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RUST INTERNATIONAL INC. REPORTS RESULTS FOR THIRD QUARTER

 BIRMINGHAM, Ala., Oct. 18 /PRNewswire/ -- Rust International Inc. (NYSE: RST) today reported net income for the three months ended Sept. 30 of $20.9 million or $.25 per share, versus $7.4 million, or $.09 per share, on a pro forma basis for the year earlier period. Revenue increased to $390.3 million compared with $368.1 million in last year's third quarter.
 For the nine months ended Sept. 30, 1993, Rust earned $58.6 million or $.72 per share, versus $83.0 million or $1.04 per share on a pro forma basis in the same period of 1992. Revenue increased to $1,123.9 million from $1,079.3 million in the first nine months of 1992.
 The results for the third quarter and the first nine months of 1992 reflect a charge of $2.3 million on an after-tax basis, incurred in connection with the reorganization of the company's asbestos abatement business. In addition, the results for the first nine months of 1992 also reflect the recognition of a non-taxable gain of $47.0 million resulting from the initial public offering of Waste Management International plc in April 1992. Excluding this gain and the reorganization charge, earnings for the third quarter and first nine months of 1992 would have been $.11 and $.47 per share, respectively.
 Net income in the third quarter includes an increase in the tax provision of $1.5 million or $.02 per share, for the impact of the Omnibus Budget Reconciliation Act of 1993 on deferred taxes and on the current year provision to apply the new law retroactively to Jan. 1.
 During the third quarter the Company completed its tender offer for all of the outstanding shares of EnClean, Inc. at a price of $6.75 net per share in cash. Approximately 97 percent of the shares of EnClean were tendered to the company and the balance of the shares were acquired in a subsequent merger. The EnClean units now are being integrated into Rust's industrial services operations.
 Also during the quarter, the Company announced that it had been selected to negotiate two total environmental restoration contracts (TERCs) by the Army Corps of Engineers, for the design and remediation of certain Department of Defense sites in the Midwest and Southern regions of the United States. The two TERC contracts are expected to generate revenues of up to $350 million over a four-year period, followed by two three-year renewal options. Work under these awards is expected to commence in late 1993.
 The company also reported that it has been awarded another contract by the Corps of Engineers with estimated revenue in excess of $46 million for the remediation and restoration of the Drake Chemical Superfund site in Lock Haven, Pa. The project includes the on-site thermal treatment of 285,000 tons of contaminated soil containing industrial chemicals and pesticides. Engineering design for the restoration of the 12-acre site will begin immediately, with construction expected to commence in early 1994 and restoration completion anticipated by the end of 1997. This is the sixth major thermal treatment project undertaken by Rust and the largest to date.
 During the quarter, the Company continued to expand its engineering resources overseas through the completion of several acquisitions. These included K-Konsult of Sweden, the JRP Asia Pacific Group of Hong Kong and Singapore, MRM Partnership of the United Kingdom and Mackie Martin & Associates of Australia.
 Rodney C. Gilbert, president and chief executive officer of the company, commented, "We are pleased with our operational successes and the progress of our expansion programs domestically and internationally. Our selection by the Army Corps of Engineers to perform two major TERC contracts and the Drake Superfund project demonstrates our unique qualifications to perform environmental restoration at federal facilities as well as at major Superfund projects. We continue to pursue numerous opportunities in all our business lines and remain excited about our prospects for the balance of 1993 and beyond."
 Rust International, a subsidiary of WMX Technologies, Inc. (NYSE: WMX), provides engineering, construction, environmental and infrastructure consulting, environmental restoration and on-site industrial services.
 RUST INTERNATIONAL INC. AND SUBSIDIARIES
 Consolidated Statements Of Income
 (Dollars in thousands except per share data)
 Three months ended Sept. 30 1992 1993
 Revenue $368,133 $390,338
 Operating expenses $320,082 $313,790
 Special charges 3,750 0
 Selling & administrative expenses 36,687 41,857
 Interest expense 981 2,965
 Interest income (858) (341)
 Minority interest and sundry, net (3,094) (5,243)
 Income before income taxes $ 10,585 $ 37,310
 Provision for income taxes 3,160 16,414
 Net income $ 7,425 $ 20,896
 Average shares and equivalent
 shares outstanding 79,898 83,180
 Earnings per common
 and common equivalent share $ .09 $ .25
 Nine months ended Sept. 30 1992 1993
 Revenue $1,079,304 $1,123,901
 Operating expenses $ 920,126 $ 915,105
 Special charges 3,750 0
 Selling & administrative
 expenses 107,789 115,638
 Gain on issuance of stock
 by equity investee (47,000) 0
 Interest expense 3,284 5,736
 Interest income (2,161) (844)
 Minority interest and
 sundry, net (6,673) (10,196)
 Income before income taxes $ 100,189 $ 98,462
 Provision for income taxes 17,229 39,854
 Net income $ 82,960 $ 58,608
 Average shares and equivalent
 shares outstanding 79,898 81,521
 Earnings per common
 and common equivalent share $ 1.04 $ .72
 -0- 10/18/93
 /CONTACT: William J. Plunkett, 708-572-8898, or (investors) Harold W. Ingalls, 708-947-3502, both for Rust International/
 (RST WMX)


CO: Rust International Inc. ST: Alabama IN: SU: ERN

TS -- NY023 -- 3208 10/18/93 09:10 EDT
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Date:Oct 18, 1993
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