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INTERNATIONAL TECHNOLOGY CORP. ANNOUNCES FISCAL 1992 THIRD QUARTER RESULTS

 INTERNATIONAL TECHNOLOGY CORP. ANNOUNCES
 FISCAL 1992 THIRD QUARTER RESULTS
 TORRANCE, Calif., Jan. 23 /PRNewswire/ -- International Technology Corp. (IT) (NYSE: ITX) announced today results for the third quarter ended Dec. 31, 1991. Revenues increased 14.2 percent to $122.1 million, compared with $106.9 million for the same quarter of the prior year. Net income for the quarter was $3.9 million or $.12 per share, compared with $4.3 million or $.13 per share, for the same period last year.
 For the nine-month period ended Dec. 31, 1991, revenues increased 17.9 percent to $350.1 million, compared with $296.9 million for the same period of the prior year. Net income for the nine-month period was $18.5 million or $.55 per share including the gain of $.20 per share from the sale of EXEL Ltd. common stock, compared with $12.5 million or $.38 per share, for the same period last year.
 Third quarter results continued to be impacted by the current economic climate. IT's engineering business was adversely affected by lower than expected labor utilization levels and higher overhead costs. Project work in the Remediation Services group experienced client delays. Although some improvement occurred in the mixed waste laboratories, operational problems continue to negatively impact results in the analytical business. Future improvement is expected as a result of recent mixed waste contract awards. The growth in Pollution Control Systems primarily related to the emerging market for marine emissions products.
 "Although demand in the government sector is expected to remain strong during fiscal year 1993, we believe prevailing economic conditions will continue to limit the commercial market," said Murray H. Hutchison, chairman and chief executive officer. "In view of this business outlook, management is assessing capacity, operational and overhead issues and expects to implement measures to improve productivity, efficiency and operating trends."
 International Technology Corp., based in Torrance, is a leading environmental management company providing services to government and industry. The company's common stock is traded New York Stock Exchange under the symbol ITX.
 INTERNATIONAL TECHNOLOGY CORP.
 Condensed Consolidated Statements of Income
 (In thousands, except per share data)
 (Unaudited)
 Quarter Ended Nine Months Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Revenues $122,112 $106,885 $350,082 $296,939
 Operating income 6,466 7,402 20,372 20,726
 Other income --- --- 7,285 ---
 Interest expense, net (2,603) (2,223) (7,326) (5,631)
 Income before income taxes 3,863 5,179 20,331 15,095
 Provision for income taxes --- 880 1,810 2,566
 Net income $3,863 $4,299 $18,521 $12,529
 Net income per share $.12 $.13 $.55 $.38
 Average common and common
 equivalent shares
 outstanding (in thousands) 33,391 33,268 33,446 33,348
 -0- 1/23/92
 /CONTACT: Pat Boldt or Anthony J. DeLuca, of International Technology, 213-378-9933/
 (ITX) CO: International Technology Corp. ST: California IN: SU: ERN


KJ-JL -- LA008 -- 2638 01/23/92 09:07 EST
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Publication:PR Newswire
Date:Jan 23, 1992
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