THERMORETEC CORPORATION ANNOUNCES THIRD QUARTER RESULTS
"We're pleased that operating income increased substantially, from $314,
000 to $1,355,000, suggesting that we are continuing to make progress
in our business," said Robert W. Dunlap, president and chief executive
officer of ThermoRetec. "We're also pleased that our consulting and
engineering group recently announced an important four-year master
services agreement with BP Amoco, while our nuclear-services group is
playing an integral role as the U.S. Department of Energy pursues its
long-term strategy of decontaminating and remediating sites across the
country."
Condensed Consolidated Statement of Operations (unaudited)
Three Months Ended Nine Months Ended
(In thousands except per share amounts)
Jan. 2, 1999 Jan. 3, 1998 Jan. 2, 1999 Jan. 3, 1998
Revenues $ 36,907 $ 34,620 $106,463 $ 96,463
Costs and Operating
Expenses:
Cost of revenues 31,364 30,673 89,743 82,871
Selling, general,
and administrative
expenses 4,188 3,633 12,310 10,727
Restructuring costs -- -- 9,176 --
35,552 34,306 111,229 93,598
Operating Income (Loss) 1,355 314 (4,766) 2,865
Interest Income 197 231 548 773
Interest Expense (542) (558) (1,625) (1,665)
Gain on Sale of
Unconsolidated Subsidiary -- 3,012 -- 3,012
Other Income -- -- -- 378
Income (Loss) Before
Income Taxes 1,010 2,999 (5,843) 5,363
Income Tax (Provision)
Benefit (504) (1,298) 1,514 (2,390)
Net Income (Loss) $506 $1,701 $ (4,329) $2,973
Earnings (Loss) per Share:
Basic $ .04 $ .13 $(.33) $ .24
Diluted $ .04 $ .13 $(.33) $ .23
Weighted Average Shares:
Basic 13,168 12,718 13,043 12,552
Diluted 13,178 15,207 13,043 12,994
ThermoRetec Corporation is a national provider of environmental
services. The company integrates advanced management, regulatory, and
technology skills to provide compliance management, resource recovery
and recycling, radioactive-waste management, remediation construction,
and health and safety monitoring. ThermoRetec is a public subsidiary
of Thermo TerraTech Inc. (Amex: TTT), a Thermo Electron (NYSE: TMO)
company. More information is available on the Internet at
http://www.thermo.com/subsid/thn1.html.
The following constitutes a "Safe Harbor" statement under the Private
Securities Litigation Reform Act of 1995: This press release contains
forward- looking statements that involve a number of risks and
uncertainties. Important factors that could cause actual results to
differ materially from those indicated by such forward-looking
statements are set forth under the heading "Forward-looking Statements"
in Exhibit 13 to the company's annual report on Form 10-K for the
fiscal year ended April 4, 1998. These include risks and uncertainties
relating to: dependence of the company's businesses on environmental
regulation, potential environmental and regulatory liability, intense
competition, development and commercialization of technology, possible
obsolescence of the company's services due to technological change, the
company's acquisition strategy, the availability of government funding,
the effect of seasonal influences on the company's performance, and the
potential impact of the year 2000 on processing date-sensitive
information.
SOURCE Thermo Electron Corporation
02/03/99 /CONTACT: Investor: 781-622-1111 or Media: 781-622-1252 of Thermo Electron/
/Company News On-Call: http://www.prnewswire.com/comp/877850.html or fax, 800-758-5804, ext. 877850/
/Web site: http://www.thermo.com/subsid/thn1.html/ (TMO THN TTT)
CO: Thermo Electron Corporation; Thermo TerraTech Inc.; ThermoRetec
ST: Massachusetts IN: ENV SU: ERN