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ECOLOGY AND ENVIRONMENT INC. ANNOUNCES SECOND QUARTER 1993 RESULTS

 BUFFALO, N.J., March 9 /PRNewswire/ -- Ecology and Environment, Inc. (AMEX: EEI) today issued the following results or the second quarter 1993:
 Highlights
 Net income for the Ecology and Environment, Inc. for the second quarter ending Jan. 30, 1993 was $1.0 million, or 26 cents per share, down from $1.2 million, or 30 cents per share, recorded in the second quarter of fiscal year 1992. Net revenues for the second quarter of fiscal year 1993 were $17.7 million, down from the $19.0 million for the same period of the prior year.
 Details
 Ronald, L. Frank, executive vice president and chief financial officer, states that the decrease in both net income (14 percent) and net revenue (7 percent) is due in part to the continuing effect of the expiration of the Field Investigation Team (FIT) with the U.S. Environmental Protection Agency (EPA). Although the FIT contract ended Oct. 31, 1991, the end of first quarter of fiscal year 1992, certain ongoing efforts associated with contract close out carried over into the second quarter of fiscal 1992 for which the company was reimbursed. Mr. Frank attributes approximately one half of the decreases to the prior year impact of the FIT contract activity. Since the contract expiration, continuing efforts have continued to replace the FIT level of work which has led to increased expenses in marketing and proposal costs. This effort is now beginning to pay off with the company recently being selected for award of several contracts with the Corps of Engineers and other Department of Defense (DoD) agencies. The company has a strong backlog with the DoD, however delivery orders under some contracts have been delayed due to agency manpower shortages and reorganization after the recent presidential election. This delay has adversely affected second quarter 1993 results. Barring any further delays in negotiated delivery orders the company anticipates improved results for the third and fourth quarters as compared to the prior year.
 Widely recognized as a leading environmental consultant with nearly 1,000 employees, 25 U.S. offices, and representation in 23 counties -- Ecology and Environment, Inc. is helping to solve global environmental problems such as biodiversity and ozone depletion. Its site-specific 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. It 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 ending 1/30/93 2/1/92
 Gross revenues $21,863 $21,272
 Net revenues 17,747 19,048
 Net income 1,022 1,184
 Net income per common share $.26 $.30
 Weighted average common shares
 outstanding 3,939 3,936
 Six months ending 1/30/93 2/1/92
 Gross revenues $43,789 $48,423
 Net revenues 37,791 40,544
 Net income 2,274 2,712
 Net income per common share $.58 $.69
 Weighted average common shares
 outstanding 3,938 3,935
 -0- 3/9/93
 /CONTACT: Ronald Frank of Ecology and Environment, Inc.,
 716-684-8060/
 (EEI)
 CO: Ecology and Environment, Inc.
 ST: New York
 IN: ENV
 SU: ERN


AH-TS -- NY031 -- 8460 03/09/93 10:55 EST
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Publication:PR Newswire
Date:Mar 9, 1993
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