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ECOLOGY AND ENVIRONMENT, INC. ANNOUNCES EARNINGS INCREASE FOR FIRST QUARTER OF FISCAL YEAR 1994

 BUFFALO, N.Y., Dec. 7 /PRNewswire/ -- HIGHLIGHTS: Net income for Ecology and Environment, Inc. (AMEX: EEI) for the first quarter ending Oct. 30, 1993, was $1.3 million, or $.33 per share, up from $1.25 million, or $.32 per share, recorded in the first quarter of fiscal year 1993. Net revenues for the first quarter of fiscal year 1994 were $22.1 million, an increase of approximately 10 percent over the $20.0 million recognized in the same period of the prior year.
 DETAILS: Ronald L. Frank, executive vice president and chief financial officer, notes that the company's recorded net income for the first quarter ending Oct. 30, 1993, includes the effect of the required adoption of a new method of accounting for income taxes. The implementation of this new financial accounting standard, which is a one time occurrence, adversely affected first quarter earnings by approximately $118,000, or $.03 per share. Frank attributes the increase in first quarter earnings over the same period last year primarily to the increase in net revenues. The growth in net revenues was the result of the company's expanding business with both governmental agencies and private industry which included the U.S. Environmental Protection Agency, the Department of Defense and clients in the private oil and gas industry.
 Widely recognized as a leading environmental consultant -- with over 1,000 employees, 25 U.S. offices and representation in 23 countries -- Ecology and Environment, Inc. is helping to solve global environmental problems such as biodiversity and ozone depletion. Its site specific services include: solid, hazardous, nuclear and medical waste management; air and water pollution control; hazardous and risk management; environmental impact assessment; field monitoring; and analytical laboratory services.
 Ecology and Environment, Inc., is headquartered in Lancaster, N.Y., a suburb of Buffalo. Its common stock is listed on the American Stock Exchange under the symbol EEI.
 ECOLOGY AND ENVIRONMENT, INC.
 FINANCIAL REPORT
 (In thousands, except per share information)
 Three Months Ending
 Oct. 30, Oct. 31,
 1993 1992
 Gross Revenues $26,461 $21,926
 Net Revenue 22,117 20,044
 Net Income 1,305 1,252
 Net Income Per Common Share $ .33 $ .32
 Weighted Average Common Shares Outstanding 3,941 3,938
 -0- 12/7/93
 /CONTACT: Ronald Frank of Ecology and Environment, Inc., 716-684-8060/
 (EEI)


CO: Ecology and Environment, Inc. ST: New York IN: ENV SU: ERN

KL-AR -- CL008 -- 1225 12/07/93 11:02 EST
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Publication:PR Newswire
Date:Dec 7, 1993
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