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CANONIE ENVIRONMENTAL SERVICES CORP. REPORTS THIRD-QUARTER RESULTS

 PORTER, Ind., Jan. 13 /PRNewswire/ -- Canonie Environmental Services Corp. (NASDAQ: CANO) reported today that revenues were $19,106,000 for the quarter ended Nov. 30, 1992, compared to $20,169,000 in the prior year's period. Net income for the quarter was $134,000, or $0.02 per share, compared to a net income of $263,000, or $0.05 per share in the previous year's quarter.
 Revenues for the nine months ended Nov. 30, 1992, were $61,901,000, compared to $47,728,000 in the prior year's period. The company had a net loss of $862,000, or $0.15 per share, for the nine months ended Nov. 30, 1992, compared to a net income of $552,000, or $0.10 per share, in the comparable prior year's period.
 Thomas A. Donovan, Canonie's president, stated, "We are pleased that the restructuring that was implemented in our second quarter which included staff reductions has allowed us to reduce overhead and be profitable during the third quarter. The company continues on its new strategic course of more selective bidding coupled with a corporate emphasis of providing engineering services to our preferred clients. We feel that when the economy recovers, we will be well positioned for earnings improvement."
 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. believes it 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 Nine Months Ended
 Nov. 30, Nov. 30,
 1992 1991 1992 1991
 Revenues $19,106 $20,169 $61,901 $47,728
 Cost of revenues 15,299 15,534 52,100 36,398
 Gross profit 3,807 4,635 9,801 11,330
 Operating expenses
 Selling, general and
 administrative expenses 3,097 3,372 10,670 9,489
 Income (loss) from operations 710 1,263 (869) 1,841
 Interest income (expense) (65) 228 (32) 700
 Minority interest (2) (61) 13 (93)
 Income (loss) before income
 taxes 643 1,430 (888) 2,448
 Taxes on income (tax benefit
 from loss) 258 607 (353) 1,008
 Income (loss) before losses of
 unconsolidated affiliates 385 823 (535) 1,440
 Share in losses of
 unconsolidated affiliates (251) (560) (327) (888)
 Net income (loss) $134 $263 ($862) $552
 Weighted average number of
 common shares outstanding 5,701 5,701 5,701 5,701
 Earnings per common share $0.02 $0.05 ($0.15) $0.10
 -0- 1/13/93
 /CONTACT: Leo G. MacKeller, senior vice president, Administration & Finance, Canonie Environmental Services Corp., 219-926-8651/
 (CANO)


CO: Canonie Environmental Services Corp. ST: Indiana IN: SU:

KE-SM -- CL013 -- 4587 01/13/93 17:00 EST
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Date:Jan 13, 1993
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