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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) Sept. 26, 1995
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OHM CORPORATION
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(Exact name of registrant as specified in its Charter)
Ohio 1-9654 34-1503050
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(State or other (Commission file number) (IRS employer
jurisdiction of identification no.)
incorporation)
16406 U.S. Route East, Findlay, Ohio 45840
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (419) 423-3526
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
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On September 26, 1995 OHM Corporation issued the news release attached
hereto as Exhibit 99 and incorporated herein by reference.
Item 7. Exhibits.
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Exhibit 99. News Release dated September 26, 1995.
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
OHM CORPORATION
By:
/s/ RANDALL M. WALTERS
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Randall M. Walters, Vice
President,
General Counsel and Secretary
Dated: October 5, 1995
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EXHIBIT 99
FINANCIAL CONTRACTS: Harold W. Ingalls
Vice President and Chief Financial Officer
404-453-7645
Pamela K.M. Beall
Vice President and Treasurer
419-425-6002
MEDIA CONTACT: Cheryl Rectorschek
Corporate Communications
202-452-1540
OHM ANNOUNCES CONTRACT AWARDS
For Immediate Release
FINDLAY, OHIO, September 26, 1995--OHM Corporation (NYSE:OHM), a
leading hazardous waste remediation firm, today announced three contract awards
with potential revenues of more than $150 million in its government business.
OHM is the primary team subcontractor for the remedial action portion
of the Baltimore Total Environmental Restoration Contract for the U.S. Army
Corps of Engineers' Baltimore district. The $330 million contract awarded
earlier this month has an initial term of four years with two 3-year options.
OHM estimates the potential revenues for its work under the contract could
exceed $100 million over the next 10 years.
The Company was also awarded a subcontract worth $33 million for a
remedial action project at the Monticello Mill Site in Monticello, Utah, which
involves constructing a 47-acre repository cell to hold 2.7 million cubic yards
of uranium mill tailings. The Monticello award represents remediation work for
the Department of Energy, which is just beginning to embark on the actual
cleanup of hazardous and nuclear wastes. Finally, the Company has also
received a notice to award from the State of Utah for a $29 million dollar
contract for remediation work at the Portland Cement Superfund site.
James L. Kirk, Chairman, President and Chief Executive Officer of OHM
said, "We are pleased with recent awards and pace of new activity in our base
business without considering the Company's recent acquisition of the
environmental remediation business of Rust International. Growth of revenues
and earnings
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from our base business excluding the Rust acquisition are expected to exceed
our corporate goal of growing 25 percent. However, the revenue and earnings
contribution from the remediation business recently acquired from Rust is
significantly below our expectations."
As a result of this acquisition's operating performance, the Company
now expects earnings for the third quarter will be lower than current analysts'
expectations and will be in the range of 10 cents to 14 cents per share on
approximately 65 percent more shares outstanding compared with 16 cents per
share for the same period of 1994. In addition, fourth quarter results could
also be impacted by the performance of the remediation business acquired from
Rust.
Kirk continued, "We remain optimistic about the long-range outlook for
our business. In the government sector, we continue to receive firm delivery
orders through our contract vehicles, primarily from the Military Base
Realignment and Closure program. Funding levels continue to reflect Congress'
desire to shift the spending from studies to actual remediation activities."
"Congress is likewise urging the Department of Energy to move ahead
with cleanups, which we believe has accelerated the remediation contract
opportunities for companies like OHM. We have already identified approximately
$700 million of contract opportunities for remediation work at DOE facilities
to pursue over the next 12 months."
With 26 years' experience and the completion of approximately 30,000
projects, OHM provides a broad range of treatment technologies to clean up
hazardous wastes through its more than 30 offices nationwide. The Company's
client base includes firms in the petroleum, chemical, transportation and
general manufacturing as well as public sector clients including the U.S. Army
Corps of Engineers, the U.S. Departments of the Navy and the Air Force, the
U.S. EPA and work at U.S. Department of Energy facilities.
