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ENVIRONMENTAL ELEMENTS ANNOUNCES THIRD QUARTER EARNINGS

 ENVIRONMENTAL ELEMENTS ANNOUNCES THIRD QUARTER EARNINGS
 BALTIMORE, Jan. 27 /PRNewswire/ -- Environmental Elements Corporation (NYSE: EEC) today announced operating results for its third quarter ended Dec. 31, 1991.
 Income of $884,000 from continuing operations was slightly above last


year's income of $865,000, primarily as a result of higher gross margins in this year's third quarter. Earnings per share for the quarter were $.13 compared to $.12 for the same period last year. Sales for the three months ended Dec. 31, 1991, were $19,750,000 vs. $20,807,000 last year. Earnings per share on a tax normalized basis (35.5 percent rate) were $.09 this year vs. $.08 last year. Net income for the quarter, which includes discontinued operations, was $1,033,000 ($.15 per share) vs. $1,409,000 ($.20 per share) last year. Last year's net income from discontinued operations included a $500,000 ($.07 per share) gain from the sale of a discontinued business.
 For the nine months ended Dec. 31, 1991, sales were $70,116,000 compared to $67,220,000 for the same period last year, and income from continuing operations was $4,298,000 ($.61 per share) vs. $3,860,000 ($.61 per share) for last year's first three quarters. Nine month earnings per share on a tax normalized basis (35.5 percent rate) were $.42 this year vs. $.43 last year. Earnings per share comparisons are influenced by higher average shares outstanding this year.
 F. Bradford Smith, president and chief executive officer noted, "During the quarter, we experienced the beginning of what we expect to be a surge in market activity resulting from 1990 amendments to the Clean Air Act. Utilities are now beginning to place orders for the particulate control equipment needed to comply with the act's 1995-1997 Phase I deadlines. We are also very pleased by a substantial pick up in the industrial market, particularly in the pulp and paper and petrochemical industries.
 "During the quarter, bookings were $41.5 million, compared to $9.8 million in the third quarter last year. As a result, our backlog grew from $50.9 million at the end of September 1991 to $72.3 million as of December 31, 1991. Inquiry and bidding activity remains very high, which we hope is indicative of continued bookings strength and growth in our backlog."
 Environmental Elements Corporation, a leading air pollution control systems supplier for more than 45 years, designs and supplies electrostatic precipitator, fabric filter, flue gas desulphurization, acid gas cleaning and continuous emissions monitoring systems. Environmental Elements' systems enable a broad range of customers in the power generation, pulp and paper, waste to energy, rock products, metals and petrochemical industries to operate their facilities in compliance with particulate and gaseous emissions standards.
 ENVIRONMENTAL ELEMENTS CORP. AND SUBSIDIARIES
 Summary Consolidated Financial Data
 (In thousands, except per-share data)
 Three months ended Dec. 31 1991 1990(A)
 Sales $19,750 $20,807
 Cost of sales 15,782 17,431
 Gross profit 3,968 3,376
 Operating expenses:
 Selling 1,371 1,026
 General and administrative 1,792 1,624
 Research and development 40 117
 Total 3,203 2,767
 Operating income 765 609
 Interest income net 178 300
 Other income (expense), net 31 (9)
 Income from continuing operations
 before income taxes 974 900
 Provision for income taxes 90 35
 Income from continuing operations 884 865
 Gain on disposal of discontinued
 operations, net 149 544
 Net income 1,033 1,409
 Per share of common stock and
 common stock equivalents:
 Income from continuing operations $.13 $.12
 Income from discontinued operations .02 .08
 Net income .15 .20
 Average shares outstanding(B) 7,042 7,027
 Backlog, end of period $72,300 $74,000
 Nine months ended Dec. 31 1991 1990(A)
 Sales $70,116 $67,220
 Cost of sales 56,478 55,328
 Gross profit 13,638 11,892
 Operating expenses:
 Selling 3,875 2,895
 General and administrative 5,648 4,767
 Research and development 127 315
 Total 9,650 7,977
 Operating income 3,988 3,915
 Interest income net 655 213
 Other income (expense), net (24) 64
 Income from continuing operations
 before income taxes 4,619 4,192
 Provision for income taxes 321 332
 Income from continuing operations 4,298 3,860
 Gain on disposal of discontinued
 operations, net 586 899
 Net income 4,884 4,759
 Per share of common stock and
 common stock equivalents:
 Income from continuing operations $.61 $.61
 Income from discontinued operations .08 .14
 Net income .69 .75
 Average shares outstanding(B) 7,040 6,318
 (A) Certain reclassifications have been made to fiscal 1990 data to conform with the 1991 presentation.
 (B) Assumes in 1990 conversion of Convertible Preferred Stock.
 -0- 1/27/92
 /CONTACT: John S. Lalley Jr. of Environmental Elements, 410-368-7340/
 (EEC) CO: Environmental Elements Corporation ST: Maryland IN: SU: ERN


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