ABS Reports Strong Performance in 2001

Tuesday, April 23, 2002
ABS Chairman and CEO Frank J. Iarossi has reported continued strong performance by the classification society and its affiliate, the ABS Group of Companies Inc. in 2001. Iarossi reported that the ABS-classed fleet had reached a new tonnage record of 360 ft. (109.8m) gt in October 2001. He also noted that a significant contribution came from the expanding risk management and associated activities of the principal operating subsidiary, ABS Consulting.

Consolidated gross revenues for ABS and the ABS Group of Companies increased 3.6 percent over 2000 to a new record $370.9 million, reflecting the continuing steady growth of the organization's non-classification activity. Just over 60 percent of the revenue came from marine classification activity with the remainder contributed from non-marine business. The contribution from the affiliated companies is projected to strengthen in 2002 following the elimination of various non-recurring expenses associated with the previous acquisition of EQE International Inc., now part of ABS Consulting.

Consolidated operating income after tax surged almost 100 percent over the previous year to reach $19- million.

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