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GREEN ISLE ENVIRONMENTAL SERVICES REPORTS RESULTS FOR 1992

 HOPKINS, Minn., March 29 /PRNewswire/ -- Green Isle Environmental Services, Inc. (NASDAQ: GIES) announced today that the company will report a net loss of $6,605,345 or $2.09 per share for 1992 compared to $3,282,294 or $1.28 per share in 1991. The loss from continuing operations for 1992 was $6,231,775 or $1.97 per share on net revenues of $33,884,355. This compares to a loss from continuing operations for 1991 of $2,710,566 or $1.06 per share on net revenues of $27,767,169. In 1992, waste processing was the principal source of losses from continuing operations: 1) the loss from the Florida facility was $4,056,199 or $1.28 per share and 2) the loss from other waste processing operations was $2,572,800 or $0.81 per share. As has been previously reported, the Florida facility was deconsolidated from results of operations effective Nov. 1, 1992, after an agreement was reached with the lender to the Florida facility.
 Loss from discontinued operations was $373,570 or $0.12 per share in 1992 compared to $571,728 or $0.22 per share in 1991.
 During the fourth quarter of 1992, the company had a net loss of $1,553,762 or $.49 per share on net revenues of $6,966,604. The net loss in the fourth quarter of 1991 was $797,218 or $.31 per share on revenues of $9,919,184. The fourth quarter 1991 loss included a loss from discontinued operations of $553,655 or $.22 per share.
 James Taylor, president and chief executive said, "The results of operations in 1992 were adversely affected by the Florida operations, by continuing losses at Eden Prairie, and by write-downs in the carrying value of equipment held for future construction of a compost facility. As disclosed previously, we completed agreements with the lender to the Florida facility and with Reuter Recycling of Florida, Inc. on Nov. 1, 1992, whereby it was agreed that Green Isle Environmental Services, Inc. is no longer responsible for the ongoing financial obligations of the Florida facility in respect to the construction costs or the results of operations of the facility.
 "As a result of these agreements, the company effectively gave up any future economic interest associated with ownership and eliminated its exposure to any future liability associated with the construction and the results of operations of this facility. As of the date of this agreement, the company deconsolidated the Florida business from its financial statements. The results of operations include the results from the Florida operations through Oct. 31, 1992. The company also reduced the carrying value of equipment held for future construction of a compost facility by $1,045,000 in 1992 to reflect the net realizable value of this equipment in a sale."
 Taylor reported that the Manufacturing Division had a profitable year with revenues of $24.5 million, an increase of $5.7 million over 1991. It was able to add new customers and to increase sales to existing medical products customers. Further improvements in this segment of business are expected in 1993 as the company continues its diversification efforts.
 Taylor noted, "The loss in 1992 includes an accrual of $319,000 in default rate interest on the Eden Prairie facility debt. We are continuing to discuss potential debt restructuring alternatives with the lender. Our goal is to restructure the debt so that debt service payments can be supported entirely by cash flows from the Eden Prairie facility. Our progress with this debt restructuring has been slower than expected, but we hope that a restructuring will be finalized during the second quarter of 1993. The economics of the Eden Prairie facility do not allow hope for a satisfactory return on assets, but there are opportunities for some improvement."
 Headquartered in Hopkins, the company owns and operates a waste processing and recycling facility in Eden Prairie, Minn., and manages and operates a recycling and composting facility in Pembroke Pines, Fla. The company also manufactures computer disk drive spindles, machined medical products and other machined items and plastic refuse containers.
 GREEN ISLE ENVIRONMENTAL SERVICES, INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 Year Ended Three Months Ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Net sales and revenues:
 Waste processing
 revenues $9,342,137 $8,956,830 $2,264,691 $3,138,854
 Manufacturing
 product sales 24,542,218 18,810,339 4,701,913 6,780,330
 Total net sales
 and revenues 33,884,355 27,767,169 6,966,604 9,919,184
 Cost of sales
 and revenues:
 Cost of waste
 processing 7,840,505 7,629,419 1,550,082 2,485,710
 Cost of products 21,049,090 17,146,098 4,335,395 5,737,071
 Total cost of sales
 and revenues 28,889,595 24,775,517 5,885,477 8,222,781
 Gross profit 4,994,760 2,991,652 1,081,127 1,696,403
 Selling, general &
 administrative expenses 3,476,558 3,099,492 1,283,884 1,076,679
 (Income) loss from
 operations of
 deconsolidated
 Florida subsidiary 4,056,199 -- (246,525) --
 Valuation writedown,
 idle equipment 1,045,554 -- 745,554 --
 Operating
 income (loss) (3,583,551) (107,840) (701,786) 619,724
 Interest expense, net 2,532,812 2,591,897 775,782 926,004
 Other, net 115,412 10,829 76,194 (62,717)
 Loss from continuing
 operations (6,231,775)(2,710,566)(1,553,762) (243,563)
 Income (loss) from
 discontinued
 operations (373,570) (571,728) -- (553,655)
 Net loss (6,605,345)(3,282,294)(1,553,762) (797,218)
 Per common share data:
 Loss from
 continuing operations $(1.97) $(1.06) $(0.49) $(0.09)
 Income (loss) from
 discontinued operations (0.12) (0.22) 0.00 (0.22)
 Net loss per share $(2.09) $(1.28) $(0.49) $(0.31)
 Weighted average
 number of shares
 outstanding 3,158,733 2,565,139 3,159,000 2,574,951
 -0- 3/29/93
 /CONTACT: James W. Taylor or Anwar H. Bhimani, 612-935-7798, both of Green Isle/
 (GIES)


CO: Green Isle Environmental Services, Inc. ST: Minnesota IN: ENV SU: ERN

AL -- MN005 -- 0582 03/29/93 13:58 EST
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