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DAMES & MOORE REPORTS SECOND QUARTER RESULTS

 LOS ANGELES, Oct. 26 /PRNewswire/ -- Dames & Moore (NYSE: DM), international environmental and engineering consultants, today reported higher earnings on stable net revenues for both the second quarter and the first half ended Sept. 24, 1993, compared with the second quarter and first half ended Sept. 25, 1992.
 Second quarter net income increased 3.7 percent, to $6,269,000, from the second quarter of the prior fiscal year. First half net income increased 9.5 percent, to $12,328,000, from the first half of the prior fiscal year.
 Net earnings per share increased to $0.28 from $0.27 for the quarter and to $0.55 from $0.50 for the half compared with the prior fiscal year.
 George D. Leal, chairman and chief executive officer, said that he was pleased the company was able to improve its earnings for both the quarter and the half despite the fact that net revenues did not increase. Revenues continue to be affected by the sluggish business conditions in the firm's private sector market.
 Leal also noted that the restructuring of senior management positions described in recent announcements has allowed the company to focus increased attention on market opportunities, which should yield increased revenues and earnings by next fiscal year.
 Dames & Moore is a worldwide professional services company, providing comprehensive environmental and specialized consulting and engineering services. The company maintains offices throughout the United States and in 19 other countries.
 DAMES & MOORE
 Statements of Earnings
 (Unaudited)
 (In thousands, except per share amounts)
 Second Quarter Ended Two Quarters Ended
 Sept. 24, Sept. 25, Sept. 24, Sept. 25,
 1993 1992 1993 1992
 Gross revenues $92,332 $88,376 $182,178 $174,650
 Direct costs of
 outside services 28,496 24,100 53,372 45,749
 Net revenue 63,836 64,276 128,806 128,901
 Operating expenses:
 Salaries and
 related costs 40,283 40,491 81,148 82,195
 General expenses 12,014 12,380 25,391 25,711
 Depreciation and
 amortization 1,449 1,494 2,815 2,872
 Total 53,746 54,365 109,354 110,778
 Earnings from
 operations 10,090 9,911 19,452 18,123
 Other income 355 638 944 1,040
 Interest expense (23) (128) (50) (220)
 Earnings before
 income taxes 10,422 10,421 20,346 18,943
 Income taxes 4,153 4,375 8,018 7,688
 Net earnings $6,269 $6,046 $12,328 $11,255
 Earnings per share $0.28 $0.27 $0.55 $0.50
 Cash dividends
 declared per share $0.03 $0.03 $0.06 $0.06
 Weighted average
 number of shares 22,556 22,528 22,554 22,516
 Statements of Financial Position
 (Unaudited)
 (In thousands)
 Sept. 24, March 26,
 1993 1993
 Assets
 Current assets $147,694 $145,838
 Property and equipment, net 10,972 10,300
 Intangibles of acquired businesses 10,129 4,023
 Equity investments and other assets 1,191 1,240
 Total $169,986 $161,401
 Liabilities and
 shareholders' equity
 Current liabilities $32,660 $35,729
 Deferred income taxes 235 278
 Shareholders' equity 137,091 125,394
 Total $169,986 $161,401
 -0- 10/26/93
 /CONTACT: Robert Perry, CFO of Dames & Moore, 213-683-1560/
 (DM)


CO: Dames & Moore ST: California IN: ENV SU: ERN

EH-LS -- LA002 -- 6692 10/26/93 08:01 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
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