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Veridium Announces Third Quarter Financial Results
MOUNT ARLINGTON, N.J.--(BUSINESS WIRE)--Nov. 18, 2005--Veridium Corporation (OTC Bulletin Board: VRDM) announces today its financial results for the quarter ended September 30, 2005.
Veridium posted net income from continuing operations for the quarter ended September 30, 2005 of about $429,000 on revenues from continuing operations of $3,390,000, and net income from continuing operations of about $311,000 on revenue of about $10,220,000 for the 9 months ended, September 30, 2005. These amounts exclude the operating results of Veridium discontinued recycling operation, and include the non-recurring elimination of certain expenses associated with Veridium's discontinued recycling operation.
Revenues from Veridium's discontinued recycling business were about $1,253,000 and about $2,859,000 for the nine months ended 2005 and 2004, respectively. The net loss incurred from this operation was about $3,934,000 and $517,000 for the nine months ended 2005 and 2004. The 2005 loss included approximately $2,959,000 of impairment charges associated with the discontinuance of this operation.
"Veridium has suffered some disappointing blows over the past few years and Veridium's business model is clearly in need of reinvention--a process that we started this past quarter and expect to complete this year," said Kevin Kreisler, Veridium's Chairman and Chief Executive Officer. "We are implementing a plan currently that we expect will unlock the value of Veridiums' service group and catalyze its growth while separately revitalizing the development of our technology driven industrial waste model. We have already made significant headway in this initiative, and will provide additional information on this shortly."
Additional Information
Please refer to the financial statements included in the Company's Form 10QSB for the third quarter ended September 30, 2005, for a more complete description of the Company's results of operations.
About Veridium Corporation
Veridium is an environmental management company providing a variety of services to a broad client base in both the private and public sectors with a specialization in the recycling and reuse of industrial hazardous wastes. Our services include collection and transportation of industrial wastes, site remediation, and recycling of metal-bearing and chemical wastes. Our focus is to provide our clients with value-added, environmentally conscious and cost- effective hazardous waste management services based on our efficient managing of wastes and use of green technologies. Additional information on Veridium and its business model is available online at www.veridium.com .
Approximately 55% of the capital stock of Veridium is owned by GreenShift Corporation (OTC Bulletin Board: GSHF), a business development corporation whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and contribute to the resolution of environmental challenges.
Safe Harbor Statement
The foregoing discussion contains forward-looking statements that are based on current expectations. Actual results, including the timing and amount of anticipated revenues, any implications with respect to shareholder wealth, or Veridium's ability to scale its operations, may differ due to such factors as: regulatory delays; dealings with governmental and foreign entities; economic and other conditions affecting the financial ability of actual and prospective clients; and, other risks generally affecting the financing of projects. Additional risks associated with Veridium's business can be found in Veridium's Annual Report on Form 10KSB for the year ended December 31, 2004, and other periodic filings with the SEC. Veridium trades on the over-the- counter bulletin board maintained by the NASD under the symbol VRDM.
CONTACT: Veridium Corporation
Phone: 973-942-7700
Fax: 973-942-7527
investorrelations@veridium.comwww.veridium.com
or
CEOcast, Inc. for VeridiumEd Lewis, 212-732-4300
SOURCE: Veridium Corporation
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