Smith Environmental Net Plummets
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NEWPORT BEACH — Smith Environmental Technologies Corp., which is switching its fiscal year, said net income fell despite a surge in revenue in the seven-month transition period ended Sept. 30.
Net income totaled $12,000, down from $1.5 million, or 25 cents a share, in the same period a year ago. Revenue rose to $105.3 million from $43.8 million.
The company, which provides engineering, construction and hazardous waste remediation services, attributed the lower earnings to several factors, including costs related to acquisitions. Smith Environmental is changing its fiscal year-end from Feb. 28 to Sept. 30.
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