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AIR & WATER TECHNOLOGIES REPORTS FIRST QUARTER NET INCOME PER SHARE OF 4 CENTS

 AIR & WATER TECHNOLOGIES REPORTS FIRST QUARTER
 NET INCOME PER SHARE OF 4 CENTS
 BRANCHBURG, N.J., March 16 /PRNewswire/ -- Air & Water Technologies Corporation (AMEX: AWT), a leading environmental treatment and services company, reported net income of $0.9 million for the quarter ended Jan. 31, 1992, or 4 cents per share, compared to a loss of $2.1 million, or 9 cents per share, in the first quarter of the prior year. The per share results for both periods include 7 cents of non-cash charges related to goodwill amortization. The 1992 per-share results include a 3 cents extraordinary credit resulting from the use of net operating tax loss carryforwards.
 The company's performance continues to be influenced by factors cited previously; namely, planned spending, particularly on increased marketing activities, and related bid and proposal costs associated with the air pollution control business and emerging opportunities for the Department of Defense; delays in the award of contracts; and continued weakness in the private sector economy as well as significant fiscal problems being experienced by many cities and towns.
 AWT's sales volume remained relatively unchanged from the comparable quarter of the prior year. Sales volume was up more than 30 percent for the Residuals Management segment, which somewhat offset decreases in the other segments, primarily Metcalf & Eddy. According to Eckardt C. Beck, chairman, president, and chief executive officer of AWT, "There is an element of seasonality that is inherent in several business lines. Naturally, construction-related activity is slower in the winter months. This is most readily evident among our remediation and utility clients."
 The company improved its operating income performance in each of its three business units over the the comparable quarter of the prior year. Beck cited the strong effort within the company in the area of cost control and containment as an important contributor to the improved operating income performance. He also highlighted several indicators, including increased bid opportunities, proposals outstanding and backlog as positive trends. "We are seeing a very high level of activity in our markets, which in turn has resulted in strong performance in new contract awards and a $43 million growth in backlog in the first quarter. The timing of project awards going forward and the rate at which those awards convert into revenues continue to be key near-term issues that will influence our business performance."
 Air & Water Technologies Corporation, through its operating units -- Research-Cottrell, Metcalf & Eddy, and Residuals Management -- provides a broad range of services in the areas of air pollution control, water resource management, and waste by-product disposal and reuse. Through its AWT Capital group, the company also provides services relating to the financing of environmental facilities and systems.
 AIR & WATER TECHNOLOGIES CORPORATION
 Consolidated Statements of Operations
 (in thousands, except per share data)
 (unaudited)
 Three months ended Jan. 31,
 1992 1991
 Sales $154,350 $159,402
 Cost of Sales 111,024 117,491
 Gross Margin 43,326 41,911
 Selling, General and
 Administrative Expenses 34,522 36,660
 Amortization of Goodwill 1,685 1,535
 Operating Income 7,119 3,716
 Interest Expense (5,501) (5,640)
 Interest Income 192 863
 Other Expense, Net (450) (256)
 Income (loss) before income
 taxes, minority interest
 and extraordinary item 1,360 (1,317)
 Provision for Income Taxes 1,178 609
 Minority Interest (29) (185)
 Income (loss) before
 extraordinary item 153 (2,111)
 Extraordinary Item 741 ---
 Net Income (Loss) $894 ($2,111)
 Net Income (Loss) Per Share:
 Before extraordinary item 1 cent (9 cents)
 Extraordinary item 3 cents ---
 Net Income (Loss) Per Share 4 cents (9 cents)
 Weighted average number of
 shares outstanding 24,783 22,427
 -0- 3/16/92
 /CONTACT: Lucinda Edmonds of Air & Technologies, 617-245-1484/
 (AWT) CO: Air & Water Technologies Corporation ST: Massachusetts IN: CHM SU: ERN


SH-EG -- NE010 -- 8208 03/16/92 10:29 EST
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Publication:PR Newswire
Date:Mar 16, 1992
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