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SERV-TECH ANNOUNCES FIRST QUARTER RESULTS

 HOUSTON, May 7 /PRNewswire/ -- Serv-Tech, Inc. (NASDAQ: STEC), announced today that revenues for the first three months of 1993 were $40.6 million, an increase of 12.3 percent from first quarter 1992 revenues of $36.2 million.
 Environmental, engineering and turnaround maintenance services were all above year earlier results, and the electrical and instrumentation division has continued its strong performance. Net income for the first quarter 1993 was $1,150,000 compared to $1,603,000 in the first three months of 1992. Earnings per share of $.20 for the first quarter 1993 compared to $.28 in the same period of 1992. The decline is attributed primarily to development and introduction costs of Serv-Tech's new decontamination technology, expansion of its engineering personnel and facilities, and one-time costs associated with jobs completed in 1992.
 Richard W. Krajicek, chairman of the board, stated, "I am pleased with first quarter results considering the industry trend to postpone its turnaround work until later in the year. Serv-Tech has also been able to increase its market position during the first three months of 1993. While we expect the turnaround business to be sluggish in the second quarter, order activity and job inquiries for the last half of 1993 and the first half of 1994 are the highest in the history of the company. Our recently introduced Life Guard Decontamination System removes benzene from processing systems, thereby helping refiners to confront the mountainous effort of complying with new personnel health standards and the Clean Air Act, benzene removal is a major national concern to the industry; and, as a result, our decontamination technology is being very well received."
 Following are unaudited financial results for the three-month periods ending March 31, 1993 and 1992. The results for 1992 have been restated to reflect the adoption of SFAS 109, changing the accounting treatment for income taxes.
 SERV-TECH, INC.
 (Data in thousands except earnings per share)
 Three months ending March 31 1993 1992
 Revenues $40,613 $36,175
 Operating income 1,884 2,730
 Net income $ 1,150 $ 1,603
 Earnings per share $.20 $.28
 Average shares outstanding 5,883,000 5,630,000
 -0- 5/7/93
 /CONTACT: John M. Slack of Serv-Tech, 713-644-9974/
 (STEC)


CO: Serv-Tech, Inc. ST: Texas IN: ENV SU: ERN

GK -- NY022 -- 5836 05/07/93 10:03 EDT
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Publication:PR Newswire
Date:May 7, 1993
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