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ECOLOGY AND ENVIRONMENT, INC. ANNOUNCES EARNINGS INCREASE FOR FISCAL YEAR 1993

 BUFFALO, N.Y., Oct. 5 /PRNewswire/ -- Net income for Ecology and Environment, Inc. (AMEX: EEI) for the fiscal year ended July 31, 1993 was $4.7 million, or $1.18 per share, as compared to the $4.5 million, or $1.14 per share, recorded in fiscal year 1992. Net revenues for fiscal year 1993 were $76.9 million as compared to the $78.4 million recognized in the prior year.
 Ronald L. Frank, executive vice president and chief financial officer, attributes the increase in net income for fiscal year 1993 to an increase in pretax margins compared to the prior year which was negatively impacted by the expiration of the USEPA Field Investigation Teams (FIT) contract. Net revenues in fiscal year 1993 were down slightly from the previous year also due to the expiration of the FIT contract. However, earnings for the fourth quarter of fiscal year 1993 were $.29 per share versus $.22 per share for the same period of the previous year. This 35 percent increase in net income reflects a return to more normal operating margins. The company's continued success in winning new projects mitigated most of the unfavorable impact on net revenues caused by the expiration of this contract. During the fourth quarter of fiscal year 1993 the United States Air Force selected the company as the prime contractor on a task order contract with a maximum value of $100 million. In addition, the company has been awarded several multi-million dollar/multi-year contracts from the Army Corps of Engineers which will contribute significantly to the company's backlog.
 Widely recognized as a leading environmental consultant -- with nearly 1,000 employees, 25 U.S. offices, and representation in 23 countries -- Ecology and Environment, Inc. is helping to solve global environmental problems such as biodiversity and ozone depletion. Its multi-disciplinary services include: solid, hazardous, nuclear and medical waste management; air and water pollution control; hazardous and risk management; environmental impact assessment; field monitoring; and analytical laboratory services.
 Ecology and Environment, Inc., is headquartered in Lancaster, N.Y., a suburb of Buffalo. Its common stock is listed on the American Stock Exchange under the symbol EEI.
 ECOLOGY AND ENVIRONMENT, INC.
 Financial Report
 (In thousands, except per share information)
 Three months ended July 31 1993 1992
 Gross revenues $22,976 $21,615
 Net revenues 19,931 19,803
 Net income 1,158 859
 Net income per common share $ .29 $ .22
 Weighted average common
 shares outstanding 3,939 3,937
 Fiscal year ended July 31 1993 1992
 Gross revenues $88,747 $89,958
 Net revenues 76,872 78,402
 Net income 4,655 4,477
 Net income per common share $ 1.18 $ 1.14
 Weighted average common
 shares outstanding 3,939 3,936
 -0- 10/5/93
 /CONTACT: Ronald Frank of Ecology and Environment, Inc., 716-684-8060/
 (EEI)


CO: Ecology and Environment, Inc. ST: New York IN: SU: ERN

SH-OS -- NY066 -- 9004 10/05/93 15:56 EDT
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Publication:PR Newswire
Date:Oct 5, 1993
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