ALEXANDRIA, Va., Nov. 15, 2001 (PRIMEZONE) -- Commodore Applied Technologies, Inc. (AMEX:CXI)(CXI.WS), today announced financial results for the three and nine months ended September 30, 2001 (see table below).
Condensed, Consolidated Statement of Operations (Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2001 2000 2001 2000
---- ---- ---- ----
Contract
Revenues $1,870,000 $4,250,000 $9,021,000 $13,120,000
Net Income
(Loss) (1,520,000) (1,987,000) (2,981,000) (3,863,000)
Net Income
(Loss)
Per Share (0.03) (0.05) (0.06) (0.12)
Weighted Average
Number Of
Shares
Outstanding:
Basic and
Diluted* 55,086,000 36,272,000 52,605,000 33,344,000
* For the three and nine months ended September 30, 2001 and 2000 common stock equivalents are not included in the net loss per share calculation, since they are antidilutive.
"The tragic events of September 11 put stress on the insurance industry, and, therefore on DRM by delaying some settlements for their clients. We view this as a one-time aberration. DRM's growth in backlog (engagements) for this year has exceeded plan and has expanded into Canada. DRM also booked new business resulting from Tropical Storm Allison; outside their historic service offering," said Chairman and CEO, Shelby T. Brewer.
"Our engineering business is performing better than plan, and we continue to make progress in deploying our SET(TM) technology," continued Brewer.
Commodore Applied Commodore Applied
Technologies, Inc. Technologies, Inc.
and Subsidiaries and Subsidiaries
Condensed, Consolidated Condensed, Consolidated
Statements of Operations Statements of Operations
(Unaudited) (Unaudited)
Adjusted for Adjusted for
Non-Cash Expenses Non-Cash Expenses
Three Months Ended Nine Months Ended
September 30, 2001 September 30, 2001
Revenues $1,870,000 $9,021,000
Net Income (loss) $(1,520,000) $(2,981,000)
Net Income (loss)
per share $(0.03) $(0.06)
Non-Cash and
Imputed Interest
Charges
Imputed Interest
DRM Acquisition 453,000 1,517,000
Other Imputed
Interest 17,000 213,000
Goodwill &
Non-Compete
Amortization 453,000 1,343,000
Other Depreciation
and Amortization 164,000 531,000
Total Non-Cash and
Imputed Interest
Charges 1,087,000 3,604,000
Net Income (Loss)
Excluding Non-Cash $(433,000) $623,000
Charges
Net Income (Loss)
per Share Excluding $(0.01) $0.01
Non-Cash Charges
"Although the results for the third quarter are disappointing, the company is still on track for positive cash-basis earnings for the year, which will be the first such year in the company's history," Brewer concluded.
Commodore Applied Technologies, Inc. is a diverse technical and financial solutions company focused on high-end environmental markets. The Commodore family of companies includes subsidiaries Commodore Solutions, Inc., Commodore Advanced Sciences, Inc., and Dispute Resolution Management, Inc. The Commodore companies provide negotiated financial solutions, technical engineering services and patented remediation technologies designed to treat hazardous waste from nuclear and chemical sources. More information is available on the Commodore web site at www.commodore.com and on the DRM web site at www.drmworld.com.
These materials include "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words such as the Company "believes," "anticipates," "expects" or words of similar import. Similarly, statements that describe the Company's projected future results, future plans, objectives or goals or future conditions or events are also forward-looking statements. Actual results are inherently difficult to predict. Any such forward-looking statements are subject to the risks and uncertainties that could cause actual results of operations, financial condition, acquisitions, financing transactions, operations, expenditures, expansion and other events to differ materially from those expressed or implied in such forward-looking statements. Any such forward-looking statements would be subject to a number of assumptions regarding, among other things, future economic, competitive and market conditions generally. Such assumptions would be based on facts and conditions as they exist at the time such statements are made as well as predictions as to future facts and conditions, the accurate prediction of which may be difficult and involve the assessment of events beyond the Company's control. Further, the Company's business is subject to a number of risks that would affect any such forward-looking statements. These risks and uncertainties include, but are not limited to, the ability of the Company to commercialize its technology; product demand and industry pricing; the ability of the Company to obtain patent protection for its technology; developments in environmental legislation and regulation; the ability of the Company to obtain future financing on favorable terms; and other circumstances affecting anticipated revenues and costs. These risks and uncertainties could cause actual results of the Company to differ materially from those projected or implied by such forward-looking statements. More information on factors that could potentially affect the Company's financial results is included in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2000. The Company intends to continue its practice of not updating forward-looking statements until its next quarterly results announcement, other than in publicly available statements.