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CHAMBERS ANNOUNCES CHANGES IN ACCOUNTING METHOD AND REVISIONS TO 1991 EARNINGS

 CHAMBERS ANNOUNCES CHANGES IN ACCOUNTING METHOD
 AND REVISIONS TO 1991 EARNINGS
 PITTSBURGH, March 17 /PRNewswire/ -- Chambers Development Company, Inc. (AMEX: CDVA, CDVB) today announced that it is adopting a change in accounting method to recognize ever increasing operational aspects of its businesses. Consistent with this change, earnings previously released for 1991 have been revised. As a result, earnings per share in 1991 were $.48 per share, as compared to $.83 previously released.
 The change in accounting method has no impact on the company's cash flow, strategic plan, aggressive landfill development program, competitive position or strong financial position.
 In addition, the company will record an after-tax charge in 1991 of $.45 per share to reflect the cumulative effect of the change in accounting method prior to 1991.
 Revised results for 1991, amounts previously released and pro forma figures for 1990 are as follows:
 1991 1991 1990
 (Thousand Dollars, Previously
 Except EPS) Released Revised Pro Forma
 Net sales $321,979 $321,979 $258,201
 Earnings from
 operations 80,211 43,436 40,487
 Earnings before
 effect of a change
 in accounting method 49,887 28,802 23,918
 Cumulative effect on
 prior years of a change
 in accounting method -- (27,247) --
 Net earnings 49,887 1,555 23,918
 Earnings per common share:
 Earnings before
 effect of a change
 in accounting method $.83 $.48 $.44
 Cumulative effect
 adjustment -- $(.45) --
 Net earnings $.83 $.03 $.44
 The company made the change in accounting method to reflect certain indirect expenses as period costs rather than capitalizing them as part of landfill or other development projects.
 Historically, Chambers has capitalized direct and indirect expenses related to the development of its landfill projects, including direct costs for land, permitting, engineering and construction, as well as certain indirect expenses related to projects such as executive administration, public affairs and financial services.
 As the company has grown and its operations have expanded, the identification and allocation of these indirect expenses between development and operating activities had become increasingly complex. The company will continue to capitalize direct project costs.
 -0- 3/17/92 R
 /CONTACT: Jim Leonard, media, 412-244-7560, or Lew Nevins, financial, 412-244-6195/
 (CDV) CO: Chambers Development Company, Inc. ST: Pennsylvania IN: SU:


DM-CD -- PG007R -- 9210 03/18/92 11:44 EST
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Publication:PR Newswire
Date:Mar 18, 1992
Words:373
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