EARNINGS: Amtrol net sales jump 7.2% in 2004

April 3, 2005
See other results also for Artesian Resources, Robbins & Myers Inc., Layne Christensen Co., JMAR Technologies Inc., SABESP, BioRem Inc., American States Water Co., and Southwest Water Co...

April 1, 2005 (PRNewswire-FirstCall/Business Wire) -- The following financial results were announced recently for Amtrol Inc., Artesian Resources Corp., Robbins & Myers Inc., Layne Christensen Co., JMAR Technologies Inc., SABESP, BioRem Inc., American States Water Co., and Southwest Water Co.

Amtrol Inc. (www.amtrol.com), of West Warwick, R.I., reported 2004 net sales of $198.4 million, an increase of $13.4 million or 7.2% over 2003. Earnings before interest, taxes, depreciation and amortization (EBITDA) was $25.5 million or 12.9% of net sales, compared to $21.8 million or 11.8% of net sales in 2003. The company had a net loss in 2004 of $22.2 million vs. a net loss of $1.7 million in 2003. Gross profit for 2004 increased $6.0 million or 14.8% from 2003. As a percentage of net sales, gross profit percentage for 2004 increased from 21.8% in 2003 to 23.3% in 2004. The company is a leading international producer and marketer of flow and expansion control products, water heaters and cylinders for a variety of gases. The Company's major products include pressure tanks used in water well, hydronic heating and potable hot water applications, indirect-fired water heaters, and both LPG and disposable refrigerant gas cylinders.

Newark, Del.'s Artesian Resources Corp. reported revenues for 2004 were $39.6 million, up 9.1% from $36.3 million in 2003. Net income available to common stockholders was $4.4 million, compared to $3.8 million last year, a 14.4% increase. Artesian Resources, through its wholly owned subsidiary Artesian Water Company (www.artesianwater.com), is the largest investor-owned regulated public water utility in Delaware and has been providing water within the state since 1905.

Robbins & Myers Inc. (www.robbinsmyers.com), global supplier of highly-engineered, application-critical equipment and systems to the global pharmaceutical, energy, and industrial markets based in Dayton, Ohio, announced financial results for the second quarter of fiscal 2005, ended Feb. 28. Sales for the period totaled $145.6 million or $3.4 million higher than in the second quarter of fiscal 2004. Foreign currency exchange rates, principally the euro, favorably impacted second quarter sales. On a constant dollar basis, though, sales declined $0.6 million in the current quarter when compared with the prior year period. Second quarter net income was $1.1 million vs. $0.3 million in FY2004. For the six month period, sales increased to $278.1 million, an increase of $3.4 million over 2004. On a constant dollar basis excluding currency effects, sales declined by $6.0 million in the current six months over 2004 figures.

Layne Christensen Co. (www.laynechristensen.com), of Mission Woods, Kan., reported total revenues increased 26.2% for the year to $343.5 million, up across all divisions. Net income for the fiscal year ended Jan. 31 was $9,754,000, compared to $2,651,000 last year. Water resources revenues increased 17% to $198,475,000 from $169,631,000 in FY2004. The increase in revenues was attributable to the increased infrastructure needs as a result of population expansion in metropolitan areas, primarily the western United States, improvements in municipal spending in certain regions and the results of the Company's water treatment initiatives.

San Diego's JMAR Technologies Inc. (www.jmar.com) released financial results for the 12 months ended Dec. 31 of $10,059,839 in revenues vs. $17,296,508 for 2003. The net loss for the year was $5,632,140, compared to a net loss in FY2003 of $3,278,463. For the quarter, JMAR reported revenues of $1,755,289, a decline from revenues of $3,570,210 in the same period of 2003. It suffered a net loss for the quarter of $2,194,704 vs. a net loss of $410,461 a year earlier. Among technologies JMAR develops are included manufacture and marketing of its BioSentryTM microorganism early warning system and maintains a strategic alliance for the production of the READ chemical sensor for homeland security, environmental and utility infrastructure industries.

SABESP -- Cia. de Saneamento Basico do Estado de Sao Paulo -- (www.sabesp.com.br), the largest water and sewage utility company in the Americas and the third largest in the world according to number of customers, reported net income in the fourth quarter of 2004 of R$235.3 million [US$87.78 million], a 4.9% increase over 2003 figures.

Williamsville, N.Y.'s CVF Technologies Corp. (www.cvfcorp.com) holding BioRem Inc. (www.biorem.biz) has set new records in 2004, with sales up 15% to CDN$9,934,000 [US$8.19 million] and net earnings of CDN$972,000 [US$801,187] up 20% over 2003 before tax loss carry forward adjustments. BioRem Inc., through its wholly owned subsidiary, BioRem Technologies Inc., manufactures BioSorbensTM biofilter media and is a leading supplier of biofilters for air pollution control in municipal and industrial applications including the BasysTM modular and BioFiltairTM field erected systems.

American States Water Co., based in San Dimas, Calif., reported FY2004 total operating revenues of $228.0 million for the twelve months ended Dec. 31, 2004, increased by $15.3 million compared to operating revenues of $212.7 million recorded for the twelve months of 2003. Of the total increase in revenues, water revenues increased by 7.2% due largely to rate increases of about $11.0 million for nearly all of its Southern California Water Company's water customers in 2004. Electric revenues increased by 4.5% due to increased customer usage. Total operating revenues for the fourth quarter were $53.0 million, up by $2.5 million from 4Q figures in 2003.

Los Angeles' Southwest Water Company (www.swwc.com) reported revenues of $188.0 million and net income of $4.5 million for the year ended Dec. 31. This compares with revenues of $173.0 million and net income of $7.2 million for 2003. The increase in revenues in 2004 was driven principally by its July 2004 acquisition of Monarch Utilities Inc., increased water utility rates in California and Texas, and organic revenue growth in the Services Group compared with 2003. This helped to compensate for a $5.8 million reduction in construction-related revenue from the water treatment plant project in San Juan Capistrano, Calif.


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