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DAMES & MOORE REPORTS FIRST QUARTER RESULTS

 LOS ANGELES, July 28 /PRNewswire/ -- Dames & Moore (NYSE: DM), international environmental and engineering consultants, today reported higher earnings on higher net revenues for the first quarter ended June 25, 1993, compared with the first quarter ended June 26, 1992.
 First quarter net income increased 16 percent in fiscal 1994 to $6,059,000, or $0.27 a share, compared with $5,209,000, or $0.23 a share, in the first quarter of fiscal 1993.
 Net revenues in the first quarter of fiscal 1994 were $64,970,000, up slightly from $64,625,000 in the first quarter of fiscal 1993.
 Earnings increased principally as a result of cost reductions.
 George D. Leal, chairman, president and chief executive officer, said that although the demand for the company's services is still being affected by recessionary business conditions in major domestic markets, he is encouraged by the recent awards of significant projects to the firm in Europe, the Middle East, Africa and Asia.
 In addition to the previously announced acquisitions of Norecol in Canada and Aman Environmental, the company has acquired two small Australian firms, Fawcett Mining Consultants and LeProvost Environmental Consultants. These two recent acquisitions are expected to add broader capability to the company's already major presence in Australia.
 Dames & Moore is a worldwide professional services company providing comprehensive environmental and specialized consulting and engineering services. The company maintains offices throughout the United States and in nineteen other countries.
 DAMES & MOORE
 Condensed Consolidated Financial Statements
 (Unaudited)
 (In thousands, except per share amounts)
 Statements of Earnings
 First Quarter Ended
 June 25, June 26,
 1993 1992
 Gross revenues $89,846 $86,274
 Direct costs of outside services 24,876 21,649
 Net revenues 64,970 64,625
 Operating expenses:
 Salaries and related costs 40,865 41,704
 General expenses 13,377 13,331
 Depreciation and amortization 1,366 1,378
 Total 55,608 56,413
 Earnings from operations 9,362 8,212
 Other income 589 402
 Interest expense (27) (92)
 Earnings before income taxes 9,924 8,522
 Income taxes 3,865 3,313
 Net earnings $6,059 $5,209
 Earnings per share $0.27 $0.23
 Cash dividends per share $0.03 $0.03
 Weighted average number of shares 22,549 22,504
 Statements of Financial Position
 June 25, March 26,
 1993 1993
 Assets
 Current assets $140,954 $145,838
 Property and equipment, net 11,276 10,300
 Intangibles of acquired businesses 10,038 4,023
 Equity investments and other assets 1,132 1,240
 Total $163,400 $161,401
 Liabilities and shareholders' equity
 Current liabilities $31,880 $35,729
 Deferred income taxes 297 278
 Shareholders' equity 131,223 125,394
 Total $163,400 $161,401
 -0- 7/28/93
 /CONTACT: Robert Perry, CFO, of Dames & Moore, 213-683-1560/
 (DM)


CO: Dames & Moore ST: California IN: ENV SU: ERN

JL-BP -- LA016 -- 6574 07/28/93 08:05 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
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