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BUTLER INTERNATIONAL REPORTS PROFITABLE RESULTS FOR THE FIRST QUARTER OF 1993; SALES INCREASED BY 23 PERCENT

 MONTVALE, N.J., April 28 /PRNewswire/ -- Butler International, Inc. (NASDAQ: BUTL) announced today that net sales of the company were $77.2 million for the three months ended March 31, 1993, reflecting a 23 percent increase over the $62.9 million recorded in the comparable period of 1992. More importantly, the company reported its first quarterly profit since the fourth quarter of 1990. Net income for the quarter was $118,000, or 3 cents per share, as contrasted with a loss of $1.1 million, or 24 cents per share, in the same period of 1992. As a result, operating cash flow for the quarter was a positive $835,000, or 19 cents per share, as compared with a negative $383,000, or 9 cents per share, for last year -- an improvement of $1,218,000.
 The profit improvement in virtually all of the company's divisional operations was principally due to the increased volume, coupled with significant cost reduction programs implemented in 1992 and an improvement in gross margin resulting from an improved product mix. The sales growth was primarily attributable to an 18 percent increase in billable employees, together with an overall increase in hourly billing rates. Selling, general and administrative expenses were up only $0.2 million, or 2 percent from last year ($9.5 million as compared to $9.3 million). These favorable variances were also due in part to acquisitions completed last year and the first quarter of this year.
 Significant operating performances were achieved by the company's Contract Technical Services and Project Engineering Services businesses, both of which recorded strong increases in sales and profitability.
 The company's Telecommunication Services business also contributed to the overall improved operating results as it returned to profitability, while posting a modest increase in sales. Cost reduction programs implemented during the third quarter of 1992 in the domestic telecommunications unit accounted for substantially all of the improved operating results.
 In addition, during the quarter the company announced that it had recently sold $2.7 million of equity securities privately for working capital and acquisitions.
 In discussing the prospects for the remainder of the year, Kopko stated, "The improved results in the first quarter are expected to follow through for the full year, as the company expects to report profits in 1993. I expect 1993 to be a record sales year for the company and positive comparisons to continue throughout the year versus last year." The company's highest revenue year was 1989, when $304 million was generated.
 Kopko further stated, "As the growth in the economy continues, more and more companies will look to contract technical service firms to bolster a leaner corporate organization."
 Butler International, Inc. is a domestic and international contract technical services company. It is principally engaged in the location, recruitment and hiring of a wide variety of skilled engineers and technical personnel to provide services, on a temporary basis, to industrial corporations and other organizations throughout the U.S. and abroad.
 BUTLER INTERNATIONAL, INC.
 Summary of Operations
 (in thousands except share and per share data)
 (unaudited)
 Quarter Ended Quarter Ended
 March 31, 1993 March 29, 1992
 Net sales $77,174 $62,914
 Cost of sales 66,671 54,310
 Gross margin 10,503 8,604
 SG&A 9,472 9,263
 Income (loss) from
 operations before
 depreciation/amortization 1,031 (659)
 Income (loss) from
 operations 425 (1,245)
 Net income (loss) 118 (1,094)
 Net income (loss) per
 share 3 cents (24 cents)
 Operating cash flow $835 ($383)
 Operating cash flow per
 share 19 cents (9 cents)
 Average shares
 outstanding 4,488,329 4,484,834
 Selected Balance Sheet Information
 (in thousands except share data)
 March 1993 Dec. 1992
 Total current assets $47,991 $41,694
 Total assets 75,648 69,406
 Total current liabilities 15,350 12,853
 Total liabilities 41,107 35,758
 Stockholders' equity $34,541 $33,648
 Issued and outstanding
 shares 4,488,329 4,488,329
 -0- 4/28/93
 /CONTACT: Raymond J. Lacroix, 201-573-8000, or Richard E. Cooper, 212-826-9622, both of Butler International/
 (BUTL)


CO: Butler International, Inc. ST: New Jersey IN: SU: ERN

DJ-CH -- NE009 -- 1928 04/28/93 11:07 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
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