11.08.04

11.8.2004: Meldung: Ionics, Inc.: Results for the Second Quarter and First Half of 2004

Ionics Reports Results for the Second Quarter and First Half of 2004
Monday August 9, 5:40 pm ET

WATERTOWN, Mass., Aug. 9 / -- Ionics, Incorporated (NYSE: ION - News) today filed its quarterly report on Form 10-Q, reporting results for the three and six-months periods ended June 30, 2004. Second quarter revenues were $125.8 million compared to $83.6 million for the second quarter of 2003. The net loss of $2.3 million, or ($0.10) per share, in Q2 2004 compared to a net loss of $4.9 million, or ($0.28) per share, for Q2 2003. The loss per share from continuing operations of ($0.07) in Q2 2004 compares to a loss per share of ($0.11) in Q2 2003. Excluding amortization of intangibles, net of tax, the results of continuing operations were break-even, compared to a loss per share of ($0.11) in the second quarter of 2003.

Revenues for the first half of 2004 were $231.5 million compared to $163.8 million for the first half of 2003. The net loss of $6.3 million, or ($0.29) per share, in the first half of 2004 compared to a net loss of $4.3 million, or ($0.25) per share, for the first half of 2003. The loss per share from continuing operations, of ($0.14) in the first half of 2004 compares to a loss per share of ($0.06) in the first half of 2003. Excluding amortization of intangibles, net of tax, the loss per share for continuing operations of ($0.05) compares to a loss per share of ($0.05) in the first half of 2003.

Income from continuing operations before income taxes and minority interest expense for the second quarter and for the first six months of 2004 was $3.3 million and $1.8 million, respectively. This compares to a loss from continuing operations before income taxes and minority interest expense for the second quarter and first six months of 2003 of ($2.9) million and ($1.3) million, respectively.

The results for the second quarter include a non-cash charge for the establishment of a deferred tax asset valuation allowance in the amount of $3.3 million, which equates to approximately $0.15 per share. Other items included in the results were $0.6 million of restructuring charges, and $0.9 million in systems development and Sarbanes-Oxley Section 404 preparedness charges.

Also included are the consolidated results of the Ecolochem Group (acquired on February 13, 2004), and Desalcott (Desalination Company of Trinidad and Tobago Ltd.), the Company"s 40%- owned joint venture in Trinidad. Desalcott"s results were included in the consolidated results of the Company in accordance with the provisions of FIN46. Ecolochem revenues for the quarter and the first half were $24.4 million and $36.3 million, respectively. Desalcott revenues for the quarter and for the first half were $7.5 million and $14.4 million, respectively.

For further information about the Company"s second quarter and first half 2004 financial results, please refer to the Company"s quarterly report on Form 10-Q.

Ionics will host a conference call tomorrow, Tuesday, August 10, 2004 at 10:00AM, EDT to discuss its second quarter financial results. This conference call will be accessible on the Company"s home page, at http://www.shareholder.com/ion/medialist.cfm. Recorded replays of the financial results conference call will be available on the web site for a one- week period beginning later that day.

About Ionics, Inc.

Ionics is a global leader in water purification and wastewater treatment. The Company has over 50 years of experience in the design, installation, operation and maintenance of water and wastewater treatment systems and is a leading provider of emergency and long-term water treatment services. More membrane-based desalination systems have been designed and built by Ionics than any other supplier worldwide. Ionics is also a leader in supplying zero- liquid-discharge systems, in providing ultrapure water systems for the power and microelectronics industries, and in the measurement and analysis of water impurities. The Company also supplies Point-of-Use and Point-of-Entry water treatment systems for commercial and residential applications. For more information, visit http://www.ionics.com.

Source: Ionics, Incorporated
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