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DAMES & MOORE REPORTS FISCAL 1993 RESULTS

 LOS ANGELES, May 26 /PRNewswire/ -- Dames & Moore (NYSE: DM), international environmental and engineering consultants, today reported higher earnings on slightly lower net revenues for both the fiscal year and the fourth quarter ended March 26, 1993, compared with the fiscal year and fourth quarter ended March 27, 1992.
 Fourth quarter net income increased 71 percent in fiscal 1993 to $5,547,000, or $0.25 a share, compared with $3,237,000, or $0.16 a share, in the fourth quarter of fiscal 1992. Net income was $23,134,000 in fiscal 1993, or $1.03 a share, on 22,523,000 shares outstanding, an increase of 19 percent over fiscal 1992 net income of $19,435,000, or $0.97 a share, on 20,111,000 shares outstanding. The increased number of outstanding shares resulted from the company's initial public offering in March 1992.
 Net revenues were $251,910,000 in fiscal 1993, down 3 percent from $259,686,000 in fiscal 1992. Net revenues in the fourth quarter of fiscal 1993 were $60,387,000, a 6 percent decline from $63,989,000 in the fourth quarter of fiscal 1992. Earnings increased principally as the result of reductions in operating expenses, including salary costs, officer bonuses and general expenses.
 George D. Leal, chairman, president and chief executive officer, said that fiscal 1993 revenues were affected by the recessionary economic conditions experienced by many of the company's worldwide markets. In addition, the fourth quarter revenues were adversely impacted by severe weather conditions in California in January and the storm that struck the eastern United States in March. However, Leal noted that despite the decline in revenues, the company was able to maintain its operating margins.
 Leal stated that the two acquisitions the company made after the close of fiscal 1993, Aman Environmental and Norecol, are currently contributing to fiscal 1994 revenues and earnings. Looking forward, Leal said, "This year, additional acquisitions of compatible companies are planned in key areas of our business. We are focusing on companies that fit our strategic plan and broaden our capabilities."
 Leal further said that new projects recently authorized in Europe, the Middle East and Africa indicate a strengthening of activity in the company's international operations.
 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 19 other countries.
 DAMES & MOORE
 Condensed Consolidated Statements of Earnings
 (In thousands, except per share amounts)
 Three Months Ended 12 Months Ended
 March 26, March 27, March 26, March 27,
 1993 1992 1993 1992
 Gross revenues $83,776 $90,356 $343,768 $357,480
 Direct costs of
 outside services 23,389 26,367 91,858 97,794
 Net revenues 60,387 63,989 251,910 259,686
 Operating expenses:
 Salaries and related
 costs 38,836 41,551 159,036 160,053
 Officer/partner bonuses 350 1,003 1,550 9,483
 General expenses 11,408 14,456 48,818 53,736
 Depreciation and
 amortization 1,624 1,747 6,044 5,754
 Total 52,218 58,757 215,448 229,026
 Earnings from
 operations 8,169 5,232 36,462 30,660
 Other income 438 445 1,830 3,066
 Interest expense (34) (281) (359) (1,334)
 Earnings before
 income taxes 8,573 5,396 37,933 32,392
 Income taxes 3,026 2,159 14,799 12,957
 Net earnings $5,547 $3,237 $23,134 $19,435
 Earnings per share $0.25 $0.16 $1.03 $0.97
 Cash dividends
 declared per share $0.03 --- $0.12 ---
 Weighted average
 number of shares 22,530 20,443 22,523 20,111
 -0- 5/26/93
 /CONTACT: Robert Perry, CFO of Dames & Moore, 213-683-1560/
 (DM)


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

JB-LS -- LA002 -- 2290 05/26/93 08:01 EDT
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Publication:PR Newswire
Date:May 26, 1993
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