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DAMES & MOORE REPORTS THIRD QUARTER RESULTS

 LOS ANGELES, Jan. 29 /PRNewswire/ -- Dames & Moore (NYSE: DM), international environmental and engineering consultants, today reported higher earnings on slightly lower net revenues in the third quarter of fiscal 1993, ended Dec. 25, 1992, compared to last year's third quarter ended Dec. 27, 1991.
 Earnings increased principally as the result of cost reductions and a restructuring of the company's officer compensation policy.
 Net revenues in the fiscal 1993 third quarter were $62,622,000 compared with net revenues of $63,313,000 in the year-ago quarter. Net income for the quarter was $6,332,000, or $0.28 a share, vs. net income of $5,377,000, or $0.27 a share, in the year-ago quarter. Third quarter earnings increased $0.01 a share compared with the second quarter.
 Dames & Moore paid a quarterly cash dividend of $0.03 per common share on Jan. 4, 1993.
 George D. Leal, chairman, president, and chief executive officer, said the company's revenues remain stable, reflecting mixed economic conditions in the company's worldwide markets. He noted strengthening of the company's business in the eastern United States and the Middle East combined with no upturn in other areas. The company has responded to these conditions by adjusting its operations to improve profit margins. The company's net earnings were 10.1 percent of net revenues in the third quarter of fiscal 1993 compared to 8.5 percent in the third quarter of fiscal 1992.
 Earlier this week, Dames & Moore announced it has signed a Letter of Intent to acquire Aman Environmental Inc., a $14 million gross revenue company specializing in remediation, including bio- remediation. Pending a satisfactory due diligence review, the completion of the formal Purchase Agreement, and the approval of the Dames & Moore Board of Directors, it is anticipated that the acquisition will be finalized before the end of the Dames & Moore fiscal year in March.
 In addition, Leal said the company is close to agreement on the acquisition of a small Canadian environmental consulting firm.
 Leal noted that major contract awards were received during the first three quarters of the fiscal year from the U.S. Department of Defense and Department of Energy, although work on some of the contracts has been delayed. He also cited the recent authorization of the $5.2 million contract for the government of Oman, on which work is proceeding. Leal also indicated that the company experienced an increase in infrastructure-related projects in the recent quarter.
 Dames & Moore is a worldwide professional service 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
 Statements of Earnings
 (Unaudited)
 (in thousands, except per share amounts)
 Third Quarter Ended Four Quarters Ended
 Dec. 25, Dec. 27, Dec. 25, Dec. 27,
 1992 1991 1992 1991
 Gross revenues $85,342 $87,089 $350,348 $353,569
 Direct costs of
 outside services 22,720 23,776 94,836 96,034
 Net revenues 62,622 63,313 255,512 257,535
 Operating expenses:
 Salaries and
 related costs 38,805 38,648 161,751 158,491
 Officer/partner
 bonuses 400 2,660 2,203 10,153
 General expenses 11,699 12,673 51,866 54,255
 Depreciation and
 amortization 1,548 1,488 6,167 5,337
 Total 52,452 55,469 221,987 228,236
 Earnings from
 operations 10,170 7,844 33,525 29,299
 Other income 352 1,481 1,837 3,017
 Interest expense (105) (364) (606) (1,322)
 Earnings before
 income taxes 10,417 8,961 34,756 30,994
 Income taxes 4,085 3,584 13,932 12,407
 Net earnings $6,332 $5,377 $20,824 $18,587
 Earnings per share $0.28 $0.27 $0.95 $0.93
 Cash dividends
 declared per share $0.03 --- $0.09 ---
 Weighted average
 number of shares 22,530 20,000 22,001 20,000
 Statements of Financial Position
 (in thousands)
 Dec. 25, March 27,
 1992 1992
 (Unaudited)
 Assets
 Current assets $140,361 $125,997
 Property and equipment, net 10,775 11,423
 Equity investments and other assets 5,270 5,125
 Total $156,406 $142,545
 Liabilities and shareholders' equity
 Current liabilities $35,427 $37,578
 Deferred income taxes 338 265
 Shareholders' equity 120,641 104,702
 Total $156,406 $142,545
 -0- 1/29/93
 /CONTACT: Robert Perry, CFO of Dames & Moore, 213-683-1560/
 (DM)


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

JL -- LA002 -- 0596 01/29/93 08:02 EST
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Date:Jan 29, 1993
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