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GENERAL PHYSICS CORPORATION ANNOUNCES RECORD RESULTS

 GENERAL PHYSICS CORPORATION ANNOUNCES RECORD RESULTS
 COLUMBIA, Md., Feb. 20 /PRNewswire/ -- Gene Klose, president and


chief executive officer, announced record revenues for General Physics Corporation (NYSE: GPH) for the year ended Dec. 31, 1991. The company had revenues of $84.6 million, an increase of 38 percent over 1990 revenues of $61.5 million. Revenue for the quarter ended Dec. 31, 1991, increased by 27 percent from the same period in 1990 from $17.6 million to $22.3 million. Pro-forma net income from continuing operations for 1991 was $6.2 million, or $1 per share, compared to $4.8 million, 78 cents per share, for 1990. For the three months ended Dec. 31, 1991, the pro-forma income from continuing operations was $1.6 million or 27 cents per share as compared to $1.2 million and 19 cents per share for the same period last year.
 Klose noted strong increases in all of General Physics major market areas as contributing to the company's excellent performance. Revenue in 1991 for the DOE Services Group increased 69 percent over 1990, the Nuclear Services Group increased 17 percent and the Environmental Services Group, which is still in its start-up phase, was up 106 percent.
 Klose also stated that General Physics has been successful in expanding its service lines, citing the recent award of a $4 million contract for motor operated valve support services to the Engineering Services Division by a major east coast utility starting in 1992. "This award solidifies General Physics' position in this important area of engineering services and paves the way for further expansion," said William Ritsch, vice president, engineering services.
 Consistent with the company's dividend policy, it declared a fourth quarter dividend of 6 cents per share payable on March 4, 1992, to shareholders of record on Feb. 26, 1992.
 GENERAL PHYSICS CORPORATION AND SUBSIDIARY
 CONSOLIDATED BALANCE SHEETS
 Dec. 31
 1991 1990
 (in thousands)
 Assets
 Current assets:
 Cash $ 40 $ --
 Accounts receivable 19,061 15,391
 Costs and estimated earnings in
 excess of billings on
 uncompleted contracts 3,476 2,111
 Other current assets 666 266
 Total current assets 23,243 17,768
 Property and equipment, at cost 1,279 912
 Less accumulated depreciation
 and amortization (920) (568)
 Net property and equipment 359 344
 Net assets of discontinued
 operations -- 16,637
 Total $23,602 $34,749
 Liabilities and Stockholders' Equity
 Current liabilities:
 Accounts payable and accrued expenses $ 2,944 $ 4,200
 Billings in excess of cost and
 estimated earnings on uncompleted
 contracts 1,789 2,612
 Taxes payable 696 --
 Dividends payable 372 --
 Deferred income taxes 31 34
 Total current liabilities 5,832 6,846
 Stockholders' equity:
 Preferred stock, par value $.025
 per share, 5,000,000 shares authorized;
 none issued -- --
 Common stock, par value $.025 per share
 10,000,000 shares authorized;
 7,511,800 shares issued 188 188
 Additional paid-in capital 3,758 3,758
 Retained earnings 22,797 32,930
 Treasury stock, at cost,
 1,304,222 shares (8,973) (8,973)
 Total stockholders' equity 17,770 27,903
 Total $23,602 $34,749
 GENERAL PHYSICS CORPORATION AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended Year Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 (In thousands, except per share amounts)
 Revenue $22,313 $17,552 $84,638 $61,505
 Cost of revenue 18,936 14,830 71,785 51,263
 Gross profit 3,377 2,722 12,853 10,242
 General and administrative
 expenses 913 723 2,947 2,315
 Income from continuing
 operations before income
 taxes 2,464 1,999 9,906 7,927
 Income taxes 818 636(A) 3,281(A) 2,533(A)
 Income from continuing
 operations 1,646 1,363 6,625 5,394
 Discontinued operations -- (4,486) (1,985) (6,270)
 Net income $1,646 $(3,123) $ 4,640 $ (876)
 (A) The company was included in the consolidated federal income tax return filed by its former parent, National Patent Development Corporation, through Sept. 25, 1991. Under a tax sharing agreement, the company paid or recovered an amount equal to 80 percent of the federal income tax liability or recoverable it would have recorded had it filed a separate federal income tax return. The tax sharing agreement terminated on Sept. 25, 1991, and for periods after such date the company will file a separate federal income tax return. Certain unaudited pro forma information relating to the company's results of continuing operations for the periods ended Dec. 31, 1991 and 1990, had the company filed separate federal income tax returns follows:
 1991 1990 1991 1990
 Income from continuing operations
 before income taxes $2,464 $1,999 $9,906 $7,927
 Pro forma income taxes 818 810 3,713 3,116
 Pro forma income from continuing
 operations $1,646 $1,189 $6,193 $4,811
 Pro forma income per share from
 continuing operations $ 0.27 $ 0.19 $ 1.00 $ 0.78
 Weighted average shares
 outstanding 6.208 6.208 6.208 6.208
 -0- 2/20/92
 /CONTACT: John McAuliffe, chief financial officer, General Physics Corporation, 410-290-2708/
 (GPH) CO: General Physics Corporation ST: Maryland IN: SU: ERN


SB-DC -- DC008 -- 0847 02/20/92 10:31 EST
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Date:Feb 20, 1992
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