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AZURIX CORP. REPORTS SECOND QUARTER 1999 NET INCOME OF 20.2 MILLION AND $0.19 PER SHARE
FOR IMMEDIATE RELEASE: Thursday, August 05, 1999
HOUSTON – Azurix Corp. announced today 1999 second quarter operating net income of $20.2 million and earnings per diluted share of $0.19. The operating results exclude a $6.8 million, or $0.06 per diluted share, after tax non-recurring charge related to refinancing a portion of the company’s long-term debt. Azurix had no operations prior to the fourth quarter of 1998.
“The second quarter was a period of significant accomplishment for Azurix,” said Rebecca P. Mark, chairman and CEO of Azurix. “We won a large concession in the Province of Buenos Aires, establishing the company as a major participant in the Argentine water market. In addition, we acquired an important operating platform for the expansion of our services business in North America and entered into an agreement to acquire a services business in Mexico.
“We also completed our very successful initial public offering during the quarter. This offering provides Azurix with access to additional financial resources to fund the many growth opportunities that will distinguish the company as a leading player in the global water industry.”
The results for the quarter primarily reflect the continued strength of Wessex Water, rated by the water industry regulator for England and Wales as the most efficiently operated water and wastewater company. Wessex is providing technology, engineering and service expertise across the operations of Azurix and is positioning Azurix as a major competitor in the water industry.
Azurix is a global company that owns, operates and manages water and wastewater assets, provides water and wastewater related services, and develops and manages water resources. Azurix maintains headquarters in Houston and London. The company’s stock is traded on the NYSE under the ticker symbol, “AZX.”
Please see attachment for additional financial information.
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although Azurix believes that its expectations are based on reasonable assumptions, it can give no assurance that these expectations will prove to be correct. Important factors that could cause actual results to differ materially from the expectations reflected in the forward-looking statements include, among other things: the ability to enter new water and wastewater markets in the United States and in other jurisdictions; the extent of success in acquiring water and wastewater assets and developing and managing water resources, including the ability to qualify for and win bids for water and wastewater projects; the timing and success of efforts to develop international water and wastewater infrastructure projects; and other factors identified in Azurix’s reports filed with the Securities and Exchange Commission.
Click here to download this press release in Microsoft Word format.
Please see attached tables for additional financial information.
For additional information please contact:
Diane Bazelides
(713) 345-5209
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