Air-Cure's earnings surged on the year

March 09, 1996|By Mark Guidera | Mark Guidera,SUN STAFF

Air-Cure Technologies Inc, an Annapolis-based company that makes and sells air pollution control equipment, said yesterday it had net income of $2.4 million during the year ending Dec. 31, or 21 cents a share, compared with 1994's net of $384,000, or 4 cents a share.

Revenues for the 1995 fiscal year were $117.3 million -- a 92 percent gain over 1994 revenues of $61.2 million, the company said.

For the fourth quarter, the company reported a net loss of $1 million, or 9 cents a share, compared with net income of $78,000, or 1 cent a share.

The company said several nonrecurring charges, including settlement of a lawsuit and costs associated with combining several company units, hurt its fourth-quarter earnings.

Mark Johnson, who took over the company as president and chief executive officer last Friday, said the improved earnings for 1995 were a signal that the company had emerged as a significant player in the global market for environmental control equipment. Mr. Johnson plans to shift the company's Annapolis headquarters to Houston, Texas, in the spring.

Air-Cure's stock closed yesterday at $4.0625, down 18.75 cents, on the American Stock Exchange.

Pub Date: 3/09/96

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