May 2, 1996
Financially ailing Wahlco Environmental Systems Inc. said Wednesday that it has signed a new agreement with one of its banks, securing a $3-million line of credit through Oct. 25. Approximately $1.9 million already has been drawn down. Wahlco has been negotiating a credit restructuring with Silicon Valley Bank since defaulting on certain terms of the loan in December. The company said it is continuing efforts to restructure its assets and business.
September 19, 1997 |
Wahlco Environmental Systems Inc. plans to offer shareholders the right to purchase common stock at a substantial discount. The offering applies to shareholders other than its majority shareholder, WES Acquisition Corp. To reduce the number of shares outstanding, the company also said Thursday that it plans a reverse stock split, subject to the approval of the New York Stock Exchange, after the rights offering. The company said shareholders will be issued eight rights for each share owned.
February 11, 1992 |
Wahlco Environmental Systems Inc., citing strong growth in international sales, said Monday that its earnings rose 54% to $11.6 million last year. The company also said 1990 amendments to the federal Clean Air Act had boosted its sales and should continue to do so. The Irvine maker of air pollution control equipment for power plants said more than half its sales and manufacturing plants are abroad. Wahlco set new records in revenue, earnings and backlog last year, President Henry N.
July 1, 1998 |
Wahlco Environmental Systems Inc. said Tuesday that trading in its stock will be suspended by the New York Stock Exchange on or before July 15 because its net tangible assets, average net income and aggregate market value all have fallen below the Big Board's minimum standards. The Santa Ana-based manufacturer of air pollution control and power supply systems said it is seeking to transfer its stock to another exchange.
April 17, 1996
Wahlco Environmental Systems Inc., which designs and makes air pollution control equipment and water purification and bottling systems, posted a loss last year on lower revenue. The company also said it had violated parts of its credit agreement with Silicon Valley Bank and was in default. Wahlco said it is in negotiations to restructure the credit arrangement. The company lost $11.4 million, or 64 cents a share, down from $66.1 million, or $3.75 a share, for 1994, which included a $54.
January 10, 1994
Wahlco Environmental Systems Inc., a maker of pollution-control and power-efficiency equipment, said last week that it will take a charge of about $10 million to cover costs of closing plants in West Virginia and Canada. The company, based in Santa Ana, cited the sluggish worldwide economy, ongoing delays by U.S. utilities in complying with the 1990 Clean Air Act and competitive pressures as reasons for the restructuring.
August 21, 1991
Wahlco Environmental Systems Inc. said Tuesday that it has bought a Swiss marketer of power plant equipment called Metroflex and one of Metroflex's suppliers, Pentney Group, a British concern. The price for both companies totaled $2.1 million, said Wahlco, which makes equipment used to reduce air pollution by electric utilities.
May 9, 1991 |
Wahlco Environmental Systems Inc., a manufacturer of air pollution control equipment, said Wednesday that it has agreed to acquire two European companies in separate transactions for a combined price of about $7 million. Wahlco, based in Santa Ana, said it has signed letters of intent to acquire Metroflex Corp. of Baar, Switzerland, and the Pentney Group of Chesterfield, England.