6.11.2003: Meldung: Ionics Reports Third Quarter and Nine-Month Results
Revenues for the first nine months of 2003 were $260.4 million compared to $235.9 million for the first nine months of 2002. The net loss for the first nine months of 2003 was $26.4 million, or $1.50 per share, compared to net income of $3.1 million, or $0.18 per share, for the first nine months of 2002. Ending backlog on September 30, 2003 was $332.7 million, compared to $388.5 million one year earlier and $346.1 million on June 30, 2003.
The results for the quarter included $12.7 million in goodwill impairment charges and $5.0 million in restructuring and impairment expense, which included $2.5 million for severance associated with the Company"s restructuring plan, and $2.5 million for asset impairment charges.
Also included in the results for the quarter were charges of $4.8 million related to a product retrofit program and charges of $1.7 million related to the Company"s decision to shut down its European Home Water business. Additionally, the Company incurred $0.8 million in charges associated with the decision to shut down operations in its Watertec Australia business, and $0.8 million in charges for the write-off of a receivable that is currently in litigation.
Due to the decision to divest the Company"s Elite Consumer Product business, the results for that business have been reflected as discontinued operations. This amounted to a tax-effected loss of $3.7 million for the quarter.
Ionics will host a conference call today, Tuesday, November 4, 2003 at 5:00PM, EST to discuss its third quarter financial results. This conference call will be accessible on the Company"s website at www.ionics.com/conference. A recorded replay of the conference call will also be accessible on our website for a two-week period. In addition, this press release will also be accessible on our website promptly following its issuance.
Ionics is a global separations technology company involved in the manufacture and sale of membranes, equipment, systems and services for the purification, disinfection, concentration and analysis of water, wastewater and ultrapure water. Over a period of more than 50 years, Ionics has built more desalination plants than any other company in the world. Ionics is a leader in the supply of world-class ultrapure water systems for the power and microelectronics industries, zero liquid discharge systems and in the measurement and analysis of both total organic carbon and boron. For additional information, please visit www.ionics.com.
For more information, contact:
Theodore G. Papastavros
Executive Vice President and Treasurer
Tel: (617) 673-4221