred dividends of $225,000 in the 1991 and 1992 second quarters and $450,000 in the 1991 and 1992 six-month periods.
 -0- 9/15/92
 /CONTACT: Dulcia Maire, corporate secretary of PDGE, 412-856-2200; or Cynthia A. Bond or Edward Silverman of Silverman, Heller & Bond, 212-682-9222, for PDGE/
 (PDGE) CO: PDG Environmental, Inc. ST: Pennsylvania IN: SU: ERN


GK-SH -- NY053 -- 9709 09/15/92 14:44 EDT
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:Sep 15, 1992
Words:565
Previous Article:'SHARED VALUES AND STRATEGIC PARTNERS: THE AMERICAN-ISRAELI CONNECTION RE-EXAMINED' TOPIC OF 27TH AMERICA-ISRAEL DIALOGUE BY AJCONGRESS
Next Article:ARES-SERONO'S 1:5 STOCK SPLIT TO BE EFFECTIVE SEPT. 17, 1992
Topics:


Related Articles
NSC REPORTS 180 PERCENT INCREASE IN SECOND QUARTER; NET INCOME PER SHARE TO $0.14 ON A 106 PERCENT INCREASE IN NET REVENUES
NYTEST ENVIRONMENTAL REPORTS SECOND QUARTER/SIX MONTHS RESULTS
PDG ENVIRONMENTAL INC. SECURES NEW EQUITY AND DEBT FINANCING
OP-TECH ENVIRONMENTAL SERVICES ANNOUNCES SECOND QUARTER RESULTS
AMERICAN WASTE SERVICES, INC. ANNOUNCES SECOND QUARTER RESULTS
PERMA-FIX ENVIRONMENTAL SERVICES, INC. ANNOUNCES SECOND QUARTER RESULTS
AMERICAN WASTE SERVICES, INC. ANNOUNCES THIRD QUARTER RESULTS
PDG ENVIRONMENTAL INC. ANNOUNCES YEAR-END RESULTS
PDG Environmental, Inc. Announces Results of Operations for Second Quarter
PDGE Announces 2nd Qtr Earnings Up 100%

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters