Ionics Reports Third Quarter and Nine Months Results
Ionics, Inc. reported revenues, net income and earnings per share for the quarter and nine months ended Sept. 30, 2001. For the quarter, revenues were $118.3 million compared to $124.9 million in the third quarter of 2000, while net income of $4.2 million and earnings per share of $0.24 compared to $2.9 million and $0.18, respectively. For the nine-month period, revenues were $354.9 million compared to $330.5 million in the first nine months of 2000, while net income of $11.4 million and earnings per share of $0.66 compared to $10.7 million and $0.65, respectively. Backlog on Sept. 30 was $220.0 million compared to $258.4 million one year earlier.
Commenting on the company's performance, Arthur L. Goldstein, Ionics' chairman and chief executive officer, noted, "While our earnings per share in the third quarter were up 33 percent compared to one year earlier, these results nonetheless reflect the impact of a significant decline in sales of ultrapure water equipment for the semiconductor industry. While the level of active quotations and bids outstanding has remained high in other areas of our business such as water desalination and water reuse, short-term projections for capital equipment spending have been rendered somewhat uncertain as a result of business conditions and the recent tragic events in this country. On the other hand, our water supply and service businesses have continued to remain stable and predictable and provided a substantial portion of the profits generated by the company in the third quarter."