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ECOLOGY AND ENVIRONMENT, INC. ANNOUNCES FISCAL YEAR 1992 RESULTS

 ECOLOGY AND ENVIRONMENT, INC. ANNOUNCES FISCAL YEAR 1992 RESULTS
 BUFFALO, N.Y., Oct. 6 /PRNewswire/ -- Net income for Ecology and Environment, Inc. (AMEX: EEI) for the fiscal year ended July 31, 1992 was $4.5 million, or $1.14 per share, down from the $1.35 per share recorded in fiscal year 1991. Net revenues for fiscal year 1992 were $78.4 million as compared to the $87.4 million in the previous year.
 Ronald L. Frank, executive vice president and chief financial officer, attributes the decrease in net revenues to the Oct. 31, 1991 expiration of the company's Field Investigation Team (FIT) contract with the U.S. Environmental Protection Agency (EPA). Fiscal year 1992 net revenues derived from the FIT contract decreased $15.7 million from fiscal year 1991. However, the company's continued success in diversifying its' market base in fiscal year 1992 resulted in a $6.7 million increase in net revenues from contracts other than FIT. Mr. Frank stated that the decrease in net income was the result of the decline in net revenues from the FIT contract, increased marketing and proposal expenses and the retention of certain FIT personnel needed to meet the demands of anticipated growth. The company expects the impact of the FIT contract expiration will be mitigated by future growth of other business opportunities emerging domestically and worldwide.
 Ecology and Environment, Inc., founded in 1970, is a firm of international specialists in the environment and is headquartered in Lancaster, N.Y., a suburb of Buffalo. It has offices in 25 cities throughout the United States and is represented in more than 20 countries around the world. It currently employs approximately 1000 people.
 ECOLOGY AND ENVIRONMENT, INC.
 Financial Report
 (In thousands, except per share information)
 Period ended Three months
 July 31 1992 1991
 Gross revenues $21,615 $27,429
 Net revenues 19,803 23,671
 Net income 859 1,142
 Net income per common share .22 .29
 Weighted average common
 shares outstanding 3,937 3,931
 Fiscal year
 July 31 1992 1991
 Gross revenues $89,958 $99,787
 Net revenues 78,402 87,449
 Net income 4,477 5,315
 Net income per common share 1.14 1.35
 Weighted average common
 shares outstanding 3,936 3,931
 -0- 10/6/92
 /CONTACT: Ronald Frank of Ecology and Environment, Inc., 716-684-8060/
 (EEI) CO: Ecology and Environment, Inc. ST: New York IN: SU: ERN


LR-OS -- NY030 -- 6994 10/06/92 10:48 EDT
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Publication:PR Newswire
Date:Oct 6, 1992
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