Waste-Disposal Firm Reports Rise in Income

Security Environmental Systems Inc. reported net income of $200,000, equal to 2 cents per share, in its fiscal second quarter, compared to $89,638, or 1 cent per share, in the same period the year before. The second quarter ended Dec. 31, 1991.

The net income includes $75,000 in tax benefits that the Garden Grove waste-disposal firm reported from previous operating losses. In the same quarter a year before, the company counted $39,692 in tax benefits toward its profits.

The company, which disposes of general, biomedical and hazardous wastes by incineration and steam sterilization, reported second-quarter revenues of $1.8 million, up 28.6% from $1.4 million in 1990 quarter.

For the six months, the company’s operating expenses rose 51% over the like period in the previous year as the firm hired employees, added vehicles to its truck fleet and paid increased insurance costs as the number of its customers grew, said Chief Financial Officer Jonathan Grossman.