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BANISTER INC. ANNOUNCES THIRD QUARTER RESULTS

 TORONTO, Nov. 16 /PRNewswire/ -- The following was released today by Banister Inc. (AMEX: BAN):
 BANISTER INC.
 Highlights of Financial Results
 (thousands of dollars except per share data)
 Periods Ended Three Months Nine Months
 Sept. 30. 1993 1992 1993 1992
 Revenue $178,490 $125,336 $341,082 $259,595
 Net Income 3,074 2,889 4,410 3,944
 Per share .42 .49 .73 .66
 Income before Income Tax 6,756 2,903 9,254 4,055
 Per share .93 .49 1.53 .68
 Weighted average number
 of shares outstanding 7,250,000 5,952,881 6,035,407 5,952,881
 Banister Inc. today reported, for the three months ended Sept. 30, 1993, net income of $3,074,000 or 42 cents per share on revenues of $178,490,000. This compares with third quarter 1992 net income of $2,889,000 or 49 cents per share on revenues of $125,336,000. Income before income tax was $6,756,000 for the 1993 third quarter, compared with income before income tax of $2,903,000 for the same period last year -- an increase of 133 percent.
 For the nine months ended Sept. 30, 1993, net income was $4,410,000 or 73 cents per share on revenues of $341,082,000, compared with net income of $3,944,000 or 66 cents per share on revenues of $259,595,000 for the corresponding period in 1992. For the 1993 nine month period income before income tax increased by 128 percent to $9,254,000 from $4,055,000 for the same period in 1992.
 The company enters the last quarter of the year with a backlog of work totalling $564,000,000 of which approximately $200,000,000 is attributable to the previously announced hydro-electric project in India. Last year's backlog at this time was $155,000,000.
 Banister Inc. is a Canadian based building, civil, industrial, pipeline and utility construction company with operations world-wide.
 -0- 11/16/93
 /CONTACT: E.R. Austin, president and chief executive officer or C.N. D'Croix, vice president and chief financial officer, 416-754-8735, of Banister Inc./
 (BAN)


CO: Banister Inc. ST: Ontario IN: CST SU: ERN

LD -- NY092 -- 4239 11/16/93 17:08 EST
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Date:Nov 16, 1993
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