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Waste Business Journal Weekly News Bulletin: May 16-22, 2002

Headlines...

  1. Controversy Continues Over Possible WTC Asbestos
  2. Weston, Charter Win Nunn-Perry Award
  3. EEC Reports Fourth Quarter Income of $127k
  4. Waste Management Expects Higher Results With Recovery
  5. EMS Prepares IPO Offering Price
  6. Infact Seeks To Blunt Waste Management Corporate Influence
  7. Perma-Fix Anticipates Loss of $2 Million In First Quarter

 

  1. Controversy Continues Over Possible WTC Asbestos

    Reports are continuing to indicate that hundreds of people cleaned potentially hazardous dust from buildings around the World Trade Center site without standard safety gear. The cleanup continued for months after Sept. 11 as public agencies issued confusing and often reassuring assessments of risks posed by the dust, according to public documents and dozens of interviews. Local and federal rules require elaborate safety procedures and respirators for workers cleaning up material that's more than 1 percent asbestos. As much as 35 percent of the dust may have contained that much, but labor groups charge that enforcement of the rules was lax, and federal officials acknowledge that it was a low priority. Now, the federal EPA and the New York City Environmental Protection Department will spend federal funds to professionally clean the apartment of any resident who requests it. Last Friday, Sen. Hillary Rodham Clinton announced that about $12 million in federal money has been allotted to track respiratory and other health problems among 8,000 rescue workers and others who helped clear debris at the trade center site...Read More »

  2. Weston, Charter Win Nunn-Perry Award

    Roy F. Weston, Inc. and Charter Environmental, Inc., environmental contractors, are recipients of the 2002 Department of Defense Nunn-Perry Award in recognition of their outstanding accomplishments under the DoD Mentor-Protégé Program. The award recognizes mentor-protégé teams that have excelled in technical developments, cost-efficiencies, and increased business opportunities for small disadvantaged firms. The Nunn-Perry award is named in honor of former Senator Sam Nunn, who sponsored legislation to create Mentor-Protégé program, and former Secretary of Defense William Perry in recognition of his implementation of the program...Read More »

  3. EEC Reports Fourth Quarter Income of $127k

    Environmental Elements Corporation (Amex: EEC) has reported net income of $127,000 or $. 02 per share on sales of $16.2 million for its fourth quarter ended March 31, 2002. During the comparable period of last year, EEC reported net income of $161,000 or $.02 per share on sales of $17.3 million. For the full fiscal year, net income was $1.48 million, or $.20 per share, on sales of $71.9 million, a significant improvement over a net loss of $6.3 million, or $.88 per share, on sales of $60.8 million for the same period last year. The company's backlog as of March 31, 2002, was $28.6 million, as compared with $37.2 million last year...Read More »

  4. Waste Management Expects Higher Results With Recovery

    Waste Management Inc. expects revenue and earnings to improve in 2002, but is anticipating an economic recovery, company chief executive Maury Myers said. The company is looking for revenues of $11.4 to $11.5 billion this year, slightly up from $11.3 billion in 2001, and plans to meet analysts' estimates that it will earn around $1.42 per share, up from 80 cents last year. Myers said the company expects to generate about $1.1 billion in free cash flow and make capital expenditures of $1.3 billion. Waste Management also began a program this year to buy back up to $1 billion in stock annually for the foreseeable future...Read More »

  5. EMS Prepares IPO Offering Price

    Environmental Management Solutions Inc. has set a price for its public offering of $1.75 per common share. The company expects to issue up to 3,428,572 common shares to raise a maximum of $6 million and a minimum of $3 million in gross proceeds. The company expects to close the public offering concurrently with its acquisition of D'Addario Environmental Management Solutions. The company will focus on environmental services in its three Business Units, namely Environmental Consulting Engineering and Contracting, Soil Treatment Facilities, and Georemediation Technology...Read More »

  6. Infact Seeks To Blunt Waste Management Corporate Influence

    The national corporate accountability organization Infact is urging Waste Management to reduce its influence over public policy. Infact inducted Waste Management into its "Hall of Shame" in 1996, challenging Waste Management to, in the company's words, "stop interfering in public policy at the expense of health and the environment." Since that time, Waste Management has reduced its PAC and soft money contributions, the size of its federal lobbying force, and its federal lobbying expenditures. A Harris Interactive poll released last month found that 87% of the U.S. public believes that big companies have too much power and influence in Washington...Read More »

  7. Perma-Fix Anticipates Loss of $2 Million In First Quarter

    Perma-Fix Environmental Services Inc. expects to post a loss of about $2 million for the first quarter, due in part to its inability to finalize negotiations with certain contract changes and surcharges related to it Oak Ridge, Tenn. contracts. The final negotiated amount for work performed during the first quarter is presently uncertain, but could be "a substantial amount," company officials said. The environmental services company expects a profitable second quarter regardless of the resolution of the contract changes and surcharges. In the year-ago second quarter, the company reported a loss of $714,000, or 3 cents a share, on revenue of $17.8 million. Perma-Fix also believes it can achieve growth and profitability for full-year 2002. The company reported a loss of 3 cents a share for 2001, but said it would have achieved profitability excluding a write-off...Read More »

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