To: jeffrey rainey who wrote (43) | 10/29/1998 10:32:00 AM | From: jeffrey rainey | | |
Business Editors COLUMBIA, Md.--(BUSINESS WIRE)--Oct. 29, 1998-- Highlights -- 3rd Qtr 98 Net Earnings Increased 32% to $1.9 million -- 3rd Qtr 98 EPS $0.10 per share vs. $0.07 for 3rd Qtr 97 -- 3rd Qtr 98 Revenues Increased 8% to $39.4 million GTS Duratek (DRTK - Nasdaq) Thursday announced a 32% increase in net earnings for the three months ended Sept. 30, 1998 to $1,889,000, or $0.10 per share, as compared to $1,432,000, or $0.07 per share for the comparable period in 1997. Revenues for the quarter increased 8% to $39,391,000 as compared to $36,355,000 for the third quarter 1997. Commenting on the quarter, Robert E. Prince, president and CEO stated, "In terms of our processing operations, it appears that the streamlining and cost savings measures we implemented mid-year have begun to pay off. We believe changes in our approach to waste processing production and scheduling at our Bear Creek facility resulted in more flexibility and improved performance." "Our participation in the Hanford Tank Waste Remediation contract awarded to the BNFL team is now underway. Our efforts are initially being directed towards technology development support, pilot melter operations, full-scale melter system design and project staffing support. We believe this project will contribute approximately $17-$20 million to the Company's revenue stream in 1999." For the nine month period ended Sept. 30, 1998, net earnings were $2,813,000, or $0.12 per share, as compared to a net loss of ($2,234,000), or ($0.27) per share, for the nine months ended 1997. Revenues for the nine months ended 1998 were $115,432,000 as compared to $86,316,000 for the comparable period 1997. The year-to-date net loss for 1997 included a $5.2 million after tax charge the Company took in the first quarter of 1997 for losses on its Savannah River M-Area facility due to a decision to replace the melter box. Year-to-date revenues for 1998 increased by $29,116,000 over the same period in the prior year due primarily to revenues generated from the operations of The Scientific Ecology Group acquired in April of 1997. GTS Duratek provides services and implements proprietary technologies to protect people and the environment from the effects of radiation and other hazards. Major areas include: radioactive/hazardous waste stabilization, volume reduction, separation, recycling; extensive radioactive waste management; transportation; and radiological engineering services. The Company has included in its periodic filings under the Securities Exchange Act of 1934, including its Form 10-Q for the quarter ended June 30, 1998, pursuant to the "safe harbor" provisions contained in the Private Securities Litigation Reform Act of 1995, certain cautionary statements which are intended to identify certain important factors that could cause the Company's actual results to differ materially from those contained in forward-looking statements of the Company made by or on behalf of the Company. Reference is made to such statements for a complete discussion of those factors, which include the ability to manage the Company's commercial waste processing operations and to obtain additional waste processing contracts, the ability to extend the Savannah River M-Area contract, future awards by the DOE and other governmental agencies, public and political concerns surrounding radioactive waste clean-up efforts, and the timing of contract awards, extensions, and non-renewals in the technical support services area. Also, as stated herein, the timing of contracting efforts, and timing and success in new contract awards have affected period-to-period comparisons and are expected to do so in the future. -0- *T GTS DURATEK, INC. AND SUBSIDARIES CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended September 30, --------------------- 1998 1997 ---- ---- Revenues $39,390,989 $36,355,384 Cost of revenue 29,610,260 30,501,464 ----------- ----------- Gross profit 9,780,729 5,853,920 Selling, general and administrative expenses 6,394,003 4,428,846 --------- ---------- Income (loss) from operations 3,386,726 1,425,074 Interest income (expense), net (207,840) 51,779 ---------- ---------- Income (loss) before income taxes (benefit) and proportionate share of loss of joint venture 3,178,886 1,476,853 Income taxes (benefit) 1,240,044 - --------- ---------- Income (loss) before proportionate share of loss of joint venture 1,938,842 1,476,853 Proportionate share of loss of joint venture (50,000) (45,000) ---------- ---------- Net income (loss) 1,888,842 1,431,853 Preferred stock dividends and charges for accretion 376,770 375,951 --------- ---------- Net income (loss) attributable to common stockholders $1,512,072 $1,055,902 ========== =========== Basic net income (loss) per share $0.11 $0.08 ========== =========== Diluted net income (loss) per share $0.10 $0.07 ========== =========== Basic weighted average common stock outstanding 13,223,594 12,662,474 ========== =========== Diluted weighted average common stock and dilutive securities outstanding 20,838,002 19,644,644 ========== =========== Nine Months Ended September 30, --------------------- 1998 1997 ---- ---- Revenues $115,432,142 $86,316,446 Cost of revenue 91,108,701 79,273,311 ------------ ----------- Gross profit 24,323,441 7,043,135 Selling, general and administrative expenses 19,030,115 10,479,443 ------------ ----------- Income (loss) from operations 5,293,326 (3,436,308) Interest income (expense), net (463,240) 586,869 ------------- ----------- Income (loss) before income taxes (benefit) and proportionate share of loss of joint venture 4,830,086 (2,849,439) Income taxes (benefit) 1,867,500 (750,000) ------------- ----------- Income (loss) before proportionate share of loss of joint venture 2,962,586 (2,099,439) Proportionate share of loss of joint venture (150,000) (135,000) ------------- ----------- Net income (loss) 2,812,586 (2,234,439) Preferred stock dividends and charges for accretion 1,129,723 1,127,232 ------------- ----------- Net income (loss) attributable to common stockholders $1,682,863 ($3,361,671) ============= ============ Basic net income (loss) per share $0.13 ($0.27) ============= ============ Diluted net income (loss) per share $0.12 ($0.27) ============= ============ Basic weighted average common stock outstanding 12,955,053 12,553,551 ============= ============ Diluted weighted average common stock and dilutive securities outstanding 14,234,122 12,553,551 ============= ============ *T --30--SF/ph* CONTACT: GTS Duratek Diane R. Brown, Investor Relations Robert F. Shawver, Exec. V.P. 410/312-5100 - www.gtsduratek.com |
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To: jeffrey rainey who wrote (44) | 11/3/1998 12:46:00 PM | From: milt | | |
The company's 3Q report looked good, but did you notice the increase in dilutive shares from 14.3 million to 20.8 million? That worries me a bit and I haven't been able to find out what it's about. |
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To: jeffrey rainey who wrote (46) | 6/23/2001 9:46:47 AM | From: long-gone | | | Friday June 22, 6:07 pm Eastern Time Press Release SOURCE: Berman, DeValerio & Pease LLP Duratek, Inc. Accused of Defrauding Investors In Shareholder Class Action Brought by Berman DeValerio & Pease BALTIMORE, June 22 /PRNewswire/ -- Shareholders today filed a federal class-action lawsuit charging Duratek, Inc. (``Duratek'' or the ``Company'') (Nasdaq: DRTK - news) with securities fraud, the law firm Berman DeValerio & Pease LLP said.
Filed in the United States District Court for the District of Maryland, the case is captioned Michael J. Svezzese, Jr. v. Duratek, Inc., f/n/a GTS Duratek, Robert E. Prince, and Robert F. Shawver, Civil Action No. MJG 01- 1830. It seeks damages against the defendants for violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of all investors who bought Duratek common stock between March 9, 2000 and March 13, 2001 (the ``Class Period''). Copies of the complaint may be obtained from the clerk of the United States District Court for the District of Maryland during regular business hours at 101 West Lombard Street, Baltimore, MD 21201, (410) 962-2600.
You can also review the complaint and learn more about becoming a lead plaintiff by contacting the counsel listed below or by visiting our Website at www.bermanesq.com.
Berman DeValerio & Pease, which has offices in Boston and San Francisco, has represented defrauded investors in class actions for nearly two decades. The complaint accuses Duratek and two of its top officers with inflating the Company's stock price by issuing false and misleading financial statements for 1999 and the first three quarters of 2000. On March 14, 2001, Duratek admitted that additional burial and transportation costs would adversely affect the Company's fourth quarter and fiscal year 2000 financial results as well as the financial results for the first quarter of 2001. Moreover, the Company announced that a review of Duratek's commercial waste processing operations had indicated ``potentially negative variances in certain waste processing accounts.'' On April 18, 2001, the Company further announced that it was restating its previously reported consolidated financial results for 1999 and the first three quarters of 2000 to reflect a reconciliation that had not been previously been performed.
If you purchased Duratek, Inc. common stock during the period March 9, 2000, through March 13, 2001, you may wish to contact the following attorneys at Berman DeValerio & Pease to discuss your rights and interests:
N. Nancy Ghabai, Esq. Sara B. Davis, Esq. Jeffrey C. Block, Esq. Berman DeValerio & Pease One Liberty Square Boston, MA 02109 (800) 516-9926 bdplaw@bermanesq.com
You may also visit us at our website at www.bermanesq.com.
Plaintiffs do not believe that there are any conflicts that would prevent them from representing the entire Class. If you wish to apply to be lead plaintiff in this action, a motion must be filed on your behalf with the court no later than August 21, 2001. You may contact the attorneys at Berman DeValerio & Pease to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. To be a member of the class, however, you need not take any action at this time and you may retain counsel of your own choice.
With offices in Boston and San Francisco, Berman DeValerio & Pease LLP has prosecuted shareholder class actions since 1982, recovering more than $1 billion for investors. The firm has acted as lead counsel in numerous lawsuits involving violations of federal securities laws. It has successfully litigated these actions, and has been singled out for its excellence by many courts. The firm prides itself on its responsiveness to shareholders and their needs in each case.
SOURCE: Berman, DeValerio & Pease LLP biz.yahoo.com |
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To: milt who wrote (45) | 7/4/2001 5:52:03 PM | From: Traveling Man | | | Milt,
It could be because they give new employees 100 shares whenever they take over a new company. I know because they took over my old employer(Waste Management Nuclear Services) and gave me 100 shares recently.
TM |
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