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AIR & WATER TECHNOLOGIES REPORTS SECOND QUARTER OPERATING INCOME OF $6.6 MILLION

AIR & WATER TECHNOLOGIES REPORTS SECOND QUARTER OPERATING INCOME OF $6.6
 MILLION
 BRANCHBURG, N.J., June 15 /PRNewswire/ -- Air & Water Technologies Corporation (AMEX: AWT), a leading environmental treatment and services company, reported operating income of $6.6 million for the quarter ended April 30, 1992, compared to an operating loss of $19.1 million in the second quarter of the prior year. Second quarter net income improved to $30,000 from a net loss of $23.8 million, or $1.06 per share, in the same quarter of the prior year. The 1991 results included a one-time $16 million pre-tax restructuring charge (68 cents per share after tax) relating to costs associated with various integration and regionalization initiatives and expenses relating to the merger between the company and Metcalf & Eddy Companies Inc., which was subsequently completed on Oct. 31, 1991. For the six months ended April 30, 1992, the company reported net income of $.9 million or 4 cents per share compared to a net loss of $25.9 million or $1.15 per share for the corresponding period of the prior year. The six-month per share results for both periods include 14 cents of non-cash charges related to goodwill amortization, and the 1992 results for the six month period include a 4 cents per share extraordinary credit resulting from the use of net operating tax loss carryforwards.
 The company's performance continues to be influenced by factors cited previously; namely, planned spending, particularly on increased marketing activities, and related bid and proposal costs associated with the company's various businesses; delays in the award of contracts; and continued weakness in the private sector economy as well as significant fiscal problems being experienced by many cities and towns. AWT's sales volume, however, increased in the second quarter over both the first quarter and the prior comparable period in all three business units with particularly strong increases recorded by the Research-Cottrell and Residuals Management segments. Metcalf & Eddy, primarily through its domestic base businesses, achieved an increase over the prior comparable quarter despite lower revenues from key projects.
 In commenting on the level of business activity, Eckardt C. Beck, chairman, president, and chief executive officer of AWT cited, "Continued growth in new orders over a strong first quarter in 1992 and a 47 percent increase over the first half of 1991. The level of awards continues to be encouraging," said Beck. "Backlog is now approximately $80 million higher than at the end of fiscal 1991. The key issues in our business remain the rate at which those awards convert into revenues and the mix of projects coming into our backlog."
 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
 (in thousands, except per share data)
 (unaudited)
 Three Months Six Months
 ending April 30 ending April 30
 1992 1991 1992 1991
 Sales $173,070 $161,934 $327,420 $321,336
 Cost of Sales 126,872 122,913 237,896 240,404
 Gross Margin 46,198 39,021 89,524 80,932
 Selling, general and
 administrative expenses 37,881 40,570 72,403 77,230
 Amortization of goodwill 1,685 1,522 3,370 3,057
 Restructuring charge --- 16,000 --- 16,000
 Operating income (loss) 6,632 (19,071) 13,751 (15,355)
 Interest expense (5,706) (5,267) (11,207) (10,907)
 Interest income 282 669 474 1,532
 Other expense, net (585) (282) (1,035) (538)
 Income (loss) before
 income taxes, minority
 interest and
 extraordinary item 623 (23,951) 1,983 (25,268)
 Provision for income taxes 832 514 2,010 1,123
 Minority interest (123) 673 (152) 488
 Income (loss) before
 extraordinary item (332) (23,792) (179) (25,903)
 Extraordinary item 362 --- 1,103 ---
 Net income (loss) 30 (23,792) 924 (25,903)
 Net income (loss) per share:
 Before extraordinary item (1 cent) $(1.06) --- $(1.15)
 Extraordinary item 1 cent --- 4 cents ---
 Net income (loss) per share --- $(1.06) 4 cents $(1.15)
 Weighted average number of
 shares outstanding 24,828 22,435 24,805 22,431
 -0- 06/15/92
 CONTACT: Lucinda Edmonds of Air & Water Technologies Corporation, 617-245-1484
 (AWT) CO: AIR & WATER TECHNOLOGIES CORPORATION SU: ERN ST: NJ,MA -- NE013 -- X589 06/15/92
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Date:Jun 15, 1992
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