WEST CHESTER, Pa., June 5, 2002 -- Roy F. Weston Inc. recently announced a corporate name change to Weston Solutions Inc. Building upon its 45-year legacy as a leading national environment and redevelopment firm, the name change is the final step in the Company's transition to become an employee-ownership company.
At a company-wide meeting recently, Chief Executive William L. Robertson and President and Chief Operating Officer Patrick G. McCann outlined a long-term corporate mission to restore resource efficiency to its clients' operations, solving the most difficult emerging, complex problems relating to the environment and redevelopment.
States Robertson, "Changing our corporate name to Weston Solutions reflects the dramatic change in structure and performance our company has undergone in the past few years. It builds on our solid reputation while capturing the essence of our client commitment."
"Since we went private last June, we have successfully completed our transition from a publicly held company," Robertson continued. "As a growing and financially stable company, we are now well-positioned to serve our clients over the long haul. As an employee-ownership company, Weston Solutions offers teams of talented people dedicated to long-term win-win relationships with our clients. We remain confident that our new corporate identity and strategic focus will offer exceptional value to our clients as we work together to solve the newest challenges this millennium holds."
McCann continued, "We are very pleased with the continued improvement in operating performance that WESTON has experienced over the last few years. This provides a strong financial foundation for additional growth." Recent performance highlights include the following:
* 2001 EBITDA (earnings before interest, taxes, depreciation, and amortization), a commonly used measure of cash flow, increased more than 30% last year, almost doubling in the past two years.
* Contract backlog is up 10% in the past year and net revenue is projected to grow 12% in 2002.
* WESTON's financial liquidity and leverage are better than planned due to significant improvement in cash flow. The Company projects that by the end of the second quarter it will have reduced debt by almost 30% since going private only one year ago.
* Due to strong operating results and faster-than-expected debt reduction, the Company's 2001 year-end appraised value increased by 35% in its first seven months as a private employee-ownership Company.
Weston Solutions, Inc. is an environment and redevelopment firm, delivering comprehensive solutions to complex problems for industry and government worldwide.
The company's services encompass environmental remediation, redevelopment, and management and compliance. Its emphasis on restoring resource efficiency to its clients' operations - including land, air, water, facilities, and staff - ensures that clients derive maximum value from their resources.
For more information, visit the WESTON web site at http://www.westonsolutions.com.
