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INTERNATIONAL RECOVERY CORP. REPORTS SIXTH CONSECUTIVE YEAR OF RECORD EARNINGS AND 21ST SUCCESSIVE QUARTER OF YEAR-OVER-YEAR EARNINGS GAINS

INTERNATIONAL RECOVERY CORP. REPORTS SIXTH CONSECUTIVE YEAR OF RECORD EARNINGS AND 21ST SUCCESSIVE QUARTER OF YEAR-OVER-YEAR EARNINGS GAINS
 MIAMI SPRINGS, Fla., May 21 /PRNewswire/ -- International Recovery Corp. (NYSE: INT) (IRC) today announced record earnings for the fiscal year and fourth quarter ended March 31, 1992. This marks IRC's sixth consecutive year of increased earnings and its 21st consecutive quarter of year-over-year advances in net income and earnings per share. Revenue for the year and the quarter declined from the prior year as a result of sharply lower oil prices and a downsized environmental services segment.
 For the year, net income increased by 22 percent to $5.9 million, or $1.23 per share, as compared to $4.8 million, or $1.02 per share, in the prior year. Revenue decreased to $205.5 million from $234.3 million reported a year earlier.
 In the fourth quarter, net income was $1.9 million, or $.39 per share, on revenue of $58.0 million versus $1.5 million, or $.32 per share, on revenue of $69.7 million in the same quarter a year ago.
 Sales from aviation fueling services continued to represent a majority of the Company's annual revenue with a contribution of $177.5 million, or 86.4 percent. Revenue from used oil recycling and environmental services for the year, before intersegment eliminations, was $13.4 million and $14.9 million, respectively.
 Income from operations also increased to $8.4 million from the $7.9 million reported in the prior year. Excluding intersegment eliminations and corporate overhead, the aviation fueling segment provided more than 73 percent of IRC's operating profit while used oil recycling contributed the balance. The environmental services segment showed significant improvement with a greatly reduced operating loss of $130,000 in fiscal 1992 as compared to a loss of approximately $2.3 million a year ago.
 "We are greatly encouraged by the continued increase in gallon volumes in both our aviation fueling and used oil recycling businesses, as well as a marked improvement in the performance of our environmental consulting and remediation operations," said Ralph R. Weiser, IRC chairman of the board.
 International Recovery Corp. provides aviation fueling services to commercial air carriers and blends and recycles used oil in the Southeast and Mid-Atlantic United States. The company also provides environmental consulting and remediation services in Florida.
 INTERNATIONAL RECOVERY CORP.
 Consolidated Condensed Statements of Income
 Year Ended March 31 1992 1991
 Revenue $ 205,454,000 $ 234,280,000
 Cost of sales 182,747,000 210,432,000
 Gross profit 22,707,000 23,848,000
 Income from operations 8,423,000 7,913,000
 Income before income taxes 8,864,000 7,739,000
 Provision for income taxes 2,984,000 2,933,000
 Net income 5,880,000 4,806,000
 Earnings per share $ 1.23 1.02
 Common and common equivalent
 shares outstanding 4,763,000 4,713,000
 Quarter Ended March 31 1992 1991
 Revenue $ 58,027,000 $ 69,705,000
 Cost of sales 50,870,000 63,199,000
 Gross profit 7,157,000 6,506,000
 Income from operations 2,815,000 2,620,000
 Income before income taxes 2,856,000 2,557,000
 Provision for income taxes 1,003,000 1,053,000
 Net income 1,853,000 1,504,000
 Earnings per share $ .39 .32
 Common and common equivalent
 shares outstanding 4,812,000 4,737,000
 INTERNATIONAL RECOVERY CORP.
 Consolidated Condensed Balance Sheets
 March 31 1992 1991
 ASSETS
 Current assets:
 Cash and cash equivalents $ 4,965,000 $ 7,254,000
 Accounts receivable, net
 of allowance 26,795,000 23,193,000
 Inventories 3,806,000 2,721,000
 Prepaid expenses and other
 current assets 1,462,000 1,197,000
 Total current assets 37,028,000 34,365,000
 Property, plant and equipment, net 14,555,000 11,759,000
 Other assets:
 Unamortized cost in excess of
 net assets of acquired companies,
 less accumulated amortization 2,186,000 2,246,000
 Other 1,614,000 1,436,000
 Total $ 55,383,000 $ 49,806,000
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Notes payable $ 89,000 $ --
 Current maturities of long-
 term debt 635,000 543,000
 Accounts payable 15,952,000 10,465,000
 Customer deposits 1,247,000 1,309,000
 Accrued expenses 898,000 1,423,000
 Accrued salaries and wages 611,000 688,000
 Income taxes payable 554,000 875,000
 Total current liabilities 19,986,000 15,303,000
 Long-term debt, net of
 current maturities 2,309,000 8,276,000
 Deferred income taxes 399,000 129,000
 Stockholders' equity:
 Preferred stock, $1.00 par value;
 100,000 shares authorized, none issued
 Common stock, $.01 par value;
 10,000,000 shares authorized,
 4,689,000 and 4,600,000 shares
 issued and outstanding at
 March 31, 1992 and March 31, 1991,
 respectively 47,000 46,000
 Capital in excess of par value 14,332,000 13,622,000
 Retained earnings 18,310,000 12,430,000
 Total 32,689,000 26,098,000
 Total $ 55,383,000 $ 49,806,000
 -0- 5/21/92
 /CONTACT: Howard Goldman of IRC, 305-884-2001; or John Cline of Hill & Knowlton, 212-697-5600, for IRC/
 (INT) CO: International Recovery Corp. ST: Florida IN: SU: ERN


TS -- NY014 -- 2642 05/21/92 08:47 EDT
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Date:May 21, 1992
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