UNITED STATES
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): April 15, 2004
COMMODORE APPLIED TECHNOLOGIES, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 1-11871 11-3312952
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
150 East 58th Street, Suite 3238 10155
New York, New York
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 308-5800
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(Former Name or Former Address, if Changed Since Last Report)
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CURRENT REPORT ON FORM 8-K
COMMODORE APPLIED TECHNOLOGIES, INC.
April 15, 2004
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
99.1 Press Release dated April 15, 2004.
ITEM 9. REGULATION FD DISCLOSURE
On April 15, 2004, Commodore Applied Technologies, Inc. (the "Company")
issued a press release announcing its 2003 Fiscal Year End earnings. A copy of
the press release is furnished as Exhibit 99.1.
The information contained in this report is being furnished pursuant to
Item 9, Regulation FD Disclosure, and Item 12, Disclosure of Results of
Operations and Financial Condition.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Current Report to be signed on its behalf by
the undersigned thereunto duly authorized.
COMMODORE APPLIED TECHNOLOGIES, INC.
Date: April 15, 2004 By: /s/ James M. DeAngelis
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James M. DeAngelis
Senior Vice President and
Chief Financial Officer
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EXHIBIT INDEX
Exhibit No.
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99.1 Press Release dated April 15, 2004 issued by Commodore Applied
Technologies, Inc.
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Exhibit 99.1
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COMMODORE
NEWS RELEASE
For release: Immediate
Contact: James M. DeAngelis - (212) 308-5800
Commodore Applied Technologies, Inc. Reports:
o Year End 2003 Results
o Company Enters into Preferred Relationship with FFTF Restoration, LLC
o Company Teams with SAIC on Engineering Bids
NEW YORK, NY - April 15, 2004 - Commodore Applied Technologies, Inc. (OTCBB:
CXII), today announced financial results for the fiscal year ended December 31,
2003 (see table below).
Commodore Applied Technologies, Inc. and Subsidiaries
Condensed, Consolidated Statements of Operations
Fiscal Year Ended December 31,
(Audited - dollars in thousands, except per share data)
2003 2002
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Revenues* $660 $3,710
Income (Loss) from Continuing Operations* ($2,957) ($905)
Loss from Discontinued Operations -0- ($933)
Loss on Disposal of Discontinued Operations -0- ($4,134)
Net Loss ($2,957) ($5,972)
Net Loss Per Share -Basic and Diluted from
Continuing Operations ($0.04) ($0.02)
Net Loss Per Share -Basic and Diluted from
Discontinued Operations -0- ($0.02)
Net Loss Per Share -Basic and Diluted from
Disposal of Discontinued Operations -0- ($0.07)
Net Loss Per Share - Basic and Diluted ($0.04) ($0.11)
Weighted Average Number of Shares
Outstanding 92,035 57,775
*These amounts are only from continuing operations and do not reflect the
revenues of Dispute Resolution Management, Inc. (DRM), which was disposed of
effective May 16, 2002.
-more-
CXI Reports 2003 Year End Results
April 15, 2004
Page 2
Chairman and CEO Shelby Brewer stated that the Company has entered into a
"preferred subcontractor" relationship with FFTF Restoration, LLC (FRC), one of
several bidders to the Department of Energy's request for proposals to assist it
in closing the Fast Flux Test Facility at the Hanford site. As one of the FRC
subcontractors, Commodore is offering its SET process for sodium removal and
conversion. The FRC bid has been submitted, oral presentations have been made,
and the DOE is expected to award the contract in mid-summer 2004.
Brewer continued "We have also bid as the small business partner with SAIC and
others for a significant water and wild-life sampling and data management
project in Oak Ridge TN. Our proposal, I believe, is superb in that it removes
many of the data management and integration issues from the client (Bechtel
Jacobs) minds."
Commodore Applied Technologies, Inc. is a diverse technical solutions company
focused on high-end environmental markets. The Commodore family of companies
includes subsidiaries Commodore Solution Technologies and Commodore Advanced
Sciences. The Commodore companies provide technical engineering services and
patented remediation technologies designed to treat hazardous waste from nuclear
and chemical sources. More information is available on the Commodore web site at
WWW.COMMODORE.COM.
-more-
CXI Reports 2003 Year End Results
April 15, 2004
Page 3
This Press Release contains forward-looking statements that are based on our
current expectations, beliefs and assumptions about the industry and markets in
which Commodore Applied Technologies, Inc. and its subsidiaries operate. Such
forward-looking statements involve known and unknown risks, uncertainties, and
other factors that may cause Commodore's actual results to be materially
different from any future results expressed or implied by these statements.
Actual results may differ materially from what is expressed in these statements,
and no assurance can be given that Commodore can successfully implement its core
business strategy and improve future earnings.
The factors that may cause Commodore's actual results to differ from its
forward-looking statements include: Commodore's current critical need for
additional cash to sustain existing operations and meet ongoing existing
obligations and capital requirements; Commodore's ability to implement its
commercial waste processing operations, including obtaining commercial waste
processing contracts and processing waste under such contracts in a timely and
cost-effective manner; the timing and award of contracts by the U.S. Department
of Energy for the clean-up of waste sites administered by it; the acceptance and
implementation of Commodore's waste treatment technologies in the government and
commercial sectors; and other large technical support services projects. All
forward-looking statements are also expressly qualified in their entirety by the
cautionary statements included in Commodore's SEC filings, including its
quarterly reports on Form 10-Q and its annual report on Form 10-K.
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