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 PITTSBURGH, Aug. 12 /PRNewswire/ -- For the second consecutive quarter, Chambers Development Company, Inc. (AMEX: CDVA, CDVB) announced profitable results.
 Net income in the second quarter of 1993 was $1.5 million ($.02 per share) compared to a net loss of $4.8 million ($.07 per share) in the same quarter of 1992.
 Revenues were $75.9 million compared to $75.6 million in the second quarter of 1992. The revenues for the 1993 period were achieved with a smaller number of operating locations. In early 1993 the company sold three of its non-core operations, which had generated $4.6 million in revenues in the second quarter of 1992.
 The operating profit in the second quarter of 1993 was $8.3 million, nearly double compared to the first quarter of 1993, and up $6.0 million compared to $2.3 million a year earlier.
 The net income for the first six months of 1993 totaled $3.3 million ($.05 per share) on revenues of $143.6 million, compared to a net loss of $27.4 million, ($.41 per share) which includes unusual charges and discontinued operations, on revenues of $143.5 million for the same 1992 period. As part of the company's ongoing divestiture program, several non-core operations, which had generated $5.8 million in revenues in the first half of 1992, were sold during the first quarter of 1993. Earnings from operations, excluding unusual items in 1992, increased by more than $10 million in the first six months of 1993 to $12.6 million, compared to $2.2 million in 1992.
 The six months results for 1993 include a net gain on asset sales of $4.9 million ($.07 per share). The six months results for 1992 include unusual charges of $16.5 million ($.25 per share) and a loss of $1.7 million ($.02 per share) from discontinued operations.
 "We are continuing to take actions which will improve our financial performance," said John G. Rangos Sr., Chambers' president and CEO. "I am pleased with the progress we have shown in the second quarter, especially considering the current highly competitive conditions in our industry. But I know additional improvements must be made and we are continuing to implement a plan that is intended to accomplish this."
 Rangos noted that one part of the company's plan for improvement is a divestiture program involving non-core assets. Currently, the company is in negotiations to sell several additional non-core assets. Proceeds from these sales will enable Chambers to reduce its debt and related interest expense.
 The company marked several important operational accomplishments during the second quarter and the first six months of 1993. In May, the company opened its new Maplewood Landfill in Amelia County, Va., which can receive an average of 5,000 tons per day of waste.
 As the result of its aggressive sales and marketing program, Chambers continues to have success in obtaining new municipal, residential, commercial and special waste contracts. During the first half of 1993, Chambers has already started performance on 23 new municipal contracts in several states where it has operations, including a 10-year, $10 million waste disposal contract with Dorchester County, S.C., where the company's Oakridge Landfill is situated.
 The volume of waste going into Chambers' landfills significantly increased in the second quarter of 1993. "Our second quarter disposal tonnage increased 20 percent vs. a year ago. More impressively, second quarter tonnage increased 30 percent compared to the first quarter of 1993," said Alexander W. Rangos,

executive vice president of operations. "Based upon volumes thus far in the third quarter, we expect third quarter volumes to continue at high levels."
 Alexander Rangos also noted that the company continues to work to improve operating efficiencies and reduce operating and overhead costs. For the first six months of 1993 operating costs were 68 percent of revenues compared to 71 percent in the same period of 1992, and general and administrative expenses declined to 9 percent of revenues from 14 percent a year ago.
 Chambers Development Company, Inc., headquartered in Pittsburgh, is a leading environmental services firm involved in landfill, transfer station and recycling operations, as well as the collection, transportation and disposal of residential, commercial, non-hazardous industrial and medical wastes.
 (In Thousands, Except Per Share Amounts)
 Period Ended Three Months Six Months
 June 30 1993 1992 1993 1992
 Revenues $ 75,878 $ 75,625 $143,565 $143,530
 Costs and Expenses
 Operating 50,808 52,877 98,475 101,949
 General and
 administrative 6,241 10,447 12,511 20,699
 Depreciation and
 amortization 10,497 10,034 19,996 18,642
 Unusual items -- -- -- 16,500
 Income (Loss) from
 Operations 8,332 2,267 12,583 (14,260)
 Other Income (Expense)
 Gain on disposition of
 assets held for sale -- -- 4,860 --
 Other income, primarily
 interest 695 2,035 1,680 4,589
 Interest expense (7,249) (8,275) (15,307) (15,318)
 Income (Loss) from
 Continuing Operations
 Before Income Taxes 1,778 (3,973) 3,816 (24,989)
 Provision for Income Taxes 275 393 525 732
 Income (Loss) from
 Continuing Operations 1,503 (4,366) 3,291 (25,721)
 Loss from Discontinued
 Operations -- (447) -- (1,651)
 Net Income (Loss) 1,503 (4,813) 3,291 (27,372)
 Income (Loss) Per Common
 Continuing operations $.02 $(.07) $.05 $(.39)
 Discontinued operations -- -- -- $(.02)
 Net Income (Loss) $.02 $(.07) $.05 $(.41)
 Weighted Average Shares
 Outstanding 66,788 66,788 66,788 66,788
 -0- 8/12/93
 /CONTACT: media, Jim Leonard, 412-244-7560, or financial, Lew Nevins, 412-244-6195, both of Chambers Development/

CO: Chambers Development Company, Inc. ST: Pennsylvania IN: ENV SU: ERN

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Publication:PR Newswire
Date:Aug 12, 1993

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