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INTERNATIONAL TESTING SERVICES ANNOUNCES ESTIMATED FIRST QUARTER RESULTS

 HOUSTON, Dec. 23 /PRNewswire/ -- International Testing Services, Inc. (ITS) (AMEX: ITS) announced today expected results for the three months ended Oct. 31, 1992 of income before income tax and extraordinary gain of $293,000 compared to $296,000 for the three months ended Oct. 31, 1991. Income before extraordinary gain on a per share basis was $0.01 for the first quarter of fiscal 1993 on revenues of $8,241,000 compared to $0.09 for the first quarter of fiscal 1992 on revenues of $5,732,000.
 "We anticipated the negative comparison between first quarter 1993 income before extraordinary gain compared to first quarter 1992," said John B. Connally III, president of ITS. "This is primarily due to general and administrative expenses related to the ITS corporate office which did not exist in first quarter 1992, lower margins at a subsidiary, increased interest expense, a higher income tax provision primarily related to the difference between the depreciation for financial reporting and tax for the Cleveland X-Ray acquisition, which took place in mid-1992 and an increase in the number of shares outstanding."
 "Revenues are trending upward and, although we expect seasonal losses in the second and third quarters, we expect to be profitable in the fourth quarter and marginally profitable for fiscal 1993," Connally stated.
 ITS, with headquarters in Houston, is an environmental and safety company engaged in non-destructive testing services for the petrochemical, refining and pipeline industries. ITS's common stock is listed on the American Stock Exchange under the symbol ITS.
 INTERNATIONAL TESTING SERVICES, INC.
 Consolidated Statements of Operations, Unaudited
 (In thousands, except per share amounts)
 Three months period ended
 Oct. 31 1992 1991
 Revenues $8,241 $5,732
 Direct costs 6,548 3,921
 Subcontract costs -- 455
 Gross Profit 1,693 1,356
 General and administrative expenses 1,237 918
 Operating income 456 438
 Other expense:
 Interest expense 162 134
 Other, net 1 8
 Income before income taxes and
 extraordinary gain 293 296
 Provision for income taxes 252 103
 Income before extraordinary gain 41 193
 Extraordinary gain (realization of income
 tax loss carryforward) 192 26
 Net income $ 233 $ 219
 Shares outstanding 2,873 2,252
 Income per common share before
 extraordinary gain $ 0.01 $ 0.09
 Net income per common share $ 0.08 $ 0.10
 -0- 12/23/92
 /CONTACT: John B. Connally III of International Testing Services, Inc., 713-591-8880/
 (ITS)


CO: International Testing Services, Inc. ST: Texas IN: SU: ERN

WB -- NY065 -- 9759 12/23/92 17:56 EST
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Publication:PR Newswire
Date:Dec 23, 1992
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