Environmental Elements upbeat despite loss

July 23, 1992|By Ross Hetrick | Ross Hetrick,Staff Writer

Despite disappointing earnings last year and a loss in its first fiscal quarter, Environmental Elements Corp. says it is confident that its business will grow substantially in the coming year as the 1995 Clean Air Act deadline approaches.

"We continue to think we have a growth business on our hands," F. Bradford Smith, president and chief executive officer, told shareholders at the company's annual meeting yesterday.

It was the second annual meeting for the Baltimore supplier of equipment to control air pollution. Environmental Elements became a publicly traded company in July 1990 after seven years as a privately held business. Before 1983, it was a division of Koppers Co. Inc. The company has about 330 workers, most of whom are employed in Baltimore.

The key to the company's expectation of improved business is a federal law that requires the country's largest utilities to reduce their sulfur dioxide emissions 50 percent by Jan. 1, 1995. Other industrial operations have until Jan. 1, 2000.

Mr. Smith said he expects companies to start taking bids and buying equipment in the middle of 1993.

Environmental reported a $1.7 million loss in its first fiscal quarter, which that ended June 30, and earnings dipped 16.9 percent, to $5.5 million, during the 1992 fiscal year, which ended March 30.

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