UNITED THERMAL REPORTS RESULTS
UNITED THERMAL REPORTS RESULTS NEW YORK, March 12 /PRNewswire/ -- United Thermal Corporation
(NASDAQ: UNTH) has reported 1991 revenues of $118,503,000, compared with $114,949,000 in 1990. The company incurred a 1991 net loss of $6,339,000, equal to $.44 per share, compared with a 1990 net loss of $1,507,000, or $.11 per share. Excluding after-tax one time charges of $10,200,000 in 1991 and $1,102,000 in 1990, net income increased $4,266,000 from a net loss of $405,000 in 1990 to net income of $3,861,000 in 1991.
In 1991, the company recorded after-tax one time charges of $10,200,000, or $.71 per share, representing the losses on the sale of the company's Cleveland and Youngstown steam systems. These charges were recorded during the second quarter. In the fourth quarter of 1990, the company recorded after-tax one time charges of $1,102,000, or $.08 per share, principally to expense various development project costs previously capitalized. In the fourth quarter of 1991, the company had revenues of $31,587,000, compared with $36,455,000 in the same quarter in 1990. Fourth quarter net income was $3,392,000, equal to $.23 per share, compared with $150,000 in 1990, or $.01 per share, which included the other charges noted above. The weighted average number of shares outstanding for the three and twelve months ended Dec. 31, 1991, and 1990, were 14,400,000. Richard E. Kessel, chief executive officer, stated: "During 1991, we consolidated our operations by selling our Cleveland and Youngstown systems. We have greatly improved our base business by obtaining rate increases and reducing costs. Long-range, we have implemented a business strategy which emphasizes continued improvement in the base business along with the development of cogeneration, chilled water and waste-to-energy facilities." United Thermal Corporation, the nation's second-largest supplier of district steam energy, owns and operates the district steam systems in Philadelphia, Boston, Baltimore and St. Louis. The steam is produced in central plants fired by fossil fuels or municipal solid waste for distribution through pressurized underground pipeline networks to buildings in the downtown commercial districts. The company's customers include universities, hospitals, commercial and government buildings, schools and public housing complexes. UNITED THERMAL CORPORATION Condensed Consolidated Statement of Operations (In thousands, except per share amounts) Periods ended Fourth Quarter Year Dec. 31 1991 1990 (B) 1991 (A) 1990 (B) Steam sales $ 31,587 $ 36,455 $118,503 $114,949 Operating income 6,819 3,070 11,178 3,474 Inc. (loss) before taxes 5,892 267 (5,539) (2,666) Net income (loss) 3,392 150 (6,339) (1,507) Net income (loss) per share $ 0.23 $ 0.01 $ (0.44) $ (0.11) Wtd. avg. no. of shares outstg. 14,400 14,400 14,400 14,400 (A) includes one time after-tax charges of $10,200,000 relating to the sale of the company's Cleveland and Youngstown facilities. (B) includes one time after-tax charges of $1,102,000 relating to the expensing of certain development costs previously capitalized. -0- 3/12/92 /CONTACT: Richard E. Kessel or Peter J. Fagan of United Thermal, 212-750-3400/ (UNTH) CO: United Thermal Corporation ST: New York IN: UTI SU: ERN SH -- NY072 -- 7512 03/12/92 15:58 EST
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|Date:||Mar 12, 1992|
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