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| | Business Summary: Pure Earth, Inc., through its subsidiaries, operates as a diversified environmental company primarily in the United States. | | | Address
1 Neshaminy Interplex Ste 201
Trevose
, PA 19053-6955
Phone: 215-639-8755
Fax: 215-639-8756
Website: http://www.pureearthinc.com
| | Auditor |
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Marcum & Kliegman
New York | | Transfer Agent |
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Interwest Transfer Co. Inc.
| Employees: 126
ShareHolders: 201 | Founded: 1997
Domicile: Delaware | | | |
| | Pure Earth, Inc., through its subsidiaries, operates as a diversified environmental company primarily in the United States. It provides integrated environmental transportation, disposal, recycling, consulting, engineering, and related services enabling the beneficial reuse of soils and industrial waste streams into approved disposal facilities or Brownfield sites. The company operates in four segments: Transportation and Disposal, Treatment and Recycling, Environmental Services, and Materials. The Transportation and Disposal segment offers transportation and disposal services for excavated clean and contaminated soils from urban construction projects in the mid-Atlantic region and the New York metropolitan area. The Treatment and Recycling segment removes, processes, treats, recycles, and disposes residual waste from various industrial and commercial sources, targeting customers along the U.S. eastern seaboard. The Environmental Services segment provides environmental consulting and related specialty services, including environmental investigation and engineering; environmental well drilling; disposal of regulated medical waste; and locating and acquiring Brownfield sites for subsequent development, restoration, and resale with capping material. The Materials segment produces and sells recycled construction materials for a range of construction and other applications, such as crushed stone and recycled aggregate. Pure Earth Inc. is headquartered in Trevose, Pennsylvania. | | History: INCORPORATED in Delaware Feb. 13, 1997, as Info Investors, Inc.; name changed to Pure Earth, Inc. Jan. 17, 2006. On Jan. 20, 2006, the company acquired South Jersey Development, Inc. for 9,300,000 Common shares.
Also on Jan. 20, 2006, South Jersey completed the acquisition of American Transportation and Disposal Systems, Ltd. Outstanding shares of American were exchanged for 1,200,000 Common shares of the company. South Jersey also acquired certain assets of Whitney Contracting, Inc. South Jersey then acquired Juda Construction, Ltd. and certain assets of Alchemy, Inc. Outstanding shares of Juda were exchanged for 300,000 Common shares of the company, and Alchemy's assets were exchanged for 75,000 Common shares of the company. | | | | Subsidiaries: |
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Bio Methods LLC
Casie Ecology Oil Salvage, Inc.
Echo Lake Brownfield, LLC
Geo Methods LLC
HFH Acquisition Corp.
Juda Construction, Ltd.
MidAtlantic Recycling Technologies Inc.
New Nycon, Inc.
PEI Disposal Group, Inc.
Pure Earth Energy Resources, Inc.
Pure Earth Environmental Inc.
Pure Earth Materials (NJ) Inc.
Pure Earth Materials, Inc.
Pure Earth Transportation & Disposal, Inc.
Rezultz, Incorporated
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Management
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| Officers | Position |
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| Brent Kopenhaver | Chairman, Exec VP, Treasurer & Chief Financial Officer | | Mark S. Alsentzer | President & Chief Executive Officer | | Joseph T. Kotrosits | Secretary & SR VP |
| | Directors |
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| Mark S. Alsentzer | | Charles M. Hallinan | | Brent Kopenhaver | | | |
| | | | Capitalization as of 03/31/2010: | | | | | Authorized Shares | Outstanding Shares |
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| Series B Preferred $0.001 par | 20,000 | 6,300so1 | | Common $0.001 par | 25,000,000 | 17,587,899 |
| | | | LONG TERM DEBT: $6,709,048. | | | | Common $0.001 par | | | |
Stockholders:
04/10/2010,
201.
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Transfer Agent: Interwest Transfer Co. Inc.
Salt Lake City
, UT | | | | OTC Bulletin Board( Primary): PREA | | | | Exchange | Year | High | Low |
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| OTC Bulletin Board | 2009 | 1.4500 | 0.1800 | | OTC Bulletin Board | 2008 | 3.5000 | 1.0100 | | Over The Counter | 2007 | 9.4500 | 2.2000 | | Over The Counter | 2006 | 8.7500 | 4.3000 | | Over The Counter | 2005 | 2.2500 | 0.7500 | | Over The Counter | 2004 | 2.0000 | 0.9000 |
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| | | | DIVIDENDS: Common $0.001 par: None. | | | | | |
so1The company must redeem all outstanding Ser. B shares on Mar. 3, 2013. | |
| | Annual Report |
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| | | Income Statement | |
| 2009 | 2008 |
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| REVENUES |
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| | Revenues | 43,312,160 | 61,166,930 | | EXPENSES |
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| | Cost of Revenues | (38,705,460) | (50,373,760) | | Salaries and Related Expenses | (4,761,738) | (5,929,102) | | Occupancy and Other office Expenses | (861,794) | (1,101,242) | | Professional Fees | (2,020,366) | (1,985,740) | | Other Operating Expenses | (1,370,511) | (2,081,607) | | Insurance | (1,100,715) | (1,035,528) | | Depreciation and Amortization | (475,119) | (440,687) | | Impairment of Idle Machinery | - | (1,618,125) | | Write off of Fixed Assets | (733,333) | - | | Interest Expense | (2,444,604) | (1,972,096) | | Interest Income | - | 82,821 | | Loss from Equity Investments | (143,431) | (310,678) | | Change in Fair Value of Warrants with Contingent Redemption Provisions | 728,996 | 1,151,266 | | Expenses for Unrealized Acquisitions | (30,000) | (271,081) | | Other Income/loss | 471,635 | 188,352 | | Gain on Sale of Equipment | 23,648 | 245,424 | | Earnings before Taxes | (8,110,629) | (4,284,851) | | TAXES AND OTHER EXPENSES |
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| | Provision for Income Tax | (78,674) | 748,820 | | Provision for Income Tax | 1,678,689 | 1,308,765 | | Earnings of Discontinued Operations | (357,895) | (312,494) | | Net Income (Loss) | (6,868,509) | (2,539,760) | | CHARGES ON NET INCOME |
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| | Dividends on Preferred Stock | (272,154) | (477,846) | | Net Income Available to Common Shareholders | (7,140,663) | (3,017,606) | | SUPPLEMENTARY INFO |
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| | Gross Profit/loss | 4,606,703.00 | 10,793,170.00 | | Basic EPS - Continuing Operations | (0.39) | (0.16) | | Basic EPS - Discontinued Operations | (0.02) | (0.02) | | Basic Earnings Per Share ? Total | (0.41) | (0.18) |
| | | | Balance Sheet | |
| 2009 | 2008 |
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| CURRENT ASSETS |
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| | Cash and Cash Equivalents | 796,553 | 900,744 | | Accounts Receivables | 6,614,575 | 10,903,950 | | Due from Joint Venture | 118,270 | 342,552 | | Inventories | 392,562 | 312,651 | | Deferred Income Tax Asset | 209,568 | 306,073 | | Prepaid Expenses | 760,383 | 781,893 | | Restricted Cash | 211,122 | 813,164 | | Other Current Assets | 1,487,667 | 1,065,740 | | Asset Held for Sale | 956,923 | 1,986,917 | | Total Current Assets | 11,547,620 | 17,413,690 | | NON CURRENT ASSETS |
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| | Land | 1,085,940 | 1,085,940 | | Buildings and Improvements | 7,114,752 | 7,125,309 | | Machinery, Equipment | 10,282,890 | 8,025,683 | | Trucks and Automobiles | 1,884,989 | 1,922,246 | | Office Furniture, Fixtures and Computer Software | 323,160 | 323,160 | | Leasehold Improvements | 220,560 | 211,875 | | Accumulated Depreciation | (6,725,625) | (4,423,106) | | Goodwill | 759,694 | 759,694 | | Permits | 2,200,000 | 2,200,000 | | Other Intangible Assets, Net of Accumulated Amortization | 1,647,191 | 2,017,972 | | Deferred Financing Costs | 544,245 | 747,989 | | Idle Machinery | 4,158,100 | 7,176,850 | | Deposits and Other Assets | 1,417,117 | 923,335 | | Total Assets | 36,460,640 | 45,510,640 | | CURRENT LIABILITIES |
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| | Accounts Payable | 5,005,146 | 5,318,797 | | Accrued Payroll & Payroll Taxes | 151,408 | 294,356 | | Accrued Expenses | 1,031,609 | 902,265 | | Line-of-credit | 1,884,529 | 407,822 | | Notes Payable | - | 25,068 | | Note Payable-related Party | 1,011,348 | 333,000 | | Current Portion of Long-term Debt | 1,462,224 | 1,556,494 | | Other Current Liabilities | 545,802 | 1,323,452 | | Liabilities Held-for-sale | 796,516 | 1,887,513 | | Accrued Disposal Costs | 468,942 | 262,815 | | Total Current Liabilities | 12,357,520 | 12,311,580 | | NON CURRENT LIABILITIES |
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| | Note Payable-related Party | - | 650,296 | | Long-term Debts, Net of Current Portion | 7,203,855 | 8,351,740 | | Mandatorily Redeemable Series B Preferred Stock,.001 Par Value Authorized 20,000 Shares Issued and Outstanding 6,300 an | 5,359,206 | 4,447,437 | | Deferred Income Tax Liabilities - Permits | 880,000 | 880,000 | | Deferred Income Taxes | 2,272,042 | 4,047,236 | | Preferred Stock Convertible | 105 | - | | Contingent Consideration | 1,176,235 | 1,176,235 | | Accrued Disposal Costs | 282,172 | 78,023 | | Warrants with Contingent Redemption Provisions | 383,168 | 1,112,164 | | SHAREHOLDERS' EQUITY |
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| | Common Stock - Par Value | 17,576 | 17,627 | | Additional Paid in Capital | 15,034,600 | 13,803,470 | | Accumulated Deficit | (8,505,842) | (1,365,179) | | Total Shareholders Equity | 6,546,435 | 12,455,920 | | Total Liabilities & Shareholders Equity | 36,460,640 | 45,510,640 |
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| | Interim Report
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| | | Data Not Available | | | | | | | | | |
| | Pro Forma Report
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| | | Data Not Available | | | | | | | | | |
| | Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2010 |
1 | 7,020,000 | | 2009 |
1 | 12,070,000 | | 2009 |
2 | 12,000,000 | | 2009 |
3 | 11,450,000 | | 2009 |
Full Year
| 43,310,000 | | 2008 |
1 | 14,620,000 | | 2008 |
2 | 17,890,000 | | 2008 |
3 | 19,130,000 | | 2008 |
4 | 11,100,000 | | 2008 |
Full Year
| 62,740,000 | | 2007 |
1 | 10,320,000 | | 2007 |
2 | 18,500,000 | | 2007 |
3 | 15,290,000 | | 2007 |
4 | 15,290,000 | | 2007 |
Full Year
| 59,400,000 | | 2006 |
Full Year
| 22,230,000 |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2010 |
1 | (2,300,000) | | 2009 |
1 | (810,000) | | 2009 |
2 | (870,000) | | 2009 |
3 | (1,200,000) | | 2009 |
Full Year
| (6,510,000) | | 2008 |
1 | (410,000) | | 2008 |
2 | (180,000) | | 2008 |
3 | 10,000 | | 2008 |
4 | (1,960,000) | | 2008 |
Full Year
| (2,540,000) | | 2007 |
Full Year
| 2,030,000 | | 2006 |
Full Year
| (300,000) |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2010 |
1 | (.13) | | 2009 |
1 | (.05) | | 2009 |
2 | (.05) | | 2009 |
3 | (.07) | | 2009 |
Full Year
| (.39) | | 2008 |
1 | (.02) | | 2008 |
2 | (.04) | | 2008 |
3 | Nil | | 2008 |
4 | (.11) | | 2008 |
Full Year
| (.17) | | 2007 |
1 | .01 | | 2007 |
2 | .04 | | 2007 |
3 | .03 | | 2007 |
4 | .03 | | 2007 |
Full Year
| .12 | | 2006 |
Full Year
| (.02) |
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