CET Environmental Services, Inc. Announces Fourth Quarter and Year End 2000 Financial Results

EPS Increased to $.17 in 2000 Compared to ($.51) in 1999



Apr 02, 2001, 01:00 ET from CET Environmental Services, Inc.

    ENGLEWOOD, Colo., April 2 /PRNewswire/ -- CET Environmental Services, Inc.
 (Amex:   ENV) announces net revenues, net income, and earnings per share for the
 three months and year ended December 31, 2000.
     Net revenues for the three months ended December 31, 2000, were $6,574,967
 as compared to $7,802,039 for the same period in 1999.  Net income for the
 three months ended December 31, 2000, was $58,198, or $.01 per share as
 compared to $124,457, or $.02 per share for the same period in 1999.
     Net revenues for the year ended December 31, 2000, were $24,441,671 as
 compared to $43,189,319 for the same period in 1999.  Net income for the year
 ended December 31, 2000, was $1,040,576 or $.17 per share, as compared to net
 loss of ($3,176,757), or ($.51) per share for the same period in 1999.
     Steve Davis, CEO and President, said, "This past year has seen our Company
 project revenues decrease by 43% due to several factors including a reduction
 in the volume of EPA remediation work performed and the effects of the closure
 of several Company satellite offices in late 1999.  However, even though
 project revenues for 2000 decreased with a corresponding operating loss, we
 are pleased to report that we dramatically reduced the percentage of loss
 based on project revenues.  We plan to continue this focus on improved project
 margins, cost reductions, and administrative efficiencies that proved
 effective in 2000.  This will allow CET to concentrate our efforts on building
 our water/wastewater business, as well as remain active in the environmental
 remediation industry."
     The Company produced significant accomplishments in 2000.
 
     --  Successfully executed the third option period with the Environmental
         Protection Agency (EPA) to provide environmental services for
         Regions 6, 8 and 9.  The period of the contract ran from January 9,
         2000 through January 8, 2001.  During this third option period, the
         EPA was empowered to issue delivery orders for up to $42 million in
         value; actual revenues for the period were $13.1 million.
 
     --  In March, the Company entered into an Asset Purchase Agreement with
         Cape Environmental Management, Inc. covering certain assets and the
         assignment of certain non-EPA government contracts and liabilities
         associated with the Tustin (CA) operations.  The Company realized a
         gain of $1.3 million and retained approximately $1.3 million of the
         Tustin assets, primarily consisting of receivables recorded through
         the May closing date.
 
     --  The Company successfully executed remediation and development
         activities for Remediation Financial, Inc. (RFI) at a former
         explosives manufacturing site in Hercules, CA and "Brownfield" work on
         the Santa Clarita project on a purchase order basis.  The combined
         revenues from the two RFI projects accounted for approximately 32% of
         total revenues for 2000.  During the third quarter 2000, the Company
         encountered collection problems with RFI, the severity of which caused
         the Company to suspend work at the Santa Clarita site.  Shortly
         thereafter, RFI presented the Company with termination notices for
         both the Hercules and Santa Clarita projects.  The Company is pursuing
         recourse under a Deed of Trust related to the Hercules project and the
         filings of a mechanics' lien on the Santa Clarita project.  The RFI
         receivables amount to approximately $6.1 million.
 
     --  In January 2000, the Company satisfied the repayment terms of its line
         of credit with the National Bank of Canada, which has now released all
         claims against the Company.  The Company also obtained a $1 million
         revolving line of credit with Compass Bank (formerly FirsTier Bank)
         secured by the assets of the Company.
 
     --  The Board of Directors authorized the repurchase of up to 100,000
         shares of the Company's common stock through open market purchases.
         As of March 15, 2001, 18,100 shares of common stock have been
         repurchased under this authorization.
 
     Mr. Davis concluded, "Our working capital position remains strong, our
 banking relationship is in place, and we are continuing to pursue resolution
 of our dispute with RFI.  Due to the hard work and dedication of our
 outstanding employees, we are well positioned to take advantage of expansion
 opportunities."
     CET conducts business in three primary areas: government programs,
 industrial services, and water/wastewater treatment.  The Company provides a
 broad range of expertise in technology-based environmental services for both
 the public and private sectors throughout the United States.
 
 
                        CET Environmental Services, Inc.
 
                                  Three Months              Year Ended
                                  Ended 12/31               Ended 12/31
                               2000         1999         2000          1999
     Revenues              $6,574,967   $7,802,039   $24,441,671   $43,189,319
     Net Income (Loss)        $58,198     $124,457    $1,040,576   $(3,176,757)
     Earnings (Loss)
      Per Share
         Basic & Diluted         $.01         $.02          $.17         ($.51)
     Weighted Average
     Shares Outstanding
         Basic & Diluted    6,275,051    6,282,346     6,275,051     6,282,346
 
     For more Company information, visit their web site at
 www.cetenvironmental.com.
 
     The information provided in this Press Release contains forward-looking
 statements that involve risks and uncertainties. Statements made in this Press
 Release that are not historical facts are forward looking statements that are
 subject to the safe harbor created by the Private Securities Litigation Reform
 Act of 1995.
 
      For More Information, Contact:
      Steve H. Davis, President and CEO
      (720) 875-9115
 
      Jim Drewitz, Investor Relations
      (972) 355-6070
 
 

SOURCE CET Environmental Services, Inc.
    ENGLEWOOD, Colo., April 2 /PRNewswire/ -- CET Environmental Services, Inc.
 (Amex:   ENV) announces net revenues, net income, and earnings per share for the
 three months and year ended December 31, 2000.
     Net revenues for the three months ended December 31, 2000, were $6,574,967
 as compared to $7,802,039 for the same period in 1999.  Net income for the
 three months ended December 31, 2000, was $58,198, or $.01 per share as
 compared to $124,457, or $.02 per share for the same period in 1999.
     Net revenues for the year ended December 31, 2000, were $24,441,671 as
 compared to $43,189,319 for the same period in 1999.  Net income for the year
 ended December 31, 2000, was $1,040,576 or $.17 per share, as compared to net
 loss of ($3,176,757), or ($.51) per share for the same period in 1999.
     Steve Davis, CEO and President, said, "This past year has seen our Company
 project revenues decrease by 43% due to several factors including a reduction
 in the volume of EPA remediation work performed and the effects of the closure
 of several Company satellite offices in late 1999.  However, even though
 project revenues for 2000 decreased with a corresponding operating loss, we
 are pleased to report that we dramatically reduced the percentage of loss
 based on project revenues.  We plan to continue this focus on improved project
 margins, cost reductions, and administrative efficiencies that proved
 effective in 2000.  This will allow CET to concentrate our efforts on building
 our water/wastewater business, as well as remain active in the environmental
 remediation industry."
     The Company produced significant accomplishments in 2000.
 
     --  Successfully executed the third option period with the Environmental
         Protection Agency (EPA) to provide environmental services for
         Regions 6, 8 and 9.  The period of the contract ran from January 9,
         2000 through January 8, 2001.  During this third option period, the
         EPA was empowered to issue delivery orders for up to $42 million in
         value; actual revenues for the period were $13.1 million.
 
     --  In March, the Company entered into an Asset Purchase Agreement with
         Cape Environmental Management, Inc. covering certain assets and the
         assignment of certain non-EPA government contracts and liabilities
         associated with the Tustin (CA) operations.  The Company realized a
         gain of $1.3 million and retained approximately $1.3 million of the
         Tustin assets, primarily consisting of receivables recorded through
         the May closing date.
 
     --  The Company successfully executed remediation and development
         activities for Remediation Financial, Inc. (RFI) at a former
         explosives manufacturing site in Hercules, CA and "Brownfield" work on
         the Santa Clarita project on a purchase order basis.  The combined
         revenues from the two RFI projects accounted for approximately 32% of
         total revenues for 2000.  During the third quarter 2000, the Company
         encountered collection problems with RFI, the severity of which caused
         the Company to suspend work at the Santa Clarita site.  Shortly
         thereafter, RFI presented the Company with termination notices for
         both the Hercules and Santa Clarita projects.  The Company is pursuing
         recourse under a Deed of Trust related to the Hercules project and the
         filings of a mechanics' lien on the Santa Clarita project.  The RFI
         receivables amount to approximately $6.1 million.
 
     --  In January 2000, the Company satisfied the repayment terms of its line
         of credit with the National Bank of Canada, which has now released all
         claims against the Company.  The Company also obtained a $1 million
         revolving line of credit with Compass Bank (formerly FirsTier Bank)
         secured by the assets of the Company.
 
     --  The Board of Directors authorized the repurchase of up to 100,000
         shares of the Company's common stock through open market purchases.
         As of March 15, 2001, 18,100 shares of common stock have been
         repurchased under this authorization.
 
     Mr. Davis concluded, "Our working capital position remains strong, our
 banking relationship is in place, and we are continuing to pursue resolution
 of our dispute with RFI.  Due to the hard work and dedication of our
 outstanding employees, we are well positioned to take advantage of expansion
 opportunities."
     CET conducts business in three primary areas: government programs,
 industrial services, and water/wastewater treatment.  The Company provides a
 broad range of expertise in technology-based environmental services for both
 the public and private sectors throughout the United States.
 
 
                        CET Environmental Services, Inc.
 
                                  Three Months              Year Ended
                                  Ended 12/31               Ended 12/31
                               2000         1999         2000          1999
     Revenues              $6,574,967   $7,802,039   $24,441,671   $43,189,319
     Net Income (Loss)        $58,198     $124,457    $1,040,576   $(3,176,757)
     Earnings (Loss)
      Per Share
         Basic & Diluted         $.01         $.02          $.17         ($.51)
     Weighted Average
     Shares Outstanding
         Basic & Diluted    6,275,051    6,282,346     6,275,051     6,282,346
 
     For more Company information, visit their web site at
 www.cetenvironmental.com.
 
     The information provided in this Press Release contains forward-looking
 statements that involve risks and uncertainties. Statements made in this Press
 Release that are not historical facts are forward looking statements that are
 subject to the safe harbor created by the Private Securities Litigation Reform
 Act of 1995.
 
      For More Information, Contact:
      Steve H. Davis, President and CEO
      (720) 875-9115
 
      Jim Drewitz, Investor Relations
      (972) 355-6070
 
 SOURCE  CET Environmental Services, Inc.