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RIEDEL ENVIRONMENTAL TECHNOLOGIES ANNOUNCES FIRST-QUARTER RESULTS

RIEDEL ENVIRONMENTAL TECHNOLOGIES ANNOUNCES FIRST-QUARTER RESULTS
 PORTLAND, Ore., May 15 /PRNewswire/ -- Riedel Environmental Technologies Inc. (RET) (AMEX: RIE) announced today that the company's revenues from continuing operations for the quarter ended March 31, 1992, were $23.2 million, up from $19.2 million for the same period last year. Losses declined from $1.2 million, or 36 cents per share in 1991, to $0.9 million, or 27 cents per share, in the most recent period.
 According to William V. Spicer, RET executive vice president- Finance, this year's results do not include operations which have been discontinued and 1991 results have been adjusted to show the comparable figures from the prior year.
 Arthur A. Riedel, RET chairman and chief executive officer, stated, "Although the recession and highly competitive pricing have continued to keep tight pressure on gross margins, we are encouraged by the improvement reflected in these results. The first quarter is usually our weakest because of the seasonal nature of our work, and we expect losses each year for the first three or four months. However, 1992 has gotten off to a better start than we forecast, and the company showed a profit in March."
 Riedel Environmental Services (RES), the company's environmental remediation subsidiary and major operating division, recently announced the receipt of major clean up projects at the Bunker Hill Superfund site in Idaho and two sites in Washington state being cleaned up by the Bonneville Power Administration. Mr. Riedel indicated that he expects more announcements of significant contract awards in the coming weeks.
 According to Spicer, "In 1992, we set out to sell several unprofitable divisions and to reduce our overhead costs and corporate debt. We've made significant strides toward these objectives during this quarter and expect future results will reflect these improvements."
 Riedel stated, "The sales of these various assets have required a great deal of the attention of our management team in the past quarter. We are anxiously looking forward to completing our divestitures in the next few months and concentrating our full attention on building Riedel Environmental as the leader in the industry."
 RIEDEL ENVIRONMENTAL TECHNOLOGIES INC.
 FINANCIAL DATA
 (Unaudited, in thousands, except per-share data)
 Three Months Ended March 31: 1992 1991
 Revenues $23,201 $19,242
 Costs 18,480 14,452
 Gross profit 4,721 4,790
 Selling, general and administrative expenses 5,108 5,356
 Operating loss (387) (566)
 Interest expense (739) (511)
 Other income (expense) 195 (83)
 Loss from continuing operations before
 income taxes (931) (1,160)
 Income tax benefit -- (1,391)
 Income (loss) from continuing operations (931) 231
 Loss from operations of discontinued entities -- (1,473)
 Net loss $ (931) $(1,242)
 Net loss per common share:
 Loss from continuing operations before
 income taxes $ (0.27) $ (0.33)
 Income tax benefit -- 0.40
 Income (loss) from continuing operations (0.27) 0.07
 Loss from operations of discontinued entities -- (0.43)
 Net loss per common share $ (0.27) $ (0.36)
 -0- 5/15/92
 /CONTACT: Dave Rynd of Riedel Environmental Technologies, 503-286-4656/
 (RIE) CO: Riedel Environmental Technologies Inc. ST: Oregon IN: SU: ERN


SC-LM -- SE001 -- 0599 05/15/92 09:02 EDT
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Publication:PR Newswire
Date:May 15, 1992
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