Environmental Elements narrows its losses

January 25, 1996|BY A SUN STAFF WRITER

Environmental Elements Corp. yesterday reported losses in its fiscal third quarter and in the nine months ending Dec. 31, but the company's performance showed marked improvement from a year ago.

The air pollution control systems company's loss from continuing operations in the quarter totaled $206,000, or 3 cents per share, slashing by more than half the $538,000 loss sustained in the previous third quarter.

Revenues for the period were $12.8 million, a 44 percent drop from the comparable 1994 quarter.

However, Environmental Elements' bookings in the quarter were $16.9 million, an increase of more than threefold from the 1994 third quarter.

"This third quarter reflects significant progress on several fronts," said E. H. Verdery, president and chief executive officer of the Baltimore-based company. "Our restructurings during the past two years are really taking hold to improve performance. While we will not rest until we are back in the black, this demonstration of progress is welcome."

In the first nine months of its fiscal year, the company sustained a loss from continuing operations of $3.4 million, or 50 cents a share, compared with a loss of $2.4 million, or 36 cents a share, for the year-earlier period.

Revenues for the first three quarters also suffered, down 13 percent to $47.6 million, while bookings fell from $65.1 million to $39.4 million.

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