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DAMES & MOORE REPORTS FIRST QUARTER RESULTS

 DAMES & MOORE REPORTS FIRST QUARTER RESULTS
 LOS ANGELES, Aug. 6 /PRNewswire/ -- Dames & Moore (NYSE: DM),


international environmental and engineering consultants, today reported slightly lower net revenues and earnings in the first quarter of fiscal 1993, ended June 26, 1992, than the company recorded in the quarter ended June 28, 1991.
 Net revenues in the fiscal 1993 quarter were $64,625,000, compared with net revenues of $66,927,000 in the fiscal 1992 quarter. Net income was $5,209,000, or $0.23 a share, vs. net income of $5,430,000, or $0.27 a share, in the fiscal 1992 quarter.
 Dames & Moore paid a quarterly cash dividend of $0.03 per common share on June 30, 1992.
 George D. Leal, chairman, president and chief executive officer, said that revenue growth in the first quarter continued to be affected by recessionary economic conditions in many of the company's worldwide markets. Expenditures of both government and industrial clients continued to be constrained through the quarter, he said.
 He said that the company's response was to adjust its operations to this business environment to maintain profit margins. The company's net margin was 8.1 percent in both the first quarter of fiscal 1993 and the first quarter of 1992.
 Leal noted that although first quarter revenues did not grow, compared with the first quarter of fiscal 1992, major contract awards were received during the quarter from both private-sector clients and various U.S. Department of Defense agencies. These contracts included a contract for environmental engineering services from the U.S. Army Corps of Engineers -- Huntsville, Ala. District and are expected to produce delivery orders beginning in the second and third quarters of the current fiscal year, he said.
 "We believe that these and other contracts, along with generally improved business conditions, will build the company's revenues and earnings in the remaining three quarters of fiscal 1993," Leal said. He noted that the California market appears to be stabilizing, and market activity is strengthening in the eastern United States and in Europe.
 "Our outlook continues to be for a resumption of economic growth both in the United States and abroad before the end of our fiscal year," he said.
 Leal said that Dames & Moore expects to resume growing via acquisition as well as internally in fiscal 1993. He noted that in June 1992 the company had acquired, through an asset purchase, Midwest Consulting Engineers Inc., a Chicago-based firm with gross revenues of approximately $5.5 million, specializing in transportation and municipal design engineering.
 "This year, we plan to acquire several compatible companies in key areas of our business. We are focusing on companies that fit our strategic plan and broaden our capabilities," Leal said.
 Dames & Moore is a worldwide provider of comprehensive environmental and other specialized consulting and engineering services. It has 117 offices in 20 countries, staffed by approximately 3,300 professional and support personnel. In its 54-year history, Dames & Moore has completed more than 93,000 projects for over 24,000 clients in more than 140 countries.
 DAMES & MOORE
 Statements of Earnings
 (Unaudited)
 (In thousands except per share amounts)
 First Quarter Ended
 June 26, 1992 June 28, 1991
 Gross revenues $86,274 $89,231
 Direct costs of outside services 21,649 22,304
 Net revenues 64,625 66,927
 Operating expenses:
 Salaries and related costs 41,304 40,419
 Officer/partner bonuses 400 2,842
 General expenses 13,331 13,655
 Depreciation and amortization 1,378 1,240
 Total 56,413 58,156
 Earnings from operations 8,212 8,771
 Other income 402 549
 Interest expense (92) (270)
 Earnings before income taxes 8,522 9,050
 Income taxes 3,313 3,620
 Net earnings $5,209 $5,430
 Earnings per share $0.23 $0.27
 Cash dividends declared per share $0.03 ---
 Weighted average number of
 shares outstanding 22,504 20,000
 Statements of Financial Position
 (Unaudited)
 (In thousands except per share amounts)
 June 26, 1992 March 27, 1992
 Assets
 Current assets $129,208 $125,997
 Property & equipment, net 11,290 11,423
 Equity investments
 & other assets 4,596 5,125
 Total $145,094 $142,545
 Liabilities &
 shareholders' equity
 Current liabilities $35,251 $37,578
 Deferred income taxes 290 265
 Shareholders' equity 109,553 104,702
 Total $145,094 $142,545
 -0- 8/6/92
 /CONTACT: Jill Tenney-Groswirth of Dames & Moore, 213-683-1560; or Tom Wick or William Coffin of Financial Relations Board, for Dames & Moore, 818-783-2400/
 (DM) CO: Dames & Moore Inc. ST: California IN: SU:


LS-AL -- LA004 -- 7437 08/06/92 09:04 EDT
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Date:Aug 6, 1992
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