CET Services, Inc. Reports Results for Second Quarter and First
Half
ENGLEWOOD, Colo., Aug. 13 /PRNewswire-FirstCall/ -- CET Services, Inc. (AMEX:ENV) reported revenues for the second quarter ended June 30, 2004 of
$2,248,649, up from $151,376 a year earlier. The increase in revenues arose
virtually entirely from the sale of housing units at the Westminster
development project. However, with increased activity at other sites related
to the Westminster program, as well as remediation activity at the Aurora site,
a loss of $189,709, or $0.03 a share, was incurred for the quarter. In the
year-earlier period, the Company benefited from a net recovery of $278,421 on a
debt that had been previously written off and a $127,593 income tax recovery
from prior years, which combined resulted in the Company reporting a net income
of $210,699, or $0.04 a share.
For the first half of 2004, revenues were $2,747,034, as compared to $577,135
in the like period of 2003 with the increase reflecting the initial sale of
housing units. A net loss of $329,412, or $0.06 a share, was incurred for the
six-month period as costs rose with the increase in building-related activity
at various sites. In the first half of 2003, non-recurring income items
allowed the Company to report a net profit of $57,668, or $0.01 a share.
Steven H. Davis, President and CEO, said, "During the second quarter, 12 units
were closed at Site I of the Westminster development, which was somewhat above
earlier estimates." Further, he stated, "Construction of all 23 units at Site
I has been completed, and prep work at Sites II and III has also been finished. Final details regarding the construction bid, bank financing, and City of
Westminster approvals for these sites are near completion. Meanwhile,
remediation work at the Aurora site, which will contain 54 multifamily units,
should be completed this month." CET Services, Inc. is engaged in niche market property development in urban
areas with a preference for projects requiring some degree of remediation.
CET Services, Inc. Three Months Ended June 30, 2004 (unaudited) 2004 2003
Revenues $2,248,649 $151,376
Net Income (Loss) $(189,709) $210,699
Loss Per Share
Basic & Diluted ($.03) $.04
Weighted Average
Shares Outstanding
Basic & Diluted 5,554,489 5,758,490
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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