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BIRD TO TAKE RESTRUCTURING RESERVE FOR ENVIRONMENTAL CONSOLIDATION; WILL REPORT SEGMENTED EARNINGS FOR BUSINESS SECTORS

 DEDHAM, Mass., Oct. 12 /PRNewswire/ -- Bird Corporation (NASDAQ: BIRD) announced today that it will establish up to a $2.0 million reserve from 1993 operating results for further restructuring of its Environmental business. Prior to year-end, its subsidiary, Bird Environmental Technologies, Inc. (BETI) will close its Connecticut offices, laboratories, and maintenance facilities consolidating all entities in the Houston area where its headquarters are now located.
 BETI continues to implement a broad and significant restructuring program to improve profitability. Specific actions include focusing BETI business operations on petroleum hazardous waste generating markets where BETI has leading-edge technology, eliminating non-strategic, unprofitable businesses, and reducing costs to compete effectively in generally depressed environmental market conditions. The company estimates that approximately $3 million in fixed operating costs have been eliminated as a result of these actions.
 During July 1993, BETI sold its sludge land application business to Browing Ferris Industries for approximately $10 million. BETI subsequently sold its environmental engineering business, an Ohio-based remediation business, and closed smaller offices in Greensboro, N.C. and Cincinnati, Ohio. The effect of these sales of environmental businesses resulted in a modest gain which will be reported in the company's third quarter results.
 BETI's focus on the petroleum and petrochemical market sector is further emphasized by its current construction of an approximately 15 million dollar permitted hazardous waste recycling facility on the Gulf Coast, south of Houston. This facility, scheduled for completion during the fourth quarter of 1993, will feature unique desorption technology for the recycling of hydro carbons from refinery waste materials and will also have capabilities to produce fuels for cement kilns from hazardous wastes.
 Simultaneously, Bird's third quarter earnings report will further clarify results of operations by providing supplemental disclosure of the results of operations for its Housing and Environmental businesses. Such supplemental reporting will be more informative to shareholders and the public, particularly during the present restructuring period for its Environmental group which has endured significant losses that distorted consolidated results.
 In commenting on this action, George J. Haufler, chairman, said, "We believe that focusing our environmental effort on a narrow market niche where we have our most significant investment, technology, and the strongest history of commercial success, will lead to the earliest development of much greater value to our shareholders. The transition process during 1993 has been painful, but we are confident of our direction and strategy in providing our customers with a unique in-plant and off-site service offering. Further, we feel that separately reporting the quarterly results of our Housing and Environmental activities will assist our shareholders and the public in better understanding our progress and prospects."
 Commenting further on current conditions, Haufler went on to say, "Business conditions in the environmental services industry have been exceedingly poor in 1993, as evidenced by the disappointing performance of almost all industry participants. In the Housing area, markets have not rebounded as they have from previous recessions, especially in the Northeast where a significant portion of our business is concentrated.
 "In spite of these factors, our core Roofing and Vinyl Housing operations are profitable and the long-term outlook is positive. Additionally, during past recessionary years we have acquired at attractive terms businesses whose success we knew would be partially dependent on economic recovery. While the timetable of significant profit realization from these acquisitions has been elongated, we have materially strengthened each of them and are confident we well be well rewarded in the near and longer term.
 "Our investments, both in the environmental and housing sectors, have been substantial and will provide equally substantial returns as a result of the actions we are taking and an expanding economy."
 Bird Corporation is a U.S. manufacturer and distributor of building materials and a provider of environmental services.
 -0- 10/12/93
 /CONTACT: William A. Krivsky, executive vice president and chief financial officer of Bird Corporation, 617-461-1414/
 (BIR)


CO: Bird Corporation ST: Massachusetts IN: ENV SU:

JL-CM -- NE012 -- 1298 10/12/93 16:45 EDT
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Publication:PR Newswire
Date:Oct 12, 1993
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