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C.H. HEIST CORPORATION TURNS CORNER IN FOURTH QUARTER WITH INCREASED SALES AND EARNINGS

 C.H. HEIST CORPORATION TURNS CORNER IN FOURTH QUARTER
 WITH INCREASED SALES AND EARNINGS
 CLEARWATER, Fla., Feb. 12 /PRNewswire/ -- Fourth quarter figures for C. H. Heist Corporation (AMEX: HST) showed advances in both sales and earnings performance. Sales for the fourth quarter ended Dec. 29, 1991 were up 13.3 percent, from $15,999,364 for last year's comparable quarter to $18,130,382 this year. Net income for the quarter just ended was $726,444, a 4.4 percent increase over the previous year's final quarter income of $695,941. Earnings per share, adjusted for the Oct. 14, 1991 stock split, were $.25 vs. $.23 for last year's like period.
 Year-end sales of $70,081,897 reflect a 7.1 percent increase over the preceding year's annual sales of $65,449,028. Net income of $2,021,277 this year was a drop from last year's income of $2,613,039. Yearly earnings per share, adjusted for the October 1991 stock split, were $.70 this year against $.90 per share last year. Fiscal 1991 year-end figures cover 52 weeks, as opposed to 53 weeks of sales and earnings for the previous year.
 Chairman and president, C. H. Heist said he was "encouraged by positive fourth quarter results after a difficult start to the fiscal year." Heist pointed out, "In the face of a dreary economic period, and running against the outstanding results of last year's operations, we were still able to increase net income from our U.S. industrial services sector by 21.9 percent. Additionally, Ablest, our U.S. temporary help subsidiary, increased sales 33.6 percent although net income for the affiliate dropped 2.0 percent because of the cost of new office openings."
 Addressing the corporation's Canadian operations, Heist commented on the two-year slump which has been plaguing its Canadian customer-base. "The steel and mining industries, two large segments of our clientele, continue to have a most difficult time. Fortunately, we have been able to bolster sales by virtue of multiple governmental bridge maintenance contracts involving major sand- blasting and painting assignments. Our Canadian gross margin is improving due to reduced operating expenses: the fourth quarter saw us increase Canadian operating income by 34.2 percent over last year's comparable period. Despite the Dominion's problems, we believe we are beginning to see encouraging signs of an improved business climate."
 Corporately, overall, an increase in working capital of $1,280,925 was recorded for the year. Capital expenditures for fiscal 1991 were reduced over $2 million, from $6,652,135 last year to $4,356,426 this year. The firm's current ratio is 3.7-to-1, and the quick ratio is 3.2-to-1.
 C.H. Heist Corporation is a multifaceted industrial services firm specializing in cleaning and maintenance services for a wide range of industries including chemical, petrochemical, power generation, pulp and paper, mining, nuclear and metallurgical plants and mills, especially those producing iron and steel. Heist subsidiaries include: Pipe & Boiler Insulation, Inc., an installer and distributor of insulation materials, with emphasis on the industrial sector; Ablest Service Corp., a temporary help organization serving business, professional and industrial sectors with both white and blue collar professionals.
 -0- 2/12/92
 /CONTACT: Richard J. O'Neil of C.H. Heist Corporation, 813-461-5656/
 (HST) CO: C.H. Heist ST: Florida IN: SU: ERN


SS-AW -- FL002 -- 9117 02/12/92 09:40 EST
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Publication:PR Newswire
Date:Feb 12, 1992
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