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SECURITY ENVIRONMENTAL SYSTEMS REPORTS RECORD SECOND-QUARTER, SIX MONTHS REVENUES

 SECURITY ENVIRONMENTAL SYSTEMS REPORTS
 RECORD SECOND-QUARTER, SIX MONTHS REVENUES
 GARDEN GROVE, Calif., Feb. 11 /PRNewswire/ -- Security Environmental Systems Inc. (NASDAQ: SENV) reported revenues of $1,755,321 for the second quarter ended Dec. 31, 1991, compared with revenues of $1,369,049 for the second quarter of 1990. Net income rose 223 percent to $200,200, or $0.02 per share, in the second quarter of 1991, vs. net income of $89,638, or $0.01, in the 1990 second quarter.
 Tax benefits from utilization of net operating loss carryforwards contributed $75,000 to net income in the second quarter of 1991 and $39,692 in the second quarter of 1990. The company reported revenues of $3,506,512 for the six months ended Dec. 31, 1991, a 36 percent increase over revenues of $2,577,795 in the six months ended Dec. 31, 1990.
 Net income for the 1991 six-month period was $250,840, or $0.02 per share, vs. $253,762, or $0.02 per share, for the 1990 period.
 Tax benefits resulting from utilization of net operating loss carryforwards contributed $87,000 to net income in the six months of 1991 and $76,101 in the six months of 1990.
 Announcing the results, Jonathan Grossman, chief financial officer, noted that operating expenses had risen by 51 percent in the 1991 six- month period, compared with operating expenses in the corresponding period in 1990, that general and administrative expenses had increased 29 percent between the same two periods. He attributed the increases to the expansion of Security Environmental Systems' business, noting that the majority of the increases were attributable to hiring of new employees, addition of new vehicles to the company's fleet of trucks, as well as a rise in the cost of insurance.
 The company's customer base was significantly increased, resulting in sizable growth in the company's hauling business, Grossman said. The company expects that higher revenue levels will produce improved profitability in future periods, he said.
 Security Environmental Systems, Inc., founded in 1972, disposes of general, biomedical and hazardous wastes by incineration and steam sterilization. The company operates from facilities in Garden Grove, Vernon and Long Beach, Calif.
 SECURITY ENVIRONMENTAL SYSTEMS, INC.
 Summary of Operations
 Three Months Ended Dec. 31,
 1991 1990
 Revenue $1,755,321 $1,369,049
 Income before taxes
 and extraordinary item 200,200 89,638
 Income before
 extraordinary item 125,200 49,946
 Extraordinary item (a) 75,000 39,692
 Net income $200,200 $89,638
 Net income per share $0.02 $0.01
 Weighted avg. number of
 common shares outstanding 12,525,888 10,608,823
 Six Months Ended Dec. 31,
 1991 1990
 Revenue $3,506,512 $2,577,795
 Income before taxes
 and extraordinary item 250,840 253,672
 Income before
 extraordinary item 163,840 177,571
 Extraordinary item (a) 87,000 76,101
 Net income $250,840 $253,672
 Net income per sharExtraordinary item: tax benefit from utilization of net operating loss carryforward.
 -0- 2/11/92
 /CONTACT: Jonathan Grossman, executive VP and CFO, of Security Environmental Systems, 714-892-6645; or Thomas O. Wick of Financial Relations Board, 818-783-2400, for Security Environmental Systems/
 (SENV) CO: Security Environmental Systems Inc. ST: California IN: SU: ERN


KJ -- LA012 -- 8801 02/11/92 12:27 EST
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Publication:PR Newswire
Date:Feb 11, 1992
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