PDG weiterhin auf buy! KZ 1,1€
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PDGE 1.07 0.04
PDG Environmental Awarded Contracts Worth $7.5 Million
PDG Environmental, Inc. (OTC BB: PDGE), a leading provider of environmental remediation and specialty contracting services, announced today that it has been awarded a number of contracts valued, in aggregate, at $7.5 million. Of the total, approximately $4.0 million of these awards are for reconstruction, mold remediation, and restoration projects in several states – Pennsylvania, Mississippi, California, Arizona, and Texas. The contracts include apartment complexes, schools, and commercial facilities, with most of the work to be completed in the second and third quarters of fiscal 2008. The company has also been awarded approximately $3.5 million in asbestos abatement projects in Pennsylvania, New York, West Virginia, and New Jersey, for industrial and commercial customers.
“As discussed on our first quarter conference call, we’ve seen good bidding activity across the board heading into the summer season,” said John Regan, chairman and chief executive officer. “Our reconstruction business, in particular, is building a strong backlog for the remainder of this fiscal year, and our asbestos operation remains healthy.”
About PDG Environmental
PDG Environmental, Inc., headquartered in Pittsburgh, PA, is a leading provider of specialty contracting services including asbestos abatement, mold remediation, emergency response, demolition and reconstruction to commercial, industrial and governmental clients nationwide. With over twenty years experience, PDG Environmental has offices nationwide capable of responding to customer requirements coast to coast. For additional information, please visit http://www.pdge.com.
Safe Harbor Statement under Private Securities Act of 1995: The statements contained in this release, which are not historical facts, may be deemed to contain forward-looking statements, including, but not limited to, deployment of new services, growth of customer base, and growth of service area, among other items. Actual results may differ materially from those anticipated in any forward-looking statement with regard to magnitude, timing or other factors. Deviation may result from risk and uncertainties, including, without limitation, the Company's dependence on third parties, market conditions for the sale of services, availability of capital, operational risks on contracts, and other risks and uncertainties. The Company disclaims any obligation to update information contained in any forward-looking statement.
PDG Environmental, Inc.
John C. Regan, Chairman & CEO
412-243-3200
or
Investor:
Lippert/Heilshorn & Associates, Inc.
Chris Witty, 212-201-6609
cwitty@lhai.com
Source: Business Wire (June 26, 2007 - 9:31 AM EDT)
News by QuoteMedia
www.quotemedia.com
PDGE 1.07 0.04
PDG Environmental Announces First Quarter Results
Return to Profitability on $21.7 Million in Revenue; Backlog Remains Strong
PDG Environmental, Inc. (OTC BB: PDGE), a leading provider of environmental remediation and specialty contracting services, today reported financial results for the first quarter ended April 30, 2007.
Revenue for the quarter was $21.7 million, up 32.6% from the $16.4 million reported in the first quarter of fiscal 2007. The increase primarily reflects the success of the company’s sales and marketing initiatives, along with increased demand for environmental remediation services nationwide. As a result of the rise in revenue, PDGE’s field margin increased to $6.5 million from $4.1 million last year, and field margin percentage expanded to 29.8% from 25.3% in the first quarter of fiscal 2007. EBITDA (earnings before interest, taxes, depreciation and amortization) improved to $1.3 million in the first quarter of 2008 versus a negative $(1.7) million for the comparable period in fiscal 2007. SG&A and other direct expenses totaled $5.6 million, or 25.7% of revenue, down from $5.9 million, or 36.2% of revenue, last year. The company reported after-tax income of $0.3 million, or $0.01 per diluted share, compared with an after-tax loss of $(2.2) million, or $(0.12) per diluted share, in the first quarter of fiscal 2007.
“As anticipated, the first quarter of fiscal 2008 marked our return to profitability, as our right-sizing efforts bore fruit and we continued to book contracts at a strong pace – again resulting in a backlog of over $51 million,” said John C. Regan, chairman and chief executive officer of PDG Environmental. “Our new CFO, Nick Battaglia, is taking a fresh look at the organization for additional cost-containment measures and other initiatives to improve our financial performance. The company’s sales and marketing efforts have led to new opportunities across the board, with our reconstruction division experiencing particularly strong demand heading into the second quarter. We are also preparing for an active hurricane season and are well positioned to take advantage of emergency response and reconstruction opportunities if they arise. Moving into the second and third quarters – traditionally our strongest – we are committed to growing the business organically while maintaining or reducing infrastructure costs and increasing field margins.”
Conference Call
PDG Environmental will host a conference call on June 14, 2007 at 11:00 a.m. Eastern. During the call, John C. Regan, Chairman and Chief Executive Officer, and Nick Battaglia, Chief Financial Officer, will discuss the Company’s quarterly performance and financial results. The telephone number for the conference call is (888) 804-7108.
Investors will be able to access an encore recording of the conference call for one week by calling (800) 642-1687, conference ID# 2983896. The encore recording will be available two hours after the conference call has concluded.
The company makes use of EBITDA (earnings before interest, taxes, depreciation and amortization) as a financial measure which it believes is a useful performance indicator. EBITDA is not a recognized term under generally accepted accounting principles, or "GAAP," and should not be considered as an alternative to net income/(loss) or net cash provided by operating activities, which are GAAP measures. A reconciliation of EBITDA to net income/(loss) appears at the end of this release, as do both actual results for the quarter and year-to-date periods.
About PDG Environmental
PDG Environmental, Inc., headquartered in Pittsburgh, PA, is a leading provider of specialty contracting services including asbestos abatement, mold remediation, emergency response, demolition and reconstruction to commercial, industrial and governmental clients nationwide. With over twenty years experience, PDG Environmental has 13 offices capable of responding to customer requirements coast to coast. For additional information, please visit www.pdge.com.
Safe Harbor Statement under Private Securities Act of 1995: The statements contained in this release, which are not historical facts, may be deemed to contain forward-looking statements, including, but not limited to, deployment of new services, growth of customer base, and growth of service area, among other items. Actual results may differ materially from those anticipated in any forward-looking statement with regard to magnitude, timing or other factors. Deviation may result from risk and uncertainties, including, without limitation, the company's dependence on third parties, market conditions for the sale of services, availability of capital, operational risks on contracts, and other risks and uncertainties. The company disclaims any obligation to update information contained in any forward-looking statement.
PDG ENVIRONMENTAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
April 30, January 31,
2007
2007
ASSETS (unaudited)
Current Assets
Cash and cash equivalents $ 70,000 $ 158,000
Contracts receivable, net 23,202,000 21,257,000
Costs and estimated earnings in excess of billings on uncompleted contracts
5,549,000 5,607,000
Inventories 588,000 553,000
Prepaid income taxes 41,000 271,000
Deferred income tax asset 915,000 915,000
Other current assets 933,000 534,000
Total Current Assets 31,298,000 29,295,000
Property, Plant and Equipment 11,523,000 11,352,000
Less: accumulated depreciation 9,063,000 8,795,000
2,460,000 2,557,000
Intangible Assets, net 5,227,000 5,416,000
Goodwill 2,619,000 2,651,000
Deferred Income Tax Asset 2,498,000 2,565,000
Contracts Receivable, Non Current 500,000 500,000
Other Assets 295,000 270,000
Total Assets
$ 44,897,000 $ 43,254,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable
$ 7,944,000 $ 7,403,000
Billings in excess of costs and estimated earnings on uncompleted contracts
2,915,000 3,421,000
Accrued liabilities 4,377,000 4,007,000
Current portion of long-term debt 331,000 322,000
Total Current Liabilities 15,567,000 15,153,000
Long-Term Debt 12,813,000 12,161,000
Mandatorily redeemable cumulative convertible Series C preferred stock 2,760,000 2,550,000
Total Liabilities 31,140,000 29,864,000
Commitments and Contingencies
Stockholders' Equity
Common stock 411,000 411,000
Common stock warrants 1,628,000 1,628,000
Paid-in capital 19,298,000 19,245,000
Accumulated deficit (7,542,000) (7,856,000)
Less treasury stock, at cost (38,000) (38,000)
Total Stockholders' Equity 13,757,000 13,390,000
Total Liabilities and Stockholders' Equity
$ 44,897,000 $ 43,254,000
PDG ENVIRONMENTAL, INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED OPERATIONS
(UNAUDITED)
For the Three Months Ended April 30,
2007
2006
Contract Revenues $ 21,700,000 $ 16,368,000
Job Costs 15,234,000 12,224,000
Field Margin 6,466,000 4,144,000
Other Direct Costs 2,773,000 2,998,000
Gross Margin 3,693,000 1,146,000
Selling, General and Administrative Expenses 2,814,000 2,932,000
Income (Loss) From Operations 879,000 (1,786,000)
Other Income (Expense):
Interest expense (271,000) (219,000)
Non-cash dividends and interest expense for accretion of discount on preferred stock (210,000) (784,000)
Non-recurring charge for employee fraud - (347,000)
Interest and other income 5,000 -
(476,000) (1,350,000)
Income (Loss) Before Income Taxes 403,000 (3,136,000)
Income Tax (Benefit) Provision 89,000 (976,000)
Net Income (Loss) $ 314,000 $ (2,160,000)
Earnings Per Common Share - Basic: $ 0.02 $ (0.12)
Earnings Per Common Share – Dilutive: $ 0.01 $ (0.12)
Average Common Shares Outstanding 20,502,191 18,268,000
Average Dilutive Common Stock Equivalents Outstanding 495,216 -
Average Common Shares and Dilutive Common Stock Equivalents Outstanding
20,997,407 18,268,000
PDG ENVIRONMENTAL, INC. AND SUBSIDIARIES
RECONCILIATION OF EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION ("EBITDA")
(UNAUDITED)
For the Three Months Ended April 30,
2007
2006
Net Income (Loss) $ 314,000 $ (2,160,000)
Income Tax Provision (Benefit) 89,000 (976,000)
Interest Expense 271,000 219,000
Non-cash dividends and interest expense for accretion of discount on preferred stock 210,000 784,000
Depreciation and Amortization 461,000 426,000
EBITDA $ 1,345,000 $ (1,707,000)
PDG Environmental, Inc.
John C. Regan, Chairman & CEO
412-243-3200
or
Investor:
Lippert/Heilshorn & Associates, Inc.
Chris Witty, 212-838-3777
cwitty@lhai.com
Source: Business Wire (June 14, 2007 - 8:04 AM EDT)
News by QuoteMedia
www.quotemedia.com
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Have a nice Day...nur noch 91 :-)