Another Loss for Waste Technology

By Basch, Mark | The Florida Times Union, September 16, 1998 | Go to article overview

Another Loss for Waste Technology


Basch, Mark, The Florida Times Union


Waste Technology Corp., which had expected to turn the corner

this year after two years of losses, yesterday reported a loss

of $1.1 million, or 20 cents a share, for the third quarter

ended July 31.

The loss was due in part to a $537,000 reserve established for

a judgment rendered in June in a Louisiana court against a

former Waste Technology subsidiary, Ram Coating Technology Corp.

Waste Technology said it expects the judgment to be reversed or

substantially reduced on appeal.

But besides that judgment, the Jacksonville-based maker of

baling machines and other recycling and waste disposal equipment

also said sales were less than expected because several large

orders were deferred to the fourth quarter at the request of

customers.

Sales in the quarter were $2.997 million, up from $2.401

million, the previous year.

For the first nine months of fiscal 1998, Waste Technology

reported a loss of $1. …

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