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CANONIE ENVIRONMENTAL SERVICES CORP. REPORTS THIRD QUARTER RESULTS

 CANONIE ENVIRONMENTAL SERVICES CORP. REPORTS THIRD QUARTER RESULTS
 PORTER, Ind., Jan. 6 /PRNewswire/ -- Canonie Environmental Services Corp. (NASDAQ: CANO) reported today that revenues were $20,169,000 for the quarter ended Nov. 30, 1991, compared to $25,228,000 in the prior year's period. Net income for the quarter was $263,000 or $0.05 per share, compared to net income of $875,000, or $0.15 per share, in the previous year's quarter.
 Revenues for the nine months ended Nov. 30, 1991 were $47,728,000, compared to $52,367,000 in the prior year's period. The company had net income of $552,000, or $0.10 per share, for the nine months ended Nov. 30, 1991, compared to $1,019,000, or $0.18 per share, in the comparable prior year's period.
 The company's share in losses of unconsolidated affiliates was $560,000 during the quarter, compared with a loss of $379,000 in the previous year's quarter. The majority of this loss is associated with SoilTech ATP Systems, Inc. (SoilTech), which concluded operations at the Wide Beach Project early in the quarter.
 Thomas A. Donovan, Canonie's president, said, "The recession continues to impact our business as revenues, awards, and bids are still running at reduced levels compared to last year. The company remains profitable; however, we anticipate this recessionary impact to continue into our next fiscal year. Our affiliate SoilTech will start processing soils at our Waukegan Harbor Project during January 1992, which is expected to make them profitable for the quarter."
 Canonie Environmental Services Corp. provides comprehensive services throughout the United States for remediation of sites contaminated by hazardous materials. The firm provides its clients with a complete range of services, including assessing the regulatory, technical, and construction aspects of the problem; developing a strategic plan to solve the problem; and performing the necessary remediation and operation activities. Canonie Environmental Services Corp. is one of the few companies capable of providing such a broad range of services. The company has performed work at numerous project sites nationwide, including the management and control of remediation activities at several Superfund sites.
 CANONIE ENVIRONMENTAL SERVICES CORP.
 CONSOLIDATED STATEMENTS OF INCOME
 (IN THOUSANDS, EXCEPT PER SHARE DATA)
 Three Months Ended Nov. 30,
 1991 1990
 Revenues $20,169 $25,228
 Cost of Revenues 15,595 20,497
 Gross Profit 4,574 4,731
 Operating Expenses:
 Selling, General and
 Administrative Expenses 3,372 2,821
 Bonus Due to Change in Ownership --- 62
 Total Operating Expenses 3,372 2,883
 Income from Operations 1,202 1,848
 Interest Income 228 190
 Income Before Income Taxes 1,430 2,038
 Taxes on Income 607 784
 Income Before Losses of
 Unconsolidated Affiliates 823 1,254
 Share in Losses of
 Unconsolidated Affiliates (560) (379)
 Net Income $ 263 $ 875
 Weighted Average Number of
 Common Shares Outstanding 5,701 5,701
 Earnings Per Common Share $ 0.05 $ 0.15
 Nine Months Ended Nov. 30,
 1991 1990
 Revenues $47,728 $52,367
 Cost of Revenues 36,491 41,464
 Gross Profit 11,237 10,903
 Operating Expenses:
 Selling, General and
 Administrative Expenses 9,489 8,181
 Bonus Due to Change in Ownership --- 438
 Total Operating Expenses 9,489 8,619
 Income from Operations 1,748 2,284
 Interest Income 700 668
 Income Before Income Taxes 2,448 2,952
 Taxes on Income 1,008 1,071
 Income Before Losses of
 Unconsolidated Affiliates 1,440 1,881
 Share in Losses of
 Unconsolidated Affiliates (888) (862)
 Net Income $ 552 $ 1,019
 Weighted Average Number of
 Common Shares Outstanding 5,701 5,701
 Earnings Per Common Share $ 0.10 $ 0.18
 -0- 1/6/92
 /CONTACT: Leo G. MacKeller, senior vice president - administration and finance for Canonie Environmental Services Corp., 219-926-8651/
 (CANO) CO: Canonie Environmental Services Corp. ST: Indiana IN: CHM SU: ERN


CG -- CL010 -- 7079 01/06/92 17:27 EST
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Date:Jan 6, 1992
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