GTS Duratek profits rise 22%

Sale of waste unit boosts first quarter

May 04, 2000|By Lorraine Mirabella | Lorraine Mirabella,SUN STAFF

GTS Duratek, a Columbia-based provider of radiation protection services, said yesterday that earnings per share rose 22 percent in the first quarter, in large part because of the sale of a waste processing business.

The company, which offers services both for people and the environment, reported net earnings of 11 cents per diluted share for the three months ended March 31, compared with 9 cents per diluted share posted for the first quarter a year ago.

GTS said it had a quarterly net income of $2 million, on revenue of $41.1 million, compared with net income of $1.8 million, on revenue of $38.8 million, during the first quarter of 1999.

During the quarter, the company sold its 80 percent stake in DuraTherm, a petro-chemical waste processing business, for $8.4 million, resulting in an after-tax gain of about $750,000.

The company's profit was bolstered by an increase in business in commercial waste processing as well as by the gain on the DuraTherm sale, which the company said more than offset lost operating profits from DuraTherm.

The company focused efforts in the first quarter on gearing up waste processing facilities for increased volumes of waste, said Robert E. Prince, president and chief executive officer.

"These activities will position us to take maximum advantage of the growing markets for solving the USA's radioactive waste issues," Prince said.

Shares of GTS Duratek were unchanged yesterday at $8.5625 on the Nasdaq stock market.

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