Published:
Commodore Applied Technologies, Inc. Reports Second Quarter 2005 Results
Announces Progress on EDAM Contract
Competes for Additional Contracts
Commodore Applied Technologies, Inc. (OTC BB: CXII) today announced financial results for the three and six months ended
June 30, 2005 (see table below).
Commodore Applied Technologies, Inc. and Subsidiaries
Condensed, Consolidated Statements of Operations
(Unaudited - dollars in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2005 2004 2005 2004
------ ------ ------ ------
Revenues $2,733 $112 $4,359 $294
Loss from
Operations ($305) ($681) ($634) ($1,267)
Net Loss ($507) ($778) ($984) ($1,447)
Net Loss Per
Share - Basic
and Diluted ($0.00) ($0.01) ($0.01) ($0.01)
Weighted Average
Number of Shares
Outstanding -
Basic and
Diluted 148,848 127,235 140,416 123,921
Commodore's Chairman and CEO Mr. Shelby Brewer stated, "I am pleased with
the steady improvement in our financial performance over the past six
months -- our wholly owned subsidiary Commodore Advanced Sciences is now
profitable owing largely to our contract with Bechtel Jacobs at Oak Ridge
for environmental monitoring and data management (EDAM). This contract has
grown in scope significantly beyond our original expectations."
Brewer continued: "As we have noted in earlier statements, we are rolling
out this engineering service to other Department of Energy and Department
of Defense sites. We have bid, again with SAIC, a similar scope to the
Department of Energy's Idaho Site."
Brewer continued: "It has been my experience, both as a contractor and a
buyer, that once present on a site, other related or non-related work
flows, provided that value is added. A company such as Commodore becomes a
member of a 'family' of contractors serving that site. This has been true
at Oak Ridge. It is our intent to penetrate this threshold at Idaho and
other Energy Department sites. Site presence and operations also serves as
a 'wicking agent' for our SET(TM) applications."
Commodore Applied Technologies, Inc. is a diverse technical solutions
company focused on high-end environmental markets. The Commodore family of
companies includes subsidiaries Commodore Solution Technologies and
Commodore Advanced Sciences. The Commodore companies provide technical
engineering services and patented remediation technologies designed to
treat hazardous waste from nuclear and chemical sources. More information
is available on the Commodore web site at www.commodore.com.
This Press Release contains forward-looking statements that are based on
our current expectations, beliefs and assumptions about the industry and
markets in which Commodore Applied Technologies, Inc. and its subsidiaries
operate. Such forward-looking statements involve known and unknown risks,
uncertainties, and other factors that may cause Commodore's actual results
to be materially different from any future results expressed or implied by
these statements. Actual results may differ materially from what is
expressed in these statements, and no assurance can be given that Commodore
can successfully implement its core business strategy and improve future
earnings.
The factors that may cause Commodore's actual results to differ from its
forward-looking statements include: Commodore's current critical need for
additional cash to sustain existing operations and meet ongoing existing
obligations and capital requirements; Commodore's ability to implement its
commercial waste processing operations, including obtaining commercial
waste processing contracts and processing waste under such contracts in a
timely and cost-effective manner; the timing and award of contracts by the
U.S. Department of Energy for the clean-up of waste sites administered by
it; the acceptance and implementation of Commodore's waste treatment
technologies in the government and commercial sectors; and other large
technical support services projects. All forward-looking statements are
also expressly qualified in their entirety by the cautionary statements
included in Commodore's SEC filings, including its quarterly reports on
Form 10-Q and its annual report on Form 10-K.
Distributed by Market Wire
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Tags: ,Energy and Utilities:Nuclear Environment:HazardousMaterialsManagement;FinancialServices:InvestmentServicesandTrading;Government:National;,NY,NEW YORK, NY
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