EARNINGS: GE delivers strong first quarter 2005 financial results

GE achieved record first-quarter earnings of $4.0 billion, up 25% from $3.2 billion in first quarter 2004, on revenue growth of 19% to $39.8 billion, with 10% organic revenue growth and nine of 11 businesses delivering at least double-digit earnings growth. See other results also for Portola Packaging, EarthFirst Technologies, A.O. Smith Corp., PureCycle Corp. and Glacier Water Services...

FAIRFIELD, CT, April 15, 2005 (BUSINESS WIRE) -- The following financial results were announced recently starting with General Electric through Portola Packaging, EarthFirst Technologies, A.O. Smith Corp., PureCycle Corp. and Glacier Water Services.

General Electric (www.ge.com), with headquarters in Fairfield, Conn., achieved record first-quarter earnings of $4.0 billion, up 25% from $3.2 billion in first quarter 2004, on revenue growth of 19% to $39.8 billion, with 10% organic revenue growth and nine of 11 businesses delivering at least double-digit earnings growth, the company reported. At its GE Infrastructure unit, quarterly highlights included:
-- Completed the acquisitions of Ionics, Inc, a global leader in water purification, desalination and wastewater treatment technologies, and Edwards Systems Technology, a global leader in fire and life safety security systems.
-- Completed GE's first major water project in the Middle East, opening with partners Mohammed Abdulmohsin Al-Kharafi & Sons Co. and the Kuwaiti government the world's largest membrane-based water filtration system, which will purify more than one million gallons of wastewater each day for agricultural and industrial use.

San Jose, Calif.'s Portola Packaging Inc. (www.portpack.com) results for its second quarter of fiscal year 2005, ended February 28, included sales of $63.1 million vs. $54.2 million for the same quarter of the prior year. For the first six months of fiscal 2005, sales were $125.9 million vs. $114 million in FY2004, an increase of 10.4%. Portola -- a leading designer, manufacturer and marketer of tamper evident plastic enclosures and bottling equipment used in dairy, fruit juice, bottled water, sports drinks, institutional food products and other non-carbonated beverage products -- had a net loss of $5.2 million for the second quarter vs. a net loss of $10.8 million in 2004, and a net loss of $6.9 million for the first six months vs. a net loss of $11.8 million for the same period in fiscal 2004.

Reporting results for the fourth quarter and year-ended Dec. 31, 2004, EarthFirst Technologies Inc. (www.earthfirsttech.com), of Tampa, Fla., announced net income of $1,096,136 on revenue of $11,807,956 for the fourth quarter and a net loss of $2,266,989 on revenue of $15,314,892 for the year.

Bolstered by strong operating performance from its water heater business, Milwaukee, Wis.'s A.O. Smith Corp. (www.aosmith.com) reported first quarter earnings of $14.3 million, a 32% increase over last year. Revenues for the quarter ended March 31 were $409.2 million, lower than first quarter 2004 revenues of $416.5 million.

Pure Cycle Corp. (www.purecyclewater.com), of Thornton, Colo., posted a loss of $503,700 on revenues of $94,800 for the six months ended Feb. 28, compared to a loss of $239,000 on total revenues of $85,700 for same period in 2004. Pure Cycle owns water assets located in the Denver metropolitan area and on the western slope of Colorado, and provides water and wastewater services to customers there.

Vista, Calif.'s Glacier Water Services Inc. (www.glacierwater.com), reporting results for its fiscal year ended Jan. 2, reported quarterly revenues increased 3.4% to $18,137,000 compared to the same quarter a year ago. Annual revenues increased to $76,261,000, representing a 5.5% increase vs. last year. Quarterly income was $155,000 vs. $770,000 for the same period a year ago. For the year, income was relatively flat at $5,503,000 vs. $5,526,000 a year earlier. With approximately 15,300 machines in 39 states, Glacier is the leading provider of drinking water dispensed to consumers through self-service vending machines located at supermarkets and other retail locations.

For earlier EARNINGS reports, see:
*"EARNINGS: Amtrol net sales jump 7.2% in 2004" -- 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...
* "EARNINGS: Zenon finishes its best year to date with record breaking highs" -- See other financial results from SSWM Inc., Strategic Diagnostics, National Waterworks and Pall Corp...
* "EARNINGS: Gorman-Rupp among several firms enjoying record FY04 results" -- Financial reports include: 1) Gorman-Rupp pulls down record sales in FY2004; 2) York reports 'all-time high' results; 3) Synagro restates results, pays down debt on strong earnings; 4) Sales, income up at Watts, but error costs; 5) Roper Industries reports record full-year, quarterly figures; 6) Northwest Pipe Co. enjoys highest quarterly sales, earnings in history; 7) Rate relief helps Pennichuck Corp.; 8) Acquisitions drive Aqua America results; and 9) Lamson & Sessions turns loss into gain...

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