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DAVIS WATER & WASTE REPORTS FOURTH QUARTER/YEAR END RESULTS

 THOMASVILLE, Ga., June 30 /PRNewswire/ -- Davis Water & Waste Industries, Inc. (NYSE: DWW) today reported results for the fourth quarter and fiscal year ended April 30, 1993.
 Fourth quarter net income amounted to $145,023 or four cents per share, on sales of $52,216,374, compared to net income of $77,846 or two cents per share, on sales of $45,322,405 for the same period of the prior year.
 Fiscal 1993 produced a net income of $652,586, or 20 cents per share, on sales of $190,344,870 versus a net loss of $844,420, or 26 cents per share, on sales of $185,088,577 for fiscal 1992.
 Results for fiscal 1993 included a previously reported one-time pre- tax gain of $495,000 in connection with a $1.1 million settlement of a claim against the former shareholders of The Taulman Company. The $605,000 balance of the settlement was applied to reserves for long-term contracts. Results for the current year also benefited from a previously reported one-time after tax adjustment of $459,000, or 14 cents per share, from the adoption of FASB No. 109 -- Accounting for Income Taxes.
 "The sales increases for the fourth quarter and fiscal year were due to a significant increase in fourth quarter sales of the company's water and wastewater treatment operations. Fourth quarter sales were up 44 percent over the prior year for the water and wastewater treatment operations. Sales of the company's distribution operations increased a modest three percent for the fourth quarter," R. Doyle White, chairman and president, said.
 "The company's turnaround from a net loss in fiscal 1992 to a net profit in fiscal 1993 was substantially due to an increase in the water and wastewater treatment sales as a percentage of total sales and the resulting improvement in overall gross margins. The company also experienced positive results from better management of accounts receivable and inventories during the year. The primary reason for the reduction of $560,000 in interest expense was a $9.9 million paydown of principally bank debt due to improved cash generation resulting from reduction in accounts receivable and inventories," he explained.
 Davis Water & Waste Industries, Inc. designs, engineers, manufactures, sells and installs water and wastewater treatment and pumping equipment and sells certain process materials used to treat water and wastewater to comply with applicable health and water quality standards. The company also markets products relating to the distribution of water and the treatment of water and wastewater.
 DAVIS WATER & WASTE INDUSTRIES, INC.
 Operating Results
 Three months 12 months
 (unaudited) (audited)
 Periods ended
 April 30, 1993 1992 1993 1992
 Net sales $52,216,374 $45,322,405 $190,344,870 $185,088,577
 Net income (loss)
 before cumulative
 effect of change in
 method of accounting
 for income taxes 145,023 77,846 193,586 (844,420)
 Net income (loss) 145,023 77,846 652,586(A) (844,420)
 Net income (loss)
 per share before
 cumulative effect
 of change in method
 of accounting for
 income taxes $.04 $.02 $.06 ($.26)
 Net income (loss)
 per share $.04 $.02 $.20 ($.26)
 Average number of
 shares outstanding 3,261,898 3,263,703 3,264,830 3,266,402
 (A) Includes one-time positive adjustment of $459,000, or 14 cents per share, from the adoption of FASB No. 109 -- Accounting for Income Taxes.
 -0- 6/30/93
 /CONTACT: Stan White of David Water & Waste Industries, Inc., 912-226-5733/
 (DWW)


CO: Davis Water & Waste Industries, Inc. ST: Georgia IN: SU: ERN

MP-LR -- NY010 -- 7047 06/30/93 10:03 EDT
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Date:Jun 30, 1993
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