CONCORD, Mass., Feb. 9 /PRNewswire/ -- Starmet Corporation (Nasdaq: STMT)
announced today that a customer of its wholly-owned subsidiary, Starmet CMI,
has exercised options for approximately four million dollars of work to be
performed at the Barnwell, South Carolina facility during this fiscal year.
These options were referred to in the Company's November 20, 1997 press
release. As previously indicated, substantial costs in preparation for
performance of this contract were incurred during the Company's first quarter,
but revenue will not begin to be recognized before the Company's second fiscal
quarter, with most of the revenue expected to be recognized in the Company's
third fiscal quarter. All of the contract work is expected to be completed
and taken into revenue in fiscal year 1998.
Starmet CMI, established in 1983 as Carolina Metals, Inc., provides
uranium metal products and related services to both the commercial and
government markets. It operates fully licensed production facilities capable
of processing uranium and depleted uranium feed materials into customer
specified products.
Starmet Corporation, formerly Nuclear Metals, Inc., is a diversified
metallurgical technology company based in Concord, Massachusetts.
Statements contained herein that are not statements of historical fact are
"forward-looking statements." Forward-looking statements include, without
limitation, statements concerning the Company's expectations concerning the
completion of work, and the timing of revenues to be realized under, the
contract described above.
Such forward-looking statements are based on a number of assumptions and
involve a number or risks and uncertainties, including uncertainties which are
commonly present in any litigation, such as the availability of injunctive
and other equitable relief in the discretion of a court. Accordingly, actual
results could differ materially from those projected in the forward-looking
statements. Additional factors that may cause such differences include, but
are not limited to, those factors described in Exhibit 99 to the Company's
quarterly report on Form 10-Q for the fiscal quarter ended March 31, 1997.
SOURCE Starmet Corporation
 back to top
Related links:
http://www.starmet.com
CONTACT:
Frank J. Vumbaco, Vice President, Corporate
Communications of Starmet Corporation, 978-369-5410
CNOC: http://www.prnewswire.com or fax, 800-758-5804, ext.
632850
|
