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AIR & WATER TECHNOLOGIES REPORTS THIRD QUARTER NET INCOME PER SHARE OF 8 CENTS

 BRANCHBURG, N.J., Sept. 10 /PRNewswire/ -- Air & Water Technologies Corporation (AMEX: AWT), a leading environmental treatment and services company, reported operating income of $8.0 million for the quarter ended July 31, 1993, compared to $3.1 million in the third quarter of the prior year. Selling, general and administrative expenses were reduced by $6.0 million compared to the third quarter of 1992 on lower revenues of $157.2 million. Net income of $2.0 million, or 8 cents per share was reported compared to a net loss of $3.4 million, or 13 cents per share, in the third quarter of the prior year. For the nine months ended July 31, 1993, the company reported net income of $5.3 million, or 22 cents per share, compared to a net loss of $2.5 million, or 10 cents per share, for the corresponding period of the prior year. The nine-month per share results for the periods ended July 31, 1993 and 1992 include 21 cents and 20 cents, respectively, of non-cash charges related to goodwill amortization. Additionally, the per share results for the nine months ended July 31, 1993 include a $.10 extraordinary credit resulting from the utilization of net operating tax loss carryforwards.
 According to Eckardt C. Beck, chairman and chief executive officer of AWT, "During the third quarter, the company was able to demonstrate continued success in acting upon its announced strategies for 1993. Costs continue to be held at reduced levels compared to the prior year and progress was also made in focusing on higher margin opportunities and increased cash generation from operations."
 Order levels remained consistent with prior quarters at approximately $170 million. Beck further commented "the company's ability to further capitalize on higher margin market opportunities has been enhanced by the recent introduction and market penetration of a variety of next generation treatment technologies and services. These new product lines are expected to meet the broader market demands over the next several years and include: the cost-effective MACTHERM(TM) regenerative thermal oxidizer and M&W Industries' Re-Gensorb and catalytic oxidation system for the control of air toxics and volatile organic compounds (VOCs); the SPARG-IR(TM) FTIR analyzer for on-line monitoring and control of wastewater contamination; the ComPleat 93 pulse-jet dust collector for process dust control; the highly efficient Compact Hybrid Particulate Collector (COHPAC) for particulate control at electric utilities; and Nalco-Fuel Tech's NOxOUT selective noncatalytic reduction system for control of nitrogen oxides."
 Air & Water Technologies Corporation, through its operating units, provides a broad range of environmental services and technologies 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 Nine Month Periods Ending July 31, 1993 and 1992
 (in thousands, except share data)
 (unaudited)
 Three Months Nine Months
 Ending July 31 Ending July 31
 1993 1992 1993 1992
 Sales $157,231 $183,702 $516,183 $511,122
 Cost of sales 109,874 135,243 374,972 373,139
 Gross margin 47,357 48,459 141,211 137,983
 Selling, general and
 administrative expenses 37,665 43,709 110,900 116,112
 Amortization of goodwill 1,731 1,684 5,174 5,054
 Operating income 7,961 3,066 25,137 16,817
 Interest expense (6,013) (5,688) (18,471) (16,895)
 Interest income 206 183 605 657
 Other income (expense), net 1 (633) (1,231) (1,668)
 Income (loss) before income
 taxes, minority interest and
 extraordinary item 2,155 (3,072) 6,040 (1,089)
 Income tax provision
 (benefit) 911 (786) 2,969 1,224
 Minority interest (16) 45 81 197
 Income (loss) before
 extraordinary item 1,260 (2,331) 2,990 (2,510)
 Extraordinary item 730 (1,103) 2,354 ---
 Net income (loss) $1,990 $(3,434) $5,344 $(2,510)
 Net Income (loss) per share:
 before extraordinary
 item 5 cents (9 cents) 12 cents (10 cents)
 Extraordinary item 3 cents (4 cents) 10 cents ---
 Net income (loss)
 per share 8 cents (13 cents) 22 cents (10 cents)
 Weighted average number of
 shares outstanding 24,813 24,821 24,814 24,811
 -0- 9/10/93
 /CONTACT: Harvey Goldman of Air & Water Technologies Corp., 908-685-4552/
 (AWT)


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

DJ-JL -- NE006 -- 0795 09/10/93 14:09 EDT
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Publication:PR Newswire
Date:Sep 10, 1993
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