Encompass Reports Second Quarter Loss; May Be Removed From NYSE
Encompass Services Corp. reported a revenue loss of $129.7 million in the second quarter of 2002, about 13 percent down from 2001’s second quarter. Continuing operations netted a loss of 5.4 million, or 17 cents per share. A loss of $7.29 per diluted share was reported for the six months ending June 30.
“Our operating results for the second quarter were negatively affected by approximately $13.3 million in previously unforeseen project write-downs associated with two large fixed-price power projects,” said Joe Ivey, Encompass’ president and chief executive officer. “The power projects are essentially complete and such projects represent a very small portion of our total business.”