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NSC CORPORATION REPORTS FOURTH QUARTER EARNINGS PER SHARE 40 PERCENT ABOVE FOURTH QUARTER 1990

NSC CORPORATION REPORTS FOURTH QUARTER EARNINGS PER SHARE 40 PERCENT
 ABOVE FOURTH QUARTER 1990
 METHUEN, Mass., Feb. 12 /PRNewswire/ -- Anthony Mesiti, president and chief executive officer of NSC Corporation, an environmental and industrial services company, today announced that earnings per share for the fourth quarter of 1991 increased 40 percent from the fourth quarter of 1990 on a 10 percent decline in net revenues. Net income per share for the fourth quarter of 1991 was 14 cents on net revenues of $10.1 million. Operating margins for the quarter were 14 percent, the highest level of the year. Mesiti said, "An increase in demand for asbestos abatement services, which resulted both from anticipation of an improving economy as well as an increase in tenant relocation activity to take advantage of low rents, has combined with the shake-out of several asbestos abatement competitors to cause improved market conditions for our asbestos abatement services. These conditions contributed to the fourth quarters's strong performance as well as the build-up of the $23.6 million record backlog at Dec. 31, 1991, a 41 percent increase over backlog at year end 1990."
 Mesiti went on to say, "We expect asbestos abatement to be a growth business for NSC over the next several years as we further expand our market share in the Northeast and continue our geographic expansion into the Midwest where economic and competitive conditions are more favorable." Mesiti added, "Our entry into the Cincinnati market in October 1991 has gone extremely well with operating results from this division adding approximately 1 cent per share to the fourth quarter of 1991." The company expects that improved economic conditions and the exodus of several competitors from the asbestos abatement industry should further enhance the company's growth in this sector of its business.
 In February 1992, NSC began to implement its strategic plan to become one of the major providers of environmental cleaning and maintenance services in the United States over the next 18-24 months. The first step in its plan was taken with completion of the acquisition of Combined Plant Services, Inc., an industrial services company which provides environmental and industrial cleaning and maintenance services to steel, petroleum, chemical, and power generation companies in Illinois, Indiana and Wisconsin. Mesiti said, "We believe that NSC's proven track record managing a service business combined with our financial strength and high standards for health and safety can be successfully leveraged to create one of the leading companies in this industry."
 NSC Corporation is a 70 percent owned subsidiary of OHM corporation a leading nationwide environmental services firm. NSC is an environmental and industrial services company, providing asbestos abatement and environmental cleaning and maintenance services to a broad range of industrial clients, commercial and municipal government agencies in the northeastern and midwestern United States.
 NSC CORPORATION
 Summary Financial Results
 (In thousands, except per share data)
 Quarter Ended Dec. 31 1990 1991
 Gross Revenues $14,311 $ 14,212
 Net Revenues 11,134 10,066
 Operating Income 1,133 1,395
 Net Income 557 802
 Net Income Per Share 10 cents 14 cents
 Year Ended Dec. 31
 Gross Revenues $53,774 $50,323
 Net Revenues 45,565 37,822
 Operating Income 8,491 3,931
 Net Income 4,508 2,155
 Net Income Per Share 79 cents 38 cents
 -0- 2/12/92
 /CONTACT: Gene J. Ostrow of NSC Corporation, 508-686-6417, or Pamela K.M. Beall of OHM Corporation, 419-425-6002/
 (NSCC OHM) CO: NSC Corporation; OHM Corporation ST: Massachusetts, Ohio IN: SU: ERN


TM-SH -- NE002 -- 9114 02/12/92 09:26 EST
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Publication:PR Newswire
Date:Feb 12, 1992
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