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ITS ANNOUNCES ESTIMATED RESULTS FOR FISCAL YEAR ENDING JULY 31, 1992

 HOUSTON, Nov. 25 ~PRNewswire~ -- International Testing Services, Inc. (ITS or the company) (AMEX: ITS) announced today expected results for the fiscal year ending July 31, 1992 of a net loss of $979,000 or $.45 per share. Management of ITS estimates that $400,000 of the loss represents non-recurring items.
 "In addition to the non-recurring items, since our management reorganization in October, we have begun to implement a number of new initiatives to strengthen the company including a cost reduction program which, when fully implemented, is expected to reduce ITS expenses by approximately $80,000 per month," stated John B. Connally III, the new president of ITS. Fiscal 1993 operations will include the first full year of general and administrative expenses attributable to acquisitions, new field operations, the establishment of corporate offices to support the company's plans for growth by acquisition and expenses related to becoming a public company. Management of ITS, however, expects the company's revenues to continue to increase in the current fiscal year when compared to the prior fiscal year and expects that the company's base operations, without any additional acquisitions, will be marginally profitable in fiscal 1993.
 "The company's cost saving program is a management efficiency initiative and will have no negative effect on the company's anticipated revenues or the ability of the company to provide services to its customers," Connally said. "We intend to continue to pursue additional financing opportunities in order to facilitate our continuing acquisition program."
 ITS, with headquartei?n 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 (symbol ITS).
 -0- 11~25~92
 ~CONTACT: John B. Connally III, investor relations of International Testing Services, Inc., 713-591-8880~
 (ITS)


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

PS -- NY015 -- 1457 11~25~92 10:49 EST
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Publication:PR Newswire
Date:Nov 25, 1992
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