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AIR & WATER TECHNOLOGIES REPORTS FIRST QUARTER NET INCOME PER SHARE OF 2 CENTS

 BRANCHBURG, N.J., March 3 /PRNewswire/ -- Air & Water Technologies Corporation (AMEX: AWT), a leading environmental treatment and services company, reported net income of approximately $.4 million, or $.02 per share, for its quarter ended Jan. 31, 1993, compared to income of $.9 million, or $.04 per share, in the first quarter of the prior year. The per share results for both periods include $.07 of non cash charges related to goodwill amortization. The 1992 results include a $.03 extraordinary credit related to the utilization of tax loss carryforwards.
 According to Eckardt C. Beck, chairman, president, and chief executive officer of AWT, "Our previously announced strategy for 1993 of focusing on controlling costs in line with the level of business activity and concentrating our marketing activities on those opportunities with the greatest return for our investment is in place and working. We have reduced our costs and are continuing to monitor this area closely." For the first quarter ended Jan. 31, 1993, selling, general and administrative expenses were approximately 81 percent of comparable expense levels reported for the second half of 1992.
 Beck went on to say that "our marketing activities generated new orders of approximately $165 million in the first quarter and, in addition, more than $180 million in selections. Our Metcalf & Eddy professional services business retains its strong backlog, but clients remain slow in releasing work orders. We are optimistic that this situation may improve over the next several months. In Research- Cottrell's engineered products group, we have focused on and are seeing a shift in product mix from the early Clean Air Act Amendment-driven large utility awards towards stronger activity in continuous emissions monitors and air toxics control systems. This shift, along with the continued concentration on the service and maintenance business, should result in more favorable margins in the long term. The service and maintenance business, which is not a backlog-driven business, continues to be an important element in our product mix. As with several of our product and service lines, this business is somewhat seasonal with lower activity during the winter months. We have seen a pickup in activity in the later part of the first quarter." According to Beck, "the contract operations business is demonstrating steady performance. We are moving forward with our strategy to broaden this business line beyond its historical strength in water and wastewater and provide operation services for all key environmental technologies."
 Looking forward to the remainder of fiscal 1993, Beck characterized the outlook as one of "cautious optimism. We feel confident that our program to focus on cost control and enhanced product mix to achieve profitability is the right course. The rate at which our recent successes in orders will translate into revenues remains the key issue; however, with our cost-control program in place, we are well positioned for the near term."
 Air & Water Technologies Corporation, through its operating units -- Research-Cottrell, Metcalf & Eddy, and Residuals Management -- provides a broad range of services in the areas of air pollution control, water resource management, and waste by-product disposal and reuse. Through its AWT Capital group, the Company also provides services relating to the financing of environmental facilities and systems.
 AIR & WATER TECHNOLOGIES CORPORATION
 Consolidated Statements of Operations
 For the Three Month Periods Ending Jan. 31, 1993 and 1992
 (in thousands, except per share data)
 (unaudited)
 1993 1992
 Sales $ 170,780 $ 154,350
 Cost of sales 126,651 111,024
 Gross margin 44,129 43,326
 Selling, general and
 administrative expenses 35,511 34,522
 Amortization of goodwill 1,708 1,685
 Operating income 6,910 7,119
 Interest expense 6,203 5,501
 Interest income 157 192
 Other expense, net (281) (450)
 Income before income taxes,
 minority interest and
 extraordinary item 583 1,360
 Provision for income taxes 121 1,178
 Minority interest 83 29
 Net income before
 extraordinary item 379 153
 Extraordinary item --- 741
 Net income $ 379 894
 Earnings per share:
 Income before extraordinary
 item 2 cents 1 cent
 Extraordinary item --- 3 cents
 Net income 2 cents 4 cents
 Weighted average number of
 shares outstanding 24,823 24,783
 -0- 3/3/93
 /CONTACT: Lucinda Edmonds of Air & Water Technologies, 617-246-5200/
 (AWT)


CO: Air & Water Technologies, Inc. ST: New Jersey, Massachusetts IN: ENV SU: ERN

CH -- NE013 -- 2687 03/03/93 18:09 EST
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Date:Mar 3, 1993
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