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CHEMFIX TECHNOLOGIES, INC. POSTS THIRD QUARTER RESULTS

 METAIRIE, La., July 15 /PRNewswire/ -- Chemfix Technologies, Inc. (CTI) (NASDAQ: CFIX) today reported a net loss for the third quarter of fiscal year 1993, ended May 31, of $295,000, or 4 cents per share on revenues of $6.8 million.
 In the prior year's third quarter, the company posted earnings of $530,000, or 7 cents per share on revenues of $7.6 million.
 For the nine months ended May 31, the company had a net loss of $1,594,000, or 20 cents per share on revenues of $14.5 million, as compared to a net loss of $232,000, or 3 cents per share on revenues of $17.3 million for the nine months ended May 31, 1992.
 Chairman and Chief Executive Officer, Daniel N. Silverman III, stated that revenues had improved 67 percent over the prior quarter allowing the company to narrow its earlier losses. He added that third quarter revenues of $6.8 million still had not met the company's earlier expectations and that most recent postponements experienced by the company in the award of certain remediation contracts appears to be directly related to spending delays by various customers affected by the weak economy.
 Silverman also explained that "third quarter losses were further compounded by the failure of the disposal well at its Louisiana facility, which lost $200,000 in the third quarter. A new well is now being drilled and operations should resume in August."
 The company also announced that it expects to shortly begin receipt of oil and gas drilling wastes from a major California drilling program which is now underway. The company estimates that continued implementation of this program should generate additional revenues of $15 million to $18 million over the next three to five years for the company's California waste treatment facilities.
 Chemfix Technologies, Inc. is an environmental services company that provides analysis, treatment and recycling of hazardous and special waste materials for industry and government.
 -0- 7/15/93
 /CONTACT: Daniel N. Silverman III, chairman, president and CEO, or Grace Huerstel, shareholder communications of Chemfix Technologies, 504-831-3600/
 (CFIX)


CO: Chemfix Technologies, Inc. ST: Louisiana IN: ENV SU: ERN

BR-RA -- AT006 -- 1898 07/15/93 11:19 EDT
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Publication:PR Newswire
Date:Jul 15, 1993
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