Duratek erases losses for quarter and the year

Columbia firm boasts `very solid ... performance'

March 07, 2003|By Andrea K. Walker | Andrea K. Walker,SUN STAFF

Duratek Inc. reported a profitable fourth quarter and year yesterday as earnings increased in all parts of its business, company officials said.

The Columbia company, which treats radioactive and other wastes, posted net income of $3.3 million, or 17 cents per diluted share, for the three months that ended Dec. 31.

That compares with a net loss of $4.8 million, or 38 cents per diluted share, reported for the fourth quarter of 2001.

Revenue in the quarter was $77.2 million, compared with $73 million in the year-earlier quarter.

For all of 2002, net income was $13.8 million, or 72 cents a share, on revenue of $291.5 million. That compared with a net loss of $3.1 million, or 34 cents a share, on revenue of $279.2 million in 2001.

"In 2002, Duratek delivered very solid financial performance in nearly every respect," Robert F. Shawver, executive vice president and chief financial officer, said in a conference call.

"This solid performance came from every segment of the business," Shawver added. "All operating groups were profitable and exceeded their business plans."

The company also said it was able to significantly reduce its debt last year to $60 million from about $90 million the previous year.

While a lot of its work is done with the Department of Energy, Duratek said it expects to do more work next year with other agencies, such as the Department of Homeland Security and the Pentagon.

Duratek stock closed yesterday at $8.09, up 9 cents, in trading on the Nasdaq stock market.

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