EQM Technologies & Energy, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended Sep. 30, 2013
November 15, 2013 at 06:26 pm IST
Share
EQM Technologies & Energy, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended Sep. 30, 2013. For the quarter, the company reported revenue from continuing operations of $15,623,405 compared to $24,394,143 a year ago. Operating loss was $1,128,626 compared to operating income of $600,178 a year ago. Loss from continuing operations was $2,105,401 or $0.05 per share compared to income from continuing operations of $318,407 or $0.01 per share a year ago. Net loss was $2,078,105 or $0.05 per share, compared to a net loss of $171,662 for the second quarter of 2012. LBITDA from continuing operations was $746,774 compared to EBITDA from continuing operations of $1,170,713 a year ago. The decline in Revenue was primarily the result of a decline in the revenues from the federal government, principally the Environmental Protection Agency, on account of both the lingering effects of the federal budget sequester and the anticipation of the shutdown of the federal government in October of 2013. As a result, the company experienced delays in the funding of both existing and new projects, as well as a slowing of new contract awards.
For the nine months, the company reported revenue from continuing operations of $37,718,888 compared to $48,612,028 a year ago. Operating loss was $2,190,003 compared to operating income of $356,100 a year ago. Loss from continuing operations was $3,568,665 or $0.09 per share compared to operating income from continuing operations of $336,406 or $0.01 per share a year ago. Net loss was $3,606,488 or $0.09 per share compared to a net loss of $890,806 or $0.02 per basic and diluted share a year ago. LBITDA from continuing operations was $1,035,977 compared to EBITDA from continuing operations of $2,327,659 a year ago.
EQM Technologies & Energy, Inc. (EQM) is an environmental engineering consulting and services company. The Company provides environmental consulting, engineering, program management, clean technology, remediation and construction management and technical services. The Companyâs governmental services include environmental regulatory compliance and conservation, site restoration/sediment remediation, environmental remediation services, and environmental construction management. The Companyâs industrial services include stack testing and air quality, environmental compliance outsourcing, water quality management, waste management, remediation and construction, chemical reporting, industrial hygine and safety, and environmental, health, and safety program management. Its industrial serves automotive, food and beverage, industrial manufacturing, paper, pharmaceutical markets, power, steel and institutional facilities.