-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WaxpbqfzDSjHZWR841fz+WLBIPS7WcakqxPqyTenmzOSkHbmbXFK0RubIZIYI3eQ oIAxHZboVE6XeOrTfjjHOA== 0000893220-99-001277.txt : 19991117 0000893220-99-001277.hdr.sgml : 19991117 ACCESSION NUMBER: 0000893220-99-001277 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991115 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTON ROY F INC CENTRAL INDEX KEY: 0000106473 STANDARD INDUSTRIAL CLASSIFICATION: HAZARDOUS WASTE MANAGEMENT [4955] IRS NUMBER: 231501990 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-04643 FILM NUMBER: 99752914 BUSINESS ADDRESS: STREET 1: 1 WESTON WAY STREET 2: C/O A FREDERICK THOMPSON CITY: WEST CHESTER STATE: PA ZIP: 19380-1499 BUSINESS PHONE: 6107013000 MAIL ADDRESS: STREET 1: 1 WESTON WAY STREET 2: C/O A FREDERICK THOMPSON CITY: WEST CHESTER STATE: PA ZIP: 19380-1499 10-Q 1 FORM 10-Q ROY F. WESTON, INC. 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1999 ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to --------- -------- Commission File No. 0-4643 ROY F. WESTON, INC. (Exact name of registrant as specified in its charter) PENNSYLVANIA 23-1501990 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1400 WESTON WAY, WEST CHESTER, PA 19380 (Address of principal executive offices) (Zip Code) (610)-701-3000 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- As of October 29, 1999, the registrant had outstanding 7,867,735 shares of Series A common stock and 2,089,019 shares of common stock. 2 Index Page ----- ---- Part I - Financial Information Item 1. Financial Statements: Consolidated Balance Sheets - September 30, 1999 and December 31, 1998 1-2 Consolidated Statements of Operations - Three Months Ended September 30, 1999 and 1998 3 Consolidated Statements of Operations - Nine Months Ended September 30, 1999 and 1998 4 Consolidated Statements of Cash Flows - Nine Months Ended September 30, 1999 and 1998 5 Notes to Consolidated Financial Statements 6-7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8-11 Part II - Other Information 12 Item 1. Legal Proceedings Item 2. Changes in Securities Item 3. Defaults Upon Senior Securities Item 4. Submission of Matters to a Vote of Security Holders Item 5. Other Information Item 6. Exhibits and Reports on Form 8-K 3 ROY F. WESTON, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS
September 30, December 31, 1999 1998 (Unaudited) (Thousands of Dollars) CURRENT ASSETS Cash and cash equivalents $ 689 $ 3,993 Marketable securities 398 1,547 Accounts receivable, trade, net of allowance for doubtful accounts of $2,063 in 1999 and $1,882 in 1998 56,775 60,476 Unbilled costs and estimated earnings on contracts in process 21,800 20,540 Deferred income taxes 2,067 2,470 Other 6,101 4,376 -------- -------- Total current assets 87,830 93,402 -------- -------- PROPERTY AND EQUIPMENT Land 215 215 Buildings and improvements 11,093 11,500 Furniture and equipment 32,441 30,544 Leasehold improvements 1,784 1,787 Construction in progress 280 -- -------- -------- Total property and equipment 45,813 44,046 Less accumulated depreciation and amortization 35,886 34,852 -------- -------- Property and equipment, net 9,927 9,194 -------- -------- OTHER ASSETS Goodwill, net of accumulated amortization of $4,184 in 1999 and $4,138 in 1998 1,770 1,816 Deferred income taxes 5,678 5,528 Other 10,870 11,416 -------- -------- Total other assets 18,318 18,760 -------- -------- TOTAL ASSETS $116,075 $121,356 ======== ======== See notes to consolidated financial statements.
-1- 4 LIABILITIES AND STOCKHOLDERS' EQUITY
September 30, December 31, 1999 1998 (Unaudited) (Thousands of Dollars) CURRENT LIABILITIES Borrowings under line of credit $ 5,500 $ 1,900 Current maturities of long-term debt 3,281 1,700 Accounts payable and accrued expenses 12,770 17,579 Billings on contracts in process in excess of costs and estimated earnings 10,500 10,939 Employee compensation, benefits and payroll taxes 7,120 8,445 Income taxes payable 225 202 Other 6,414 7,783 -------- -------- Total current liabilities 45,810 48,548 -------- -------- LONG TERM DEBT 9,730 12,997 -------- -------- OTHER LIABILITIES 3,720 3,487 -------- -------- CONTINGENCIES STOCKHOLDERS' EQUITY Common stock, $.10 par value, 10,500,000 shares authorized; 3,170,294 shares issued in 1999; 3,170,294 shares issued in 1998 317 317 Series A common stock, $ .10 par value, 20,500,000 shares authorized; 8,650,778 shares issued in 1999; 8,650,778 shares issued in 1998 865 865 Unrealized gain on investments 503 597 Additional paid-in capital 55,928 55,928 Retained earnings 4,263 3,707 -------- -------- 61,876 61,414 Less treasury stock at cost, 1,081,275 common shares in 1999 and 1998; 783,043 Series A common shares in 1999 and 792,805 Series A common shares in 1998 5,061 5,090 -------- -------- Total stockholders' equity 56,815 56,324 -------- -------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $116,075 $121,356 ======== ========
See notes to consolidated financial statements. -2- 5 ROY F. WESTON, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended September 30, -------------------------------- 1999 1998 (Thousands of Dollars) Gross revenues $ 62,869 $ 62,416 Direct project costs 26,931 25,864 ----------- ---------- Net revenues 35,938 36,552 ----------- ---------- Expenses: Direct salaries and other operating costs 31,887 32,074 General and administrative expenses 4,131 4,323 ----------- ---------- 36,018 36,397 ----------- ---------- Income (loss) from operations (80) 155 ----------- ---------- Other income (expense): Investment income 659 369 Interest expense (430) (325) Other 9 (27) ----------- ---------- 238 17 ----------- ---------- Income before income taxes 158 172 Provision for income taxes 64 68 ----------- ---------- Net income $ 94 $ 104 =========== ========== Basic earnings per share $ .01 $ .01 =========== ========== Weighted average shares outstanding - basic 9,954,671 9,946,992 =========== ========== Diluted earnings per share $ .01 $ .01 =========== ========== Weighted average shares outstanding - diluted 10,019,154 9,970,924 =========== ==========
See notes to consolidated financial statements. -3- 6 ROY F. WESTON, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Nine Months Ended September 30, ------------------------------ 1999 1998 (Thousands of Dollars) Gross revenues $ 195,738 $ 175,873 Direct project costs 85,932 71,634 ---------- ---------- Net revenues 109,806 104,239 ---------- ---------- Expenses: Direct salaries and other operating costs 95,717 90,021 General and administrative expenses 13,062 13,547 ---------- ---------- 108,779 103,568 ---------- ---------- Income from operations 1,027 671 ---------- ---------- Other income (expense): Investment income 1,001 1,156 Interest expense (1,152) (1,031) Other 52 (25) ---------- ---------- (99) 100 ---------- ---------- Income before income taxes 928 771 Provision for income taxes 372 308 ---------- ---------- Net income $ 556 $ 463 ========== ========== Basic earnings per share $ .06 $ .05 ========== ========== Weighted average shares outstanding - basic 9,949,601 9,903,457 ========== ========== Diluted earnings per share $ .06 $ .05 ========== ========== Weighted average shares outstanding - diluted 9,974,855 9,931,479 ========== ==========
See notes to consolidated financial statements. -4- 7 ROY F. WESTON, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended September 30, ------------------------------- 1999 1998 (Thousands of Dollars) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 556 $ 463 Adjustments to reconcile net income to net cash used for operating activities: Depreciation and amortization 2,863 2,877 Provision for losses on accounts receivable 342 339 Other (162) 278 Change in assets and liabilities: Accounts receivable, trade 3,359 3,335 Unbilled costs and estimated earnings on contracts in process (1,260) (3,509) Other current assets (1,725) (2,132) Accounts payable and accrued expenses (4,809) (291) Billings on contracts in excess of costs and estimated earnings (439) (3,195) Employee compensation, benefits and payroll taxes (1,325) 976 Income taxes 23 1,078 Deferred income taxes 301 113 Other current liabilities (1,201) (1,775) Other assets and liabilities 375 890 ---------- ---------- Net cash used for operating activities (3,102) (553) ---------- ---------- CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sale of investments 2,411 7,436 Payments for purchase of investments (501) (6,663) Purchase of property and equipment, net (2,745) (1,490) Investments in other assets (1,042) (964) ---------- ---------- Net cash used for investing activities (1,877) (1,681) ---------- ---------- CASH FLOWS FROM FINANCING ACTIVITIES: Net borrowings under line of credit 3,600 -- Principal payments under long-term debt (1,954) (4,112) Proceeds from issuance of Series A common stock 29 235 ---------- ---------- Net cash provided by (used for) financing activities 1,675 (3,877) ---------- ---------- Net decrease in cash and cash equivalents (3,304) (6,111) Cash and cash equivalents: Beginning of period 3,993 10,767 ---------- ---------- End of period $ 689 $ 4,656 ========== ========== See notes to consolidated financial statements.
-5- 8 ROY F. WESTON, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1 - BASIS OF PRESENTATION The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods. The unaudited consolidated financial statements do not include all of the information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 1998 Annual Report to Shareholders which is incorporated by reference in its Form 10-K filed with the Securities and Exchange Commission. Results for the three months and nine months ended September 30, 1999 are not necessarily indicative of results for the full year 1999. NOTE 2 - LINE OF CREDIT AGREEMENT The Company's line of credit was amended effective March 31, 1999 to reduce the required minimum cash balances and revise required financial ratios. The amendment also established a new sub-limit of $8,000,000 for working capital borrowings. NOTE 3 - SEGMENTS Net revenues and segment profit (loss) for the three months and nine months ended September 30, 1999 and 1998 were as follows:
Three Months Nine Months ------------ ----------- Ended Ended ----- ----- September 30 September 30 ------------ ------------ 1999 1998 1999 1998 ------- ------- -------- -------- Net revenues: Infrastructure Redevelopment $30,621 $28,733 $ 90,401 $ 80,473 Federal Programs 4,238 5,978 15,826 18,959 Knowledge Systems and Solutions 760 750 2,212 2,892 Corporate 319 1,091 1,367 1,915 ------- ------- -------- -------- Consolidated $35,938 $36,552 $109,806 $104,239 ======= ======= ======== ======== Segment profit (loss): Infrastructure Redevelopment $ 2,492 $ 2,236 $ 8,465 $ 6,594 Federal Programs 867 979 2,914 4,040 Knowledge Systems and Solutions (159) (277) (664) (394) Corporate (3,042) (2,766) (9,787) (9,469) ------- ------- -------- -------- Consolidated $ 158 $ 172 $ 928 $ 771 ======= ======= ======== ========
-6- 9 NOTE 4 - COMPREHENSIVE INCOME Comprehensive income consists of net income, adjusted for other increases and decreases affecting stockholders' equity that, under generally accepted accounting principles, are excluded from the determination of net income. The calculation of comprehensive income for the three months and nine months ended September 30, 1999 and 1998 follows:
Three Months Nine Months Ended Ended September 30 September 30 ------------ ------------ 1999 1998 1999 1998 ----- ----- ----- ----- Net income $ 94 $ 104 $ 556 $ 463 Unrealized gain (loss) on investments, net of tax (276) (436) (94) (283) ----- ----- ----- ----- Comprehensive income (loss) $(182) $(332) $ 462 $ 180 ===== ===== ===== =====
NOTE 5 - CONSOLIDATED STATEMENTS OF CASH FLOW Net cash payments for income taxes were $61,000 in the first nine months of 1999 while there were net cash refunds for income taxes of $1,085,000 in the first nine months of 1998. Cash payments for interest were $830,000 and $680,000 in the nine months ended September 30, 1999 and 1998, respectively. Capital lease obligations of $268,000 and $661,000 were incurred in the nine months ended September 30, 1999 and 1998, respectively. -7- 10 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following information should be read in conjunction with the unaudited interim consolidated financial statements and the notes thereto included in this Quarterly Report and the audited financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations contained in the Company's Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended December 31, 1998. MATERIAL CHANGES IN RESULTS OF OPERATIONS - ----------------------------------------- Net income for the three months ended September 30, 1999 was $94,000, or $.01 per share, compared to $104,000, or $.01 per share, for the three months ended September 30, 1998. Net income for the nine months ended September 30, 1999 was $556,000, or $.06 per share, compared to $463,000, or $.05 per share, for the nine months ended September 30, 1998. Net revenues decreased 2% to $35,938,000 for the three months ended September 30, 1999 and increased 5% to $109,806,000 for the nine months ended September 30, 1999 compared to the 1998 periods. The decline in net revenues in the three months ended September 30, 1999 is due to lower personnel utilization, partially offset by higher margins. Net revenues for the nine months ended September 30, 1998 include approximately $800,000 from a U.S. government agency in payment for work performed in an earlier period. Gross revenues increased 1% to $62,869,000 for the three months ended September 30, 1999 and 11% to $195,738,000 for the nine months ended September 30, 1999 compared to the 1998 periods. Direct labor costs increased 10% in the nine months ended September 30, 1999, concentrated in the Company's Infrastructure Redevelopment segment, due to additional projects obtained through enhanced selling efforts. The larger increase in gross revenues in the nine months ended September 30, 1999 is primarily due to increased subcontracting activity, the expense of which is passed through to the Company's clients. The Company had a loss from operations of $80,000 and income from operations of $1,027,000 in the three months and nine months ended September 30, 1999, respectively, compared to income from operations of $155,000 and $671,000 in the three months and nine months ended September 30, 1998, respectively. The decline in operating income in the three months ended September 30, 1999 is primarily due to lower net revenues. The nine months ended September 30, 1999 include a $500,000 reduction in the Company's estimated insurance claim liabilities. Investment income increased $290,000, or 79% and decreased $155,000, or 13%, in the three months and nine months ended September 30, 1999, respectively. The 1999 periods include a gain of $480,000 resulting from the demutualization of a life insurance company in which the Company is a policyholder. Not including the gain, investment income declined primarily due to lower amounts invested. Interest expense increased $105,000, or 32%, and $121,000, or 12% in the three months and nine months ended September 30, 1999, respectively, due to increased borrowings under the Company's line of credit, partially offset by the reductions of 7% convertible subordinated debt outstanding. -8- 11 MATERIAL CHANGES IN FINANCIAL CONDITION - --------------------------------------- Cash and cash equivalents decreased $3,304,000 in the first nine months of 1999 to $689,000 from $3,993,000 at December 31, 1998. Marketable securities decreased $1,149,000 in the first nine months of 1999 to $398,000 from $1,547,000 at December 31, 1998. Operating activities used cash of $3,102,000 for the first nine months of 1999, compared to $553,000 in the comparable 1998 period. The Company has encountered significant billing and collection delays due to a dispute over contract modification issues on one large federal construction project. The Company does not currently expect to be able to resolve these issues during 1999 and anticipates that it may have to commence litigation to resolve the dispute. Although the outcome of any litigation is uncertain, the Company believes that its position is sound and that it will achieve a favorable resolution of the dispute. The dispute has reduced the Company's cash flow and, in the event of an unfavorable resolution, the Company would sustain a significant loss. Net cash investments in property and equipment and other assets were $3,787,000 in the first nine months of 1999, compared to $2,454,000 in the comparable 1998 period. Financing activities provided $1,675,000 in the first nine months of 1999, and used $3,789,000 in the comparable 1998 period. The nine months ended September 30, 1999 included $3,600,000 in borrowings under the Company's line of credit and the repurchase of $1,620,000 principal amount of the Company's 7% Convertible Subordinated Debentures in order to satisfy the April 15, 1999 sinking fund requirement and a portion of the April 15, 2000 sinking fund requirement. Further debenture repurchases of $2,918,000 are required before April 15, 2000. YEAR 2000 ISSUES - ---------------- The Company continues to implement its Y2K readiness program with the objective of having all significant exposures under its direct control functioning properly with respect to Y2K Issues before January 1, 2000. The Company's Y2K readiness program is described more fully on pages 12-13 of the Company's 1998 Annual Report to Shareholders. The Company has completed its inventory of Y2K Issues and has assigned priorities to the identified issues. Assessment of the Company's Y2K compliance and the process of repair and replacement of critical non-compliant systems is substantially complete. Final testing of repaired or replaced items is expected to be completed by early December 1999. In addition, the Company has identified and contacted service providers, suppliers and clients whose activities are believed to be critical to business operations to determine their compliance with Y2K Issues. The Company has developed contingency plans intended to mitigate possible disruptions in business that may result from Y2K Issues. These plans address special payment considerations from clients, alternate suppliers and alternate methods of processing business transactions. The contingency plans will be continually modified as additional information becomes available. As part of the Company's ongoing plan to reduce overhead costs, the Company has installed new business systems, which are designed to more efficiently manage the Company's operations. The vendor of these systems has warranted that they are Y2K compliant. The new systems are now fully operational. The Company currently estimates that the total cost of the new business systems will be approximately $4,300,000 of which the Company had expended approximately $4,100,000 as of September 30, 1999. The Company currently estimates that the cost of addressing other Y2K issues will be approximately $500,000, of which the Company had expended approximately $425,000 as of September 30, 1999. -9- 12 The Company currently expects that its Y2K readiness program will achieve its objectives and that the costs of Y2K readiness will not have a material adverse effect on the Company's results of operations or financial condition. The Company's Y2K readiness program is, however, an ongoing process and the estimates of costs and completion dates, as well as the Company's expectations, described above are subject to uncertainties. For example, the total costs which the Company will incur in connection with Year 2000 Issues will be influenced by the Company's ability to successfully complete its Y2K readiness program, including identification of issues, the nature and amount of programming required to fix affected programs, the related labor and/or consulting costs for such remediation and the ability of third parties with whom the Company has business relationships to successfully address their own Y2K Issues. The failure of the Company to successfully identify and fix all Y2K Issues in critical operations, or the failure of critical customers or critical systems vendors to continue operations due to their Y2K Issues, could have a material adverse effect on the Company's results of operations and financial condition. FORWARD LOOKING STATEMENTS - -------------------------- From time to time, the Company, its management, or other Company representatives may make or publish statements that contain projections, beliefs, expectations, predictions or intentions relating to anticipated financial performance, business prospects, potential contract value, business strategy and plans, technological developments and other matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for these forward looking statements, including statements contained in this report. In order to comply with the terms of the safe harbor, the Company notes that a number of factors could cause the Company's actual results, experience or outcome to differ materially from projections, beliefs, expectations, predictions or intentions expressed in forward looking statements. These risks and uncertainties which may affect the operations, performance, development and results of the Company's business, include, but are not limited to, the following: o The highly competitive marketplace in which the Company operates. o Changes in and levels of enforcement of federal, state and local environmental legislation and regulations. o The Company's ability to obtain new contracts from existing as well as new clients, and the uncertain timing of awards and contracts. o The Company's ability to execute new projects and those currently in backlog within reasonable cost estimates, as well as other contract performance risks, including successful resolution of any contract disputes. o Funding appropriation, funding delay, and the issuance of work orders on government projects. o The Company's ability to achieve any planned overhead or other cost reductions while maintaining adequate work flow. o The Company's ability to successfully implement its readiness program for Y2K Issues. o The Company's ability to obtain adequate financing for its current operations and future expansion, including adequate financing to fund working capital needs and the Company's acquisition strategy. o The Company's ability to execute its strategic plan through successful marketing activities and continued cost containment. o The nature of the Company's work with hazardous materials, toxic wastes, and other pollutants, and the potential for uninsured claims or claims in excess of insurance limits, including professional liability and pollution claims. o The Company's ability to conclude and implement acquisitions of other businesses consistent with the Company's acquisition strategy. o The Company's ability to retain key personnel. The Company disclaims any intent or obligation to update forward looking statements. -10- 13 PART II - OTHER INFORMATION
Item 1. Legal Proceedings Not Applicable. Item 2. Changes in Securities Not Applicable. Item 3. Defaults Upon Senior Securities Not Applicable. Item 4. Submission of Matters to a Vote of Security Holders Not Applicable. Item 5. Other Information Not Applicable. Item 6. Exhibits and Reports on Form 8-K (a) The exhibits are numbered in accordance with the Exhibit Table of Item 601 of Regulation S-K.
Exhibit No. Description ----------- ----------- 11 Statements of Computation of Basic and Diluted Earnings Per Share. 27 Financial Data Schedule. (b) Reports on Form 8-K
There were no reports on Form 8-K in the three months ended September 30, 1999. -11- 14 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ROY F. WESTON, INC. (Registrant) Date: November 11, 1999 By: /s/William Robertson ----------------------------- William Robertson Chief Executive Officer (Duly Authorized Officer) Date: November 11, 1999 By: /s/William G. Mecaughey ----------------------------- William G. Mecaughey Vice President and Chief Financial Officer (Chief Accounting Officer) EX-11 2 STATEMENTS OF COMPUTATION OF BASIC & DILUTED EARN. 1 Exhibit 11 ROY F. WESTON, INC. AND SUBSIDIARIES STATEMENTS OF COMPUTATION OF EARNINGS PER SHARE
Three Months Ended September 30, -------------------------------- 1999 1998 (Thousands of Dollars) BASIC - ----- Net income $ 94 $ 104 =========== ========== Weighted average shares outstanding 9,954,671 9,946,992 =========== ========== Basic earnings per share $ .01 $ .01 =========== ========== DILUTED - ------- Net income $ 94 $ 104 =========== ========== Weighted average number of shares used in calculating basic earnings per share 9,954,671 9,946,992 ADD: Dilutive impact of stock options 64,483 23,032 ----------- ---------- Weighted average number of shares used in calculating diluted earnings per share 10,019,154 9,970,024 =========== ========== Diluted earnings per share $ .01 $ .01 =========== ==========
ROY F. WESTON, INC. AND SUBSIDIARIES STATEMENTS OF COMPUTATION OF EARNINGS PER SHARE
Nine Months Ended September 30, ------------------------------- 1999 1998 (Thousands of Dollars) BASIC - ----- Net income $ 556 $ 463 ========== ========== Weighted average shares outstanding 9,949,601 9,903,457 ========== ========== Basic earnings per share $ .06 $ .05 ========== ========== DILUTED - ------- Net income $ 556 $ 463 ========== ========== Weighted average number of shares used in calculating basic earnings per share 9,949,601 9,903,457 ADD: Dilutive impact of stock options 25,254 28,022 ---------- ---------- Weighted average number of shares used in calculating diluted earnings per share 9,974,855 9,931,479 ========== ========== Diluted earnings per share $ .06 $ .05 ========== ==========
-12- EX-27 3 FINANCIAL DATA SCHEDULE
5 This schedule contains summary financial information extracted from the consolidated balance sheet as of September 30, 1999 and the consolidated statement of operations for the nine months ended September 30, 1999 and is qualified in its entirety by reference to such financial statements. 9-MOS DEC-31-1999 JAN-01-1999 SEP-30-1999 689 398 78,575 2,063 0 87,830 45,813 35,886 116,075 45,810 9,730 0 0 1,182 55,633 116,075 0 195,738 0 194,711 0 342 1,152 928 372 556 0 0 0 556 .06 .06 Includes 21,800 of unbilled costs and estimated earnings there on.
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