ALEXANDRIA, Va., April 15, 2002 (PRIMEZONE) -- Commodore Applied Technologies, Inc. (AMEX:CXI) (AMEX:CXI.WS) today announced audited financial results for the fiscal year ended December 31, 2001.
Condensed Statement of Operations (Audited)
Fiscal Year Ended December 31,
2001 2000
----------- -----------
Revenues $10,551,000 $20,631,000
Net Loss (6,554,000)a (11,441,000)b
Net Loss Per Share -
Basic and Diluted (.13) (.34)
Weighted Average Number
of Shares Outstanding 53,241,000 35,856,000
a) Includes $1.40 million loss pertaining to an impairment
reserve relating to equipment and patents.
b) Includes $6.59 million loss pertaining to an impairment reserve
for goodwill relating to the acquisition of Advanced
Sciences, Inc. (ASI).
Commodore Applied Technologies, Inc. and
Subsidiaries
Condensed, Consolidated Statements of Operations
(Unaudited)
Adjusted for Non-Cash Expenses
Year ended December 31, 2001
Revenues $ 10,551,000
Net Income (loss) $ (6,554,000)
Net Income (loss) per share $ (0.13)
Non-Cash and Imputed Interest Charges
Imputed Interest DRM Acquisition 1,716,000
Other Imputed Interest 167,000
Goodwill & Non-Compete Amortization 1,792,000
Other Depreciation and Amortization 699,000
Discounts on Notes Payable 82,000
Impairment on Assets 1,403,000
Loss from Unconsolidated Subsidiary 295,000
Discount on Additional Warrants
Associated w/ Debt 105,000
Total Non-Cash and Imputed Interest Charges 6,259,000
Net Income (Loss) Excluding Non-Cash Charges $ (295,000)
Net Income (Loss) per Share Excluding
Non-Cash Charges $ (0.00)
Commodore Applied Technologies, Inc. is a diverse technical and financial solutions company focused on high-end environmental markets. The Commodore family of companies includes subsidiaries Commodore Solution Technologies, Commodore Advanced Sciences and Dispute Resolution Management. The Commodore companies provide negotiated financial solutions, technical engineering services and patented remediation technologies designed to treat hazardous waste from nuclear and chemical sources. More information is available on the Commodore Web site at www.commodore.com and on the DRM Web site at www.drmworld.com.
This press release contains forward-looking statements that are based on our current expectations, beliefs and assumptions about the industry and markets in which Commodore Applied Technologies, Inc. and its subsidiaries operate. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Commodore's actual results to be materially different from any future results expressed or implied by these statements. Actual results may differ materially from what is expressed herein and no assurance can be given that the Company can successfully implement its core business strategy and improve future earnings.
Such factors include the following: the Company's current critical need for additional cash to sustain existing operations and meet ongoing existing obligations and capital requirements; the Company's dependence on its subsidiary, Dispute Resolution Management (DRM), to meet its cash needs; the Company's need to raise additional capital to meet obligations to the former shareholders of DRM or renegotiate such obligations; the Company's ability to implement its commercial waste processing operations, including obtaining commercial waste processing contracts and processing waste under such contracts in a timely and cost-effective manner; the timing and award of contracts by the U.S. Department of Energy for the cleanup of waste sites administered by it; the Company's ability to integrate acquired companies; the acceptance and implementation of the Company's waste treatment technologies in the government and commercial sectors; and other large technical support services projects. All forward-looking statements are also expressly qualified in their entirety by the cautionary statements included in the Company's SEC filings, including its quarterly reports on Form 10-Q and its annual report on Form 10-K.