Commodore Applied Technologies Reports Fourth Quarter, Year End Results

Apr 16, 2001, 01:00 ET from Commodore Applied Technologies, Inc.

    ALEXANDRIA, Va., April 16 /PRNewswire/ --
 Commodore Applied Technologies, Inc. (Amex:   CXI, CXI.WS), today announced
 audited financial results for the fiscal year ended December 31, 2000.
 (See Table)
 
                  Condensed Statement of Operations (Audited)
                         Fiscal Year Ended December 31,
 
                                                       2000             1999
     Revenues                                      $20,631,000(a)  $18,147,000
 
     Net Loss                                     (11,441,000)(b)  (3,985,000)
 
     Net Loss Per Share -
      Basic and Diluted                                 (.34)            (.16)
 
     Weighted Average Number
      of Shares Outstanding                        35,866,000       24,819,000
 
     (a) Includes revenues from Dispute Resolution Management, Inc. (DRM) from
         Sept. 1 through Dec. 31, 2000.
     (b) Includes $6.59 million loss pertaining to an impairment reserve for
         goodwill relating to the acquisition of Advanced Sciences, Inc. (ASI).
 
     Shelby T. Brewer, Chairman and CEO of Commodore said, "The 4th quarter
 results show that positive earnings were accomplished on current operations if
 one removes all of the non-cash charges.  This marks a milestone in the
 Company's history."
     "The net loss for the year includes an asset impairment charge of
 $6.59 million resulting from the write off of goodwill associated with the
 prior acquisition of Advanced Sciences, Inc. in 1997.  We expect to soon
 report improved results for 1st quarter 2001 based on current operations,"
 stated Mr. Brewer.
     "Since becoming CEO in January 2001, I have established a course for
 concentrating on generating cash from operations (sales) as quickly as
 possible.  This means deploying SET(TM) machines on a toll-processing basis as
 quickly as possible.  In February 2001, we signed an agreement to process
 wastes at the Waste Control Specialists, Inc. site in Andrews, Texas.  We
 expect to have similar agreements in place during this calendar year.  Our
 plan also called for dramatic reductions in overhead, and de-emphasizing the
 pursuit of large, long term, politically and financially uncertain projects --
 objectives we have accomplished in the first quarter of this year."
     Mr. Brewer further noted that Commodore's 81%-owned subsidiary, Dispute
 Resolution Management, Inc. (DRM) had its most successful year ever in 2000.
 It contracted for more new engagements than in any year since DRM was formed
 in 1996 and it has doubled the number of professional personnel to handle the
 significant number of major new clients.  Mr. Brewer stated, "I credit the DRM
 founders, Mr. William Russell and Ms. Tamie Speciale, for DRM's success; they
 are two of the most results-driven managers I have seen in my business
 career."
     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, and a joint
 venture, Teledyne-Commodore, LLC.  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
 http://www.commodore.com and on the DRM web site at http://www.drmworld.com.
 
     These materials include "forward-looking statements."  These
 forward-looking statements can generally be identified as such because the
 context of the statement will include words such as the Company "believes,"
 "anticipates," "expects" or words of similar import.  Similarly, statements
 that describe the Company's projected future results, future plans, objectives
 or goals or future conditions or events are also forward-looking statements.
 Actual results are inherently difficult to predict.  Any such forward-looking
 statements are subject to the risks and uncertainties that could cause actual
 results of operations, financial condition, acquisitions, financing
 transactions, operations, expenditures, expansion and other events to differ
 materially from those expressed or implied in such forward-looking statements.
 Any such forward-looking statements would be subject to a number of
 assumptions regarding, among other things, future economic, competitive and
 market conditions generally.  Such assumptions would be based on facts and
 conditions as they exist at the time such statements are made as well as
 predictions as to future facts and conditions, the accurate prediction of
 which may be difficult and involve the assessment of events beyond the
 Company's control.  Further, the Company's business is subject to a number of
 risks that would affect any such forward-looking statements.  These risks and
 uncertainties include, but are not limited to, the ability of the Company to
 commercialize its technology; product demand and industry pricing; the ability
 of the Company to obtain patent protection for its technology; developments in
 environmental legislation and regulation; the ability of the Company to obtain
 future financing on favorable terms; and other circumstances affecting
 anticipated revenues and costs.  These risks and uncertainties could cause
 actual results of the Company to differ materially from those projected or
 implied by such forward-looking statements.  More information on factors that
 could potentially affect the Company's financial results is included in the
 Company's filings with the Securities and Exchange Commission, including its
 Annual Report on Form 10-K for the year ended December 31, 2000.  The Company
 intends to continue its practice of not updating forward-looking statements
 until its next quarterly results announcement, other than in publicly
 available statements.
 
 

SOURCE Commodore Applied Technologies, Inc.
    ALEXANDRIA, Va., April 16 /PRNewswire/ --
 Commodore Applied Technologies, Inc. (Amex:   CXI, CXI.WS), today announced
 audited financial results for the fiscal year ended December 31, 2000.
 (See Table)
 
                  Condensed Statement of Operations (Audited)
                         Fiscal Year Ended December 31,
 
                                                       2000             1999
     Revenues                                      $20,631,000(a)  $18,147,000
 
     Net Loss                                     (11,441,000)(b)  (3,985,000)
 
     Net Loss Per Share -
      Basic and Diluted                                 (.34)            (.16)
 
     Weighted Average Number
      of Shares Outstanding                        35,866,000       24,819,000
 
     (a) Includes revenues from Dispute Resolution Management, Inc. (DRM) from
         Sept. 1 through Dec. 31, 2000.
     (b) Includes $6.59 million loss pertaining to an impairment reserve for
         goodwill relating to the acquisition of Advanced Sciences, Inc. (ASI).
 
     Shelby T. Brewer, Chairman and CEO of Commodore said, "The 4th quarter
 results show that positive earnings were accomplished on current operations if
 one removes all of the non-cash charges.  This marks a milestone in the
 Company's history."
     "The net loss for the year includes an asset impairment charge of
 $6.59 million resulting from the write off of goodwill associated with the
 prior acquisition of Advanced Sciences, Inc. in 1997.  We expect to soon
 report improved results for 1st quarter 2001 based on current operations,"
 stated Mr. Brewer.
     "Since becoming CEO in January 2001, I have established a course for
 concentrating on generating cash from operations (sales) as quickly as
 possible.  This means deploying SET(TM) machines on a toll-processing basis as
 quickly as possible.  In February 2001, we signed an agreement to process
 wastes at the Waste Control Specialists, Inc. site in Andrews, Texas.  We
 expect to have similar agreements in place during this calendar year.  Our
 plan also called for dramatic reductions in overhead, and de-emphasizing the
 pursuit of large, long term, politically and financially uncertain projects --
 objectives we have accomplished in the first quarter of this year."
     Mr. Brewer further noted that Commodore's 81%-owned subsidiary, Dispute
 Resolution Management, Inc. (DRM) had its most successful year ever in 2000.
 It contracted for more new engagements than in any year since DRM was formed
 in 1996 and it has doubled the number of professional personnel to handle the
 significant number of major new clients.  Mr. Brewer stated, "I credit the DRM
 founders, Mr. William Russell and Ms. Tamie Speciale, for DRM's success; they
 are two of the most results-driven managers I have seen in my business
 career."
     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, and a joint
 venture, Teledyne-Commodore, LLC.  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
 http://www.commodore.com and on the DRM web site at http://www.drmworld.com.
 
     These materials include "forward-looking statements."  These
 forward-looking statements can generally be identified as such because the
 context of the statement will include words such as the Company "believes,"
 "anticipates," "expects" or words of similar import.  Similarly, statements
 that describe the Company's projected future results, future plans, objectives
 or goals or future conditions or events are also forward-looking statements.
 Actual results are inherently difficult to predict.  Any such forward-looking
 statements are subject to the risks and uncertainties that could cause actual
 results of operations, financial condition, acquisitions, financing
 transactions, operations, expenditures, expansion and other events to differ
 materially from those expressed or implied in such forward-looking statements.
 Any such forward-looking statements would be subject to a number of
 assumptions regarding, among other things, future economic, competitive and
 market conditions generally.  Such assumptions would be based on facts and
 conditions as they exist at the time such statements are made as well as
 predictions as to future facts and conditions, the accurate prediction of
 which may be difficult and involve the assessment of events beyond the
 Company's control.  Further, the Company's business is subject to a number of
 risks that would affect any such forward-looking statements.  These risks and
 uncertainties include, but are not limited to, the ability of the Company to
 commercialize its technology; product demand and industry pricing; the ability
 of the Company to obtain patent protection for its technology; developments in
 environmental legislation and regulation; the ability of the Company to obtain
 future financing on favorable terms; and other circumstances affecting
 anticipated revenues and costs.  These risks and uncertainties could cause
 actual results of the Company to differ materially from those projected or
 implied by such forward-looking statements.  More information on factors that
 could potentially affect the Company's financial results is included in the
 Company's filings with the Securities and Exchange Commission, including its
 Annual Report on Form 10-K for the year ended December 31, 2000.  The Company
 intends to continue its practice of not updating forward-looking statements
 until its next quarterly results announcement, other than in publicly
 available statements.
 
 SOURCE  Commodore Applied Technologies, Inc.