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MISSIMER REPORTS DECLINE FOR THIRD QUARTER AS EXPECTED; FOURTH QUARTER TO SHOW STRONGER RESULTS

 MISSIMER REPORTS DECLINE FOR THIRD QUARTER AS EXPECTED;
 FOURTH QUARTER TO SHOW STRONGER RESULTS
 CAPE CORAL, Fla., July 17 /PRNewswire/ -- Missimer & Associates, Inc. (NASDAQ: MSMR), reported a decline in net income for its third quarter ended May 31, 1992, it was announced today by Robert A. Fletcher, chairman and chief executive officer. As previously announced, certain revenues and earnings which the company had expected to be included in third-quarter results will now be incorporated into its fourth-quarter results.
 As a result, net income for the third quarter ended May 31, 1992, was $178,600, an 18 percent decline from $216,700 a year ago. Earnings per share were $.07 on a weighted average of 2,721,900 common shares outstanding compared with $.14 per share on 1,500,000 shares last year. Gross revenues increased 27 percent year-over-year to $3,778,300 from $2,965,600 in the third quarter of fiscal 1991.
 As earlier announced, certain projects started during the third quarter were delayed by a regulatory review procedures backlog. As a result, while certain costs of the projects were incurred in the third quarter, the revenues associated with these projects will be reported in the fourth quarter.
 In addition, the effective date of Missimer's acquisition of ETE, Inc. will be April 1, 1992; however, the company's accountants recently notified management that the results since then (for the entire five- month period ending Aug. 31, 1992) will be factored into fourth-quarter and year-end revenues and earnings.
 "In both instances, there is no question of the revenue and earnings contribution," Fletcher said, "only a matter of timing. While the overall effect upon our fiscal year remains the same, there is a negative impact on our third-quarter results, but which will subsequently translate into an equivalent boost to our fourth-quarter numbers."
 Significant growth in sales by company offices opened since the beginning of fiscal 1991 contributed to the increase in quarterly revenues. However, expenses of the projects with delayed billings and an increase in general administrative and overhead expenses from the company's growth and its going public caused a decline in operating margins for the period. "Except for the effect of the delayed projects, utilization of our staff remained high and the company's backlog of projects increased from the prior quarter," Fletcher said.
 Nine Months Results
 Missimer had net income of $597,800 for the nine months ended May 31, 1992, a 28-percent gain from the comparable period of fiscal 1991, on a 40-percent increase in gross revenues to $10,750,400. Earnings per share, however, declined to $.27 from $.31 based on the 47 percent increase in weighted average number of shares outstanding reflecting the company's IPO in the second quarter of fiscal 1992.
 The company also announced that it has hired Douglas Fidler to head an Atlanta office that is scheduled for opening during the current quarter.
 Missimer, together with ETE, offers nationwide a full range of environmental, hydrogeological and hazardous and solid waste management services. Most of its revenues are derived from the assessment and remediation of groundwater and soil contamination and the design, permitting, construction management, and compliance monitoring of hazardous and solid waste management facilities.
 MISSIMER & ASSOCIATES, INC. AND SUBSIDIARIES
 Consolidated Statement of Income (Unaudited)
 (In thousands, except per share amounts)
 Periods ended Three Months Pct. Nine Months Pct.
 May 31 1992(A) 1991 Chng. 1992(A) 1991 Chng.
 Gross revenues $3,778.3 $2,965.6 27 $10,750.4 $7,666.9 40
 Cost of gross
 revenues 2,346.0 1,801.3 30 6,668.7 4,782.9 39
 Gross profit 1,432.3 1,164.3 23 4,081.7 2,884.0 42
 S,G&A expenses 1,161.5 782.2 48 3,102.0 2,060.4 51
 Income from opers. 270.8 382.1 (29) 979.7 823.6 19
 Other income/
 (expense), net 27.4 (21.4) N/M 16.7 (46.1) N/M
 Income before
 income taxes 298.2 360.7 (17) 996.4 777.5 28
 Provision for
 income taxes 119.6 144.0 (17) 398.6 311.0 28
 Net income $ 178.6 $ 216.7 (18) $ 597.8 $ 466.5 28
 Earnings per
 common share .07 .14 (50) .27 .31 (13)
 Weighted average
 number of shares
 outstanding 2,721.9 1,500.0 81 2,211.0 1,500.0 47
 Balance Sheet Items
 (In thousands)
 5/31/92 8/31/91 Pct. Change
 Cash and cash equivalents $4,203.2 $ 3.7 N/M
 Accounts receivable:
 Billed 4,196.6 3,064.9 37
 Unbilled 411.8 309.3 33
 Other current assets 218.3 115.3 89
 Current assets 9,029.9 3,493.2 158
 Property and equipment 670.0 528.6 27
 Other assets 1,540.8 722.9 113
 Total assets 11,240.7 4,744.7 137
 Total current liabilities 2,352.4 3,250.0 (28)
 Long-term debt -- 33.9 N/M
 Other long-term obligations 159.0 209.7 (24)
 Total shareholders' equity $8,729.3 $1,251.1 N/M
 Average shares outstanding 2,721.9 1,500.0 81
 (A) -- During the second quarter of fiscal 1992, Missimer & Associates completed a public offering of 1,180,000 additional common shares.
 -0- 7/17/92
 /CONTACT: Robert A. Fletcher, chairman and CEO of Missimer & Associates, 813-574-1919/
 (MSMR) CO: Missimer & Associates, Inc. ST: Florida IN: SU: ERN


GK-OS -- NY010 -- 0136 07/17/92 10:17 EDT
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