EARNINGS: Zenon finishes its best year to date with record breaking highs

March 10, 2005
See other financial results from SSWM Inc., Strategic Diagnostics, National Waterworks and Pall Corp...

March 9, 2005 (PRNewswire & Business Wire) -- The following financial results were announced recently for Zenon Environmental, Sub-Surface Waste Management, Strategic Diagnostics, National Waterworks and Pall Corp.

Zenon Environmental Inc., an Oakville, ON, Canada, innovator of membrane-based water filtration technologies for use worldwide, reported historical highs for the year ending Dec. 31 in revenue and profit, up 27% ($233.8 million) and 36% ($17.0 million) respectively over 2003 figures. Zenon (www.zenon.com) also recently agreed to acquire Alpha Plan GmbH and Saxonia BioTec GmbH, both of Germany.

Financial results for Carlsbad, Calif.-based Sub-Surface Waste Management Inc. (SSWM) showed revenues down 29% and operating expenses up by 13%, compared to the first quarter of the last fiscal year. However financing activities in the first quarter caused net working capital to increase by $120,588 and total shareholder equity to increase by $203,605 compared to the fiscal year end on Sept. 30. The company had revenues of $64,081 during the three months ended Dec. 31, compared to $90,092 for the same period in 2003. It incurred a net loss of $421,983 for the period. The decrease in revenues is due primarily to the nearing of completion of existing contracts in South Carolina. SSWM, a subsidiary of U.S. Microbics Inc. (www.bugsatwork.com), provides comprehensive civil and environmental engineering project management services including specialists to design, permit, build and operate environmental waste clean-up treatment systems using conventional, biological and filtration technologies.

Fourth quarter revenues were up 6.8% to $6.7 million at Newark, Del.'s Strategic Diagnostics Inc., a leading provider of biotechnology-based detection solutions for a broad range of food, water, agricultural, industrial, environmental applications. For the fiscal year ended Dec. 31, revenues were $24 million vs. $25.6 million in 2003, a drop of 6.1%. Fourth quarter net income was $666,000 compared to net loss of $1.7 million a year earlier. Full-year net income was $1.5 million, compared to a net loss of $854,000.
In water and environmental products, revenue increased 11% to $1.6 million for the quarter and fell by 11.4% to $6.1 million for the year.

Waco, Texas' National Waterworks Inc. (www.nationalwaterworks.com), a leading U.S. distributor of water and wastewater transmission products, reported net sales for the three months ended Dec. 31 increased $77.2 million, or 24%, to $399 million over the prior year period. Quarterly net income was $12.7 million vs. $8.2 million for the prior year period. Annual net sales increased $241 million, or 18.8%, to $1.52 billion from $1.28 billion, with net income of $51.2 million compared to $33.6 million a year earlier.

Pall Corp., of East Hills, N.Y., had second quarter sales of $469.5 million, up 9-1/2% from the same period last year. Reported earnings were $32 million compared to $24.9 million last year. For the six months ended Jan. 31, sales increased 10% to $884.2 million, with reported earnings of $53.7 million compared to $49.5 million in the prior year period. Within the General Industrial segment, water processing sales grew 24-1/2%. Pall (www.pall.com) is a global leader in the rapidly growing field of filtration, separations and purification, with its business is organized around two broad markets -- Life Sciences and Industrial. Total revenues for FY2004 were $1.8 billion.


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