Environmental Elements posts $3.6 million loss

January 29, 1994|By Ross Hetrick | Ross Hetrick,Staff Writer

Suffering from a drought of new orders, Environmental Elements Corp. yesterday reported a loss of $3.6 million during its third fiscal quarter, including a $1.5 million restructuring charge for laying off 40 workers in November.

The Baltimore-based maker of pollution control equipment had previously laid off approximately 30 workers in April. The reductions leave the company's Baltimore operation with 170 employees, according to John S. Lalley Jr., a spokesman for the company. No further layoffs are planned, he said.

For the last two years, the company has been waiting for orders from utility companies to rise in reaction to federal pollution abatement rules that become effective Jan. 1, 1995.

But prospective customers are putting off purchases as they buy pollution emission credits and power from other companies and change fuels, Mr. Lalley said. Revenue for the third quarter, which ended Dec. 31, fell 21.8 percent, to $14.5 million, from the same period a year ago.

Despite its problems, the company's financial health remains strong, with $12 million in cash and $15.7 million in stockholder equity, Mr. Lalley said.

Environmental Elements Corp.

Ticker.. .. .. .. ..Yesterday's

Symbol.. .. .. .. .. Cls.. .. Chg.

EEC .. .. .. .. .. ..3 3/4 .. .. .. - 1/2

Period ended

12/31/93 .. .. .. .. .. .. .. .. .. 3rd qtr.. .. .. .. Year ago.. .. Chg.

Revenue .. .. .. .. .. .. .. .. .. $14,537 .. .. .. .. $18,579 .. .. -21.8% Net Income .. .. .. .. .. .. .. .. $(3,633).. .. .. ..*$(2,672) .. .. --

Primary EPS .. .. .. .. .. .. .. ..$(0.53)*.. .. .. .. $(0.38) .. .. .--

.. .. .. .. .. .. .. ..9 mos.. .. ..Year ago .. .. .. .. .. .. Chg.

Revenue .. .. .. .. .. $59,672 .. ..$58,472 .. .. .. .. .. .. +2.1%

Net Income .. .. .. .. $(4,214)*.. .$(6,200) .. .. .. .. .. .. ..--

Primary EPS.. .. .. .. $(0.61)*. .. $(0.88) .. .. .. .. .. .. --

* Includes a charge of $1.5 million, or 21 cents per share, for restructuring.

Figures in thousands (except per share data.)

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.