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DAVIS WATER & WASTE REPORTS FIRST QUARTER RESULTS; EXPECTS PROFITABLE FISCAL 1993

 DAVIS WATER & WASTE REPORTS FIRST QUARTER RESULTS;
 EXPECTS PROFITABLE FISCAL 1993
 THOMASVILLE, Ga., Sept. 21 /PRNewswire/ -- Davis Water & Waste Industries, Inc. (NYSE: DWW), today reported results for the first quarter ended July 31, 1992.
 The company reported a net income of $333,611 for $.10 per share on net sales of $49,885,723 compared to a net loss of $331,912 or $.10 cents per share on net sales of $46,160,283 for the same period last year.
 Results for the current year's first quarter include a one-time positive adjustment of $459,000 or $.14 per share, from the adoption of FASB109 - Accounting for Income Taxes.
 "The sales increase for the first quarter is attributed principally to an increase in sales at The Taulman Company (a wholly owned subsidiary) and an increase in sales by the Distribution Group in the southeastern states," R. Doyle White, president, said.
 "The company downsized its operations throughout fiscal 1992 and continued to cut costs prudently during the first quarter of fiscal 1993, including closing one additional distribution location. Employment at July 31, 1992 was 785 compared to 791 at April 30, 1992 and 859 at July 31, 1991. Although, available business continues to be limited and margins are lower than last year, we are cautiously optimistic that our reductions in cost of operations along with the anticipated modest improvement in the business environment will enable us to return to a profitable operation for fiscal 1993," he concluded.
 Davis Water & Waste Industries designs, engineers, manufactures, sells and installs water and wastewater treatment and pumping equipment and sells certain process materials used to treat water and wastewater to comply with applicable health and water quality standards. The company also markets products relating to the distribution of water and the treatment of water and wastewater.
 DAVIS WATER & WASTE INDUSTRIES, INC.
 Operating Results (Unaudited)
 Three months ended July 31 1992 1991
 Net sales $49,885,723 $46,160,283
 Net income (loss) before
 cumulative effect of change in
 method of accounting for income taxes (125,389) (331,912)
 Net income (loss) 333,611(A) (331,912)
 Earnings (loss) per share before
 cumulative effect of change in
 method of accounting for income taxes (.04) (.10)
 Earnings (loss) per share (.10)(A) (.10)
 Average number of shares outstanding 3,269,619 3,272,935
 (A) -- Includes one-time positive adjustment of $459,000 or $.14 per share from the adoption of FASB109 - Accounting for Income Taxes.
 -0- 9/21/92
 /CONTACT: Stan White of Davis Water & Waste Industries, 912-226-5733/
 (DWW) CO: Davis Water & Waste Industries, Inc. ST: Georgia IN: SU: ERN


TS-OS -- NY018 -- 1513 09/21/92 09:12 EDT
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Publication:PR Newswire
Date:Sep 21, 1992
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