CET Services, Inc. Reports Operating Results and RFI Settlement
ENGLEWOOD, Colo., Nov. 14 /PRNewswire-FirstCall/ -- CET Services, Inc.
reported that revenues for the third quarter were $143,000, down from $421,000 a
year earlier. A net loss of $128,000, or $0.02 a share, was incurred for the
period, compared with a loss of $388,000, or $0.07 a share in the third quarter
of 2002.
For the nine month period ended September 30, 2003, revenues were $720,000, as
compared with $2 million in the prior year period. The net loss for the current
period was $70,000, or $0.01 a share, as compared with a net loss of $2.2
million, or $0.38 a share, through the first three quarters of 2002.
The decline in revenues for both the third quarter and the nine month period is
largely the result of the transition of the Company's business from
environmental services to property development activities. While construction
activity is currently underway, property development has not yet contributed to
revenues.
The significant reduction in the net loss for the third quarter reflects the
reduction in overhead accompanying the transition in the Company's business, as
well as the lower level of activity. In addition, the results for the nine
month period benefited from a recovery of a previously written- off bad debt and
a refund of prior years' income tax which further pared the net loss incurred.
Steven H. Davis, President and CEO, stated, "Construction activity continues to
progress on Phase 1 of the City of Westminster (CO) redevelopment project which
began in June." Further, he noted that, based on present schedules, significant
revenues from this project are anticipated during the first quarter of 2004,
subject to no untoward weather conditions. Phase 1 encompasses 23 housing units
and, when completed in 2004, 50 affordable housing units will have been built on
the sites.
The Company also announced that on November 4, 2003, it reached final settlement
with Remediation Financial, Inc. and its affiliates thereby ending this lengthy
litigation. The Company received $2,875,000 and was extinguished of all
contingent liabilities related to the litigation. Dale W. Bleck, CFO, stated,
"Finally reaching a settlement of this litigation, which began almost three
years ago, will provide greater flexibility in financial planning as we attempt
to broaden our development activity in 2004." CET Services, Inc. is currently engaged in niche market property development in
urban areas with a preference for projects requiring some degree of
remediation.
CET Environmental, Inc. (Unaudited) Quarter Nine Months
Ended 9/30 Ended 9/30
2003 2002 2003 2002
Revenues $142,653 $420,891 $719,788 $2,001,023
Net Income (Loss) $(127,506) $(387,608) $(69,838) $(2,172,982)
Earnings (Loss)
Per Share
Basic & Diluted $(.02) $(.07) $(.01) $(.38)
Weighted Average
Shares Outstanding
Basic & Diluted 5,757,792 5,757,792 5,757,792 5,787,440 Statements in this press release that are not strictly historical are
"forward-looking" statements within the meaning of the Safe Harbor provisions of
the federal security laws. Forward-looking statements involve risks and
uncertainties, including, but not limited to, the cyclical nature of residential
housing in general, local economic conditions, interest rate volatility, weather
related factors, and fluctuations in building material prices and other risks
detailed from time to time in the Company's Form 10-KSB and other regularly
filed reports. DATASOURCE: CET Services, Inc.
CONTACT: Steve H. Davis, CEO and President, or Dale W. Bleck, CFO, both of CET Services, Inc., +1-720-875-9115
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