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: April 13, 1995
(Date of earliest event reported)
Handex Environmental Recovery, Inc.
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(Exact Name of Registrant as Specified in Charter)
Delaware 0-17840 22-2941704
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
500 Campus Drive, Morganville, New Jersey 07751
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (908) 536-8500
<PAGE>
Item 5. Other Events.
On April 13, 1995, Handex Environmental Recovery, Inc., a Delaware
corporation, issued the press release filed as Exhibit 99.1 to this report.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
Sequential
Exhibit No. Page Number
99.1 Press Release of the Company
dated April 13, 1995 4
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HANDEX ENVIRONMENTAL RECOVERY, INC.
By: /s/John T. St. James
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John T. St. James, Vice President and
Treasurer
Date: April 21, 1995
<PAGE>
Exhibit 99.1
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact: John St. James
Chief Financial Officer
908-536-8500
FLORIDA PROGRAM CHANGE IMPACTS HANDEX
Morganville, New Jersey (April 13, 1995) -- Handex Environmental Recovery, Inc.
(NASDAQ:HAND) today announced that recent changes in Florida's state-funded site
rehabilitation program will require investment analysts' estimates for fiscal
1995 to be adjusted. The Company also said that it anticipates lower than
expected revenues and earnings for the first quarter of fiscal 1995, primarily
as a result of deferral of scheduled environmental remediation projects. The
Company anticipates that this deferral of business may also adversely affect
second quarter operations.
In late March, Florida Governor Lawton Chiles signed into law a bill revising
the state's reimbursement program for environmental remediation projects, which
will result in fewer sites qualifying for reimbursement. These changes will
have an adverse impact on the Company's operations in Florida, where it has
recently experienced significant growth. The Company's Chairman, Curtis Lee
Smith, Jr., stated that while deferral of remediation projects is likely to
adversely affect the Company's results for the first and second quarters, the
changes in Florida's reimbursement program are likely to have a greater impact
on the company's results of operations for the fiscal year.
Handex provides environmental remediation and educational services. The
environmental companies provide comprehensive solutions to hydrocarbon
contamination of groundwater and soil due to leaking underground storage tanks,
petroleum distribution systems, and related contamination sources. These
companies also offer 24-hour emergency response and have 19 locations in 14
states. The education and training companies operate computer training centers
in California, Chicago, and New York, and franchise 72 additional centers in the
United States and abroad. These centers provide software instruction in PC
software applications, networking, operating systems, and client/server
programming primarily to employer-sponsored enrollees.
