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CHAMBERS REPORTS 45 PERCENT INCREASE IN YEAR END EARNINGS

 CHAMBERS REPORTS 45 PERCENT INCREASE IN YEAR END EARNINGS
 PITTSBURGH, Feb. 5 /PRNewswire/ -- Despite a difficult year for the country's economy, Chambers Development Company, Inc. (AMEX: CDVA, CDVB), today reported significantly higher earnings for 1991 and the fourth quarter.
 Net earnings for 1991 totaled $49.9 million on net sales of $322 million, compared to net earnings of $34.4 million on net sales of $258.2 million in 1990. These results represent a 45 percent increase in net earnings and a 25 percent increase in net sales over 1990. Earnings from operations also increased 45 percent in 1991 to $80.2 million compared to $55.5 million in 1990. Earnings per common share for 1991 increased 32 percent to $.83 from $.63 for the comparable 1990 period.
 Net sales for the quarter were $87.6 million, up 31 percent compared with $66.8 million during the fourth quarter of 1990. Earnings from operations increased 60 percent to $22.8 million from $14.2 million for the comparable 1990 period. Net earnings rose 67 percent to $14.5 million for the fourth quarter of 1991, up from $8.7 million in the same period of last year. Earnings per common share for the quarter grew by 38 percent to $.22 compared with $.16 for the fourth quarter of 1990.
 John G. Rangos Sr., Chambers' president and CEO, said of the results, "Our financial results were very gratifying and give us confidence in the strategies and plans which we have implemented and will continue to follow. Prospects are bright for 1992 and we are well positioned with the capital, financial and management resources we need to continue toward our goals."
 Chambers Development Company, Inc., headquartered in Pittsburgh, is a leading environmental firm offering services in landfill development, transfer station operation and recycling, as well as the collection, transportation and disposal of residential, commercial and non-hazardous industrial and medical solid wastes.
 CHAMBERS DEVELOPMENT COMPANY, INC.
 Consolidated Statements of Earnings
 (Unaudited)
 (In thousands, except per share amounts)
 Period ended Three Months Year
 Dec. 31, 1991 1990 1991 1990
 Net sales
 Waste services $67,405 $53,046 $249,384 $214,052
 Security services 20,200 13,784 72,595 44,149
 87,605 66,830 321,979 258,201
 Costs and expenses
 Operating 45,592 39,670 169,604 152,747
 Selling, general
 and administrative 8,158 8,809 35,074 31,807
 Depreciation and
 amortization 11,027 4,104 37,090 18,189
 64,777 52,583 241,768 202,743
 Earnings from operations
 Waste services 22,498 14,028 79,055 54,779
 Security services 330 219 1,156 679
 22,828 14,247 80,211 55,458
 Other income 2,617 1,415 11,858 6,643
 Interest expense (594) (1,257) (7,705) (5,312)
 Earnings before income
 taxes 24,851 14,405 84,364 56,789
 Provision for income
 taxes 10,313 5,690 34,477 22,432
 Net earnings 14,538 8,715 49,887 34,357
 Earnings per
 common share $.22 $.16 $.83 $.63
 Weighted average number
 of shares outstanding
 Primary 67,184 54,740 60,239 54,777
 Fully diluted 67,243 59,984 64,034 60,007
 -0- 2/5/92
 /CONTACT: Jim Leonard, media, 412-244-7560, or Lew Nevins, financial, 412-244-6195, both of Chambers Development Company/
 (CDV) CO: Chambers Development Company, Inc. ST: Pennsylvania IN: SU: ERN


CD -- PG003 -- 7217 02/05/92 13:09 EST
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Date:Feb 5, 1992
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