Printer Friendly

THERMO PROCESS SYSTEMS ANNOUNCES FIRST QUARTER RESULTS

 WALTHAM, Mass., Aug. 10 /PRNewswire/ -- Thermo Process Systems Inc. (AMEX: TPI) today reported revenues of $13,048,000 for the first quarter of fiscal 1994, compared with $10,165,000 for the first quarter of fiscal 1993. Income before cumulative effect of change in accounting principle was $615,000, compared with net income of $349,000 last year.
 "Revenues from our soil-remediation services business more than doubled during the first quarter of our 1994 fiscal year, compared with the same quarter a year ago," said Thomas P. Plunkett, president and chief executive officer of Thermo Process Systems. "In addition to continued expansion of our environmental services business, we have taken steps to broaden our industrial thermal-processing systems operation through the addition of advanced technologies designed to meet manufacturers' increasing quality and environmental standards."
 Thermo Process Systems designs, manufactures, and sells advanced custom-engineered thermal-processing systems for the automated heat treating of metal parts and the treatment of toxic wastes. The company also provides services for the remediation of petroleum-laden soils, in addition to a comprehensive range of metallurgical processes. Thermo Process Systems is a public subsidiary of Thermo Electron Corporation (NYSE: TMO).
 Thermo Process Systems Inc. Financial Highlights
 Three Months Ended
 7/3/93 6/27/92
 Revenues $13,048,000 $10,165,000
 Income before income taxes
 and cumulative effect of
 change in accounting
 principle 1,092,000 416,000
 Income before cumulative
 effect of change in
 accounting principle 615,000 349,000
 Cumulative effect of change
 in accounting principle (a) 500,000 ---
 Net income 1,115,000 349,000
 Earnings per share before
 cumulative effect of change
 in accounting principle 4 cents 2 cents
 Earnings per share 7 cents 2 cents
 Weighted average shares 16,793,000 16,744,000
 (a) Reflects the adoption of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes," in the first quarter of fiscal 1994.
 -0- 8/10/93
 /CONTACT: John Hatsopoulos of Thermo Electron, 617-622-1111/
 (TPI TMO)


CO: Thermo Process Systems Inc.; Thermo Electron ST: Massachusetts IN: ENV SU: ERN

JL -- NE004 -- 1079 08/10/93 09:38 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 10, 1993
Words:349
Previous Article:THERMO ELECTRON ANNOUNCES SECOND QUARTER RESULTS
Next Article:THERMO POWER ANNOUNCES THIRD QUARTER RESULTS
Topics:

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