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AIR & WATER TECHNOLOGIES REPORTS SECOND QUARTER NET INCOME PER SHARE OF $.12

 BRANCHBURG, N.J., May 27 /PRNewswire/ -- Air & Water Technologies Corporation (AMEX: AWT), a leading environmental treatment and services company, reported operating income of $10.3 million for the quarter ended April 30, 1993, compared to $6.6 million in the second quarter of the prior year.
 Revenues of $188.2 million for the quarter just ended represented an increase of $15.1 million over the comparable quarter of last year while selling, general and administrative expenses were held constant.
 Second quarter net income increased to $3.0 million, or $.12 per share, from $30 thousand in the same quarter of the prior year. For the six months ended April 30, 1993, the company reported net income of $3.4 million, or $.14 per share, compared to $.9 million or $.04 per share for the corresponding period of the prior year. The six-month per share results for both periods include $.14 of non-cash charges related to goodwill amortization and $.07 and $.04 for the current and prior six month period, respectively, relating to the extraordinary credit resulting from the utilization of net operating tax loss carryforwards.
 According to Eckardt C. Beck, chairman and chief executive officer of AWT, "We are holding to 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."
 Mr. Beck characterized the company's markets as follows. "In Metcalf & Eddy's professional services business, we are pleased with our early success in the DOD/DOE facility closure market. To date, the company has been awarded contracts valued at over $350 million of which over $300 million remain to be performed. The timing of the release of task orders will be the major factor influencing performance in this sector. In Research-Cottrell's engineered products group, the shift in product mix from the early Clean Air Act Amendment-driven large utility awards towards stronger activity in continuous emissions monitors and air toxic control systems continues and we are achieving significant market share in these markets. This shift, along with the continued concentration on the service and maintenance business, should result in more favorable margins in the long term."
 "At this point in time," said Mr. Beck, "we remain cautiously optimistic. We will remain on our course of containing costs and pursuing a higher margin product mix."
 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 and Six Month Periods Ending April 30, 1993 and 1992
 (Unaudited, In Thousands, Except Per Share Data)
 Periods Ended Three Months Six Months
 April 30, 1993 1992 1993 1992
 Sales $188,172 $173,070 $358,952 $327,420
 Cost of sales 138,447 126,872 265,098 237,896
 Gross margin 49,725 46,198 93,854 89,524
 Selling, general and
 administrative expenses 37,724 37,881 73,235 72,403
 Amortization of goodwill 1,735 1,685 3,443 3,370
 Operating income 10,266 6,632 17,176 13,751
 Interest expense (6,255) (5,706) (12,458) (11,207)
 Interest income 242 282 399 474
 Other expense, net (951) (585) (1,232) (1,035)
 Income before income taxes,
 minority interest and
 extraordinary item 3,302 623 3,885 1,983
 Provision for income taxes 1,937 832 2,058 2,010
 Minority interest 14 123 97 152
 Income (loss) before
 extraordinary item 1,351 (332) 1,730 (179)
 Extraordinary item 1,624 362 1,624 1,103
 Net income $ 2,975 $ 30 $ 3,354 $ 924
 Earnings (loss) per share:
 Income before
 extraordinary item $ .05 $ (.01) $ .07 $ --
 Extraordinary item .07 .01 .07 .04
 Net income $ .12 $ -- $ .14 $ .04
 Weighted average number
 of shares outstanding $ 24,812 $ 24,828 $ 24,814 $ 24,805
 -0- 5/27/93
 /CONTACT: Lucinda Edmonds of Air & Water Technologies Corporation, 617-246-5200/
 (AWT)


CO: Air & Water Technologies Corporation ST: New Jersey IN: ENV SU: ERN

TM-LD -- NY014 -- 2774 05/27/93 08:16 EDT
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Date:May 27, 1993
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