Thermo Fibergen Announces First Quarter Results

Apr 25, 2001, 01:00 ET from Thermo Electron Corporation

    BEDFORD, Mass., April 25 /PRNewswire/ -- Thermo Fibergen Inc. (Amex:   TFG),
 a Thermo Electron company, today reported revenues of $2,913,000 for the
 quarter ended March 31, 2001, compared with $2,733,000 for the same period
 last year. Net loss was $400,000, or $.03 per diluted share, versus net income
 of $278,000, or $.02 per diluted share, last year.
     "We made considerable progress in developing our fiber-based composites
 business in the first quarter," said Yiannis Monovoukas, president and chief
 executive officer of Thermo Fibergen. "We shipped soundwall and decking
 systems worth more than $900,000, and we continue to expand production
 capacity toward our goal of supporting $20 million in annualized revenues by
 the second half of the year. We are also designing additional composite
 building products, such as privacy fence components and systems and
 lightweight roofing tiles. We received the highest rating for fire resistance
 for our roofing tiles, and recently booked our first order for these products,
 which serve a $4 billion market."
 
     Consolidated Statement of Operations (Unaudited)
 
     (In thousands except per share amounts)
                                                       Three Months Ended
                                                 Mar. 31, 2001     Apr. 1, 2000
 
     Revenues                                        $2,913            $2,733
 
     Costs and Operating Expenses:
     Cost of revenues                                 2,502             1,666
     Selling, general, and administrative
      expenses                                        1,098             1,044
     Research and development expenses                  296               326
                                                      3,896             3,036
 
     Operating Loss                                    (983)             (303)
     Interest Income                                    216               655
 
     Income (Loss) Before Income Taxes and
      Minority Interest                                (767)              352
     Income Tax (Provision) Benefit                     307              (186)
     Minority Interest Income                            60               112
 
     Net Income (Loss)                                $(400)             $278
 
     Basic and Diluted Earnings (Loss) Per
      Share                                           $(.03)             $.02
 
     Weighted Average Shares:
       Basic                                         11,500            14,161
 
       Diluted                                       11,500            14,537
 
 
     Thermo Fibergen Inc. develops, produces, and markets fiber-based composite
 products primarily for the building industry, as well as agricultural
 carriers, oil and grease absorbents, and cat box fillers made from papermaking
 byproducts. Thermo Fibergen is a public subsidiary of Thermo Fibertek Inc.,
 another Thermo Electron company.
 
     The following constitutes a "Safe Harbor" statement under the Private
 Securities Litigation Reform Act of 1995: This press release contains forward-
 looking statements that involve a number of risks and uncertainties. Important
 factors that could cause actual results to differ materially from those
 indicated by such forward-looking statements are set forth under the heading
 "Forward-looking Statements" in Exhibit 13 to the company's annual report on
 Form 10-K for the year ended December 30, 2000. These include risks and
 uncertainties relating to: operating losses; ability to enter the composites
 market; limited composites manufacturer's experience; concentration of
 revenues; fiber-recovery and water-clarification systems; common stock
 redemption rights; the protection, defense, and use of proprietary technology
 and intellectual property; future capital needs, project financing, and
 dependence on capital markets; competition; environmental and regulatory
 risks; and commodity price risks.
 
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SOURCE Thermo Electron Corporation
    BEDFORD, Mass., April 25 /PRNewswire/ -- Thermo Fibergen Inc. (Amex:   TFG),
 a Thermo Electron company, today reported revenues of $2,913,000 for the
 quarter ended March 31, 2001, compared with $2,733,000 for the same period
 last year. Net loss was $400,000, or $.03 per diluted share, versus net income
 of $278,000, or $.02 per diluted share, last year.
     "We made considerable progress in developing our fiber-based composites
 business in the first quarter," said Yiannis Monovoukas, president and chief
 executive officer of Thermo Fibergen. "We shipped soundwall and decking
 systems worth more than $900,000, and we continue to expand production
 capacity toward our goal of supporting $20 million in annualized revenues by
 the second half of the year. We are also designing additional composite
 building products, such as privacy fence components and systems and
 lightweight roofing tiles. We received the highest rating for fire resistance
 for our roofing tiles, and recently booked our first order for these products,
 which serve a $4 billion market."
 
     Consolidated Statement of Operations (Unaudited)
 
     (In thousands except per share amounts)
                                                       Three Months Ended
                                                 Mar. 31, 2001     Apr. 1, 2000
 
     Revenues                                        $2,913            $2,733
 
     Costs and Operating Expenses:
     Cost of revenues                                 2,502             1,666
     Selling, general, and administrative
      expenses                                        1,098             1,044
     Research and development expenses                  296               326
                                                      3,896             3,036
 
     Operating Loss                                    (983)             (303)
     Interest Income                                    216               655
 
     Income (Loss) Before Income Taxes and
      Minority Interest                                (767)              352
     Income Tax (Provision) Benefit                     307              (186)
     Minority Interest Income                            60               112
 
     Net Income (Loss)                                $(400)             $278
 
     Basic and Diluted Earnings (Loss) Per
      Share                                           $(.03)             $.02
 
     Weighted Average Shares:
       Basic                                         11,500            14,161
 
       Diluted                                       11,500            14,537
 
 
     Thermo Fibergen Inc. develops, produces, and markets fiber-based composite
 products primarily for the building industry, as well as agricultural
 carriers, oil and grease absorbents, and cat box fillers made from papermaking
 byproducts. Thermo Fibergen is a public subsidiary of Thermo Fibertek Inc.,
 another Thermo Electron company.
 
     The following constitutes a "Safe Harbor" statement under the Private
 Securities Litigation Reform Act of 1995: This press release contains forward-
 looking statements that involve a number of risks and uncertainties. Important
 factors that could cause actual results to differ materially from those
 indicated by such forward-looking statements are set forth under the heading
 "Forward-looking Statements" in Exhibit 13 to the company's annual report on
 Form 10-K for the year ended December 30, 2000. These include risks and
 uncertainties relating to: operating losses; ability to enter the composites
 market; limited composites manufacturer's experience; concentration of
 revenues; fiber-recovery and water-clarification systems; common stock
 redemption rights; the protection, defense, and use of proprietary technology
 and intellectual property; future capital needs, project financing, and
 dependence on capital markets; competition; environmental and regulatory
 risks; and commodity price risks.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X14434481
 
 SOURCE  Thermo Electron Corporation

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