THERMO PROCESS SYSTEMS ANNOUNCES SECOND QUARTER RESULTS
WALTHAM, Mass., November 5, 1991 -- Thermo Process Systems (AMEX: TPI) today reported revenues of $12,335,000 for the second quarter of fiscal 1992, compared with $14,335,000 for the second quarter of fiscal 1991. Net income was $18,000, compared with $1,003,000 last year.
"Lower revenues and net income are the result of a slowdown in orders for our Holcroft thermal-processing equipment due to a weakened worldwide economy that has affected many manufacturing industries," said Walter J. Bornhorst, chairman and chief executive officer of Thermo Process Systems Inc. "However, we are pleased with our progress in establishing regional centers for recycling petroleum-contaminated soil. Our second such facility, near Richmond, Va., is now in full production, and three more facilities in California, New Hampshire, and Florida are in the final planning stages."
Thermo Process Systems designs, manufactures, and sells advanced custom-engineered thermal-processing systems for the treatment of toxic wastes and the automated heat treating of metal parts. 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.
Three Months Ended Six Months Ended
9/28/91 9/29/90 9/28/91 9/29/90
Revenues $12,335,000 $14,335,000 $24,402,000 $27,345,000
Income Taxes 18,000 1,668,000 1,033,000 3,301,000
Net Income 18,000 1,003,000 994,000 1,950,000
Earnings Per Share --- 6 cents 6 cents 12 cents
Shares 17,318,000 16,605,000 17,260,000 16,575,000
/CONTACT: John N. Hatsopoulos of Thermo Electron Corporation, 617-622-1111/
(TPI TMO) CO: Thermo Process Systems ST: Massachusetts, Virgina IN: SU: ERN KM -- NE005 -- 1094 11/05/91 08:49 EST