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ENVIRONMENTAL ELEMENTS ANNOUNCES FIRST QUARTER RESULTS

 BALTIMORE, July 21 /PRNewswire/ -- Environmental Elements Corporation (NYSE: EEC) today announced operating results for its first quarter ended June 30, 1993.
 Income from continuing operations was $328,000 ($.05 per share) for the quarter ended June 30, 1993 compared to a loss of $1,864,000 ($.26 per share) for the same period last year. Sales in the first quarter were $25.7 million versus $22.2 million last year.
 Contract bookings for the quarter were $31.7 million, compared to $8.8 million last year. Backlog rose to $54.3 million at quarter end versus $48.3 million at fiscal year-end March 31, 1993. Bookings included the Company's first two circulating dry scrubber awards from the power industry, a utility award for a pulse jet fabric filter system, and a pulp and paper contract for an electrostatic precipitator system.
 F. Bradford Smith, president and chief executive officer, noted, "As we indicated in our annual report, our objectives for the year are to streamline operations, improve products and services, rebuild backlog and return to profitability. We are pleased with the progress in reducing costs, managing contracts and increasing backlog which our operating results reflect. Results for the next six months are likely to be somewhat weaker than this quarter, due to the execution schedule and booked in margins of our backlog and the continuing tight marketplace. Nonetheless, our objectives for the year remain unchanged."
 Environmental Elements Corporation, a leading air pollution control systems supplier for more than 45 years, designs and supplies electrostatic precipitator, fabric filter, flue gas conditioning, flue gas desulfurization, acid gas cleaning and continuous emissions monitoring systems. Environmental Elements' systems enable a broad range of customers in the power generation, pulp and paper, waste to energy, rock products, metals and petrochemical industries to operate their facilities in compliance with particulate and gaseous emissions standards.
 For more information, please contact John S. Lalley Jr., director- Investor Relations and Corporate Communications, at 410-368-7340.
 ENVIRONMENTAL ELEMENTS CORPORATION
 Summary Consolidated Financial Data
 (In thousands, except per-share amounts)
 Three Months ended June 30 1993 1992
 Sales $25,677 $22,215
 Cost of sales 22,310 21,286
 Gross Margin 3,367 929
 Operating expenses:
 Selling 1,375 1,464
 Gen'l and administrative 1,665 1,784
 Total 3,040 3,248
 Operating Income (Loss) 327 (2,319)
 Interest income, net 37 129
 Other expense, net (11) (11)
 Income (Loss) from Continuing Operations
 before Income Taxes 353 (2,201)
 Provision (benefit) for income taxes 25 (337)
 Income (Loss) from Continuing Operations 328 (1,864)
 Gain on disposal of discontinued operations, net 6 142
 Net Income (Loss) $334 $(1,722)
 Per share of common stock and common stock equivalents:
 Income (loss) from continuing operations $.05 $(.26)
 Income from discontinued operations .00 .02
 Net Income (Loss) $.05 $(.24)
 Average shares outstanding 6,983 7,045
 Backlog, end of period $54,300 $61,700
 -0- 7/21/93
 /CONTACT: John S. Lalley Jr., director, Investor Relations and Corporate Communications of Environmental Elements, 410-368-7340/
 (EEC)


CO: Environmental Elements Corporation ST: Maryland IN: ENV SU: ERN

CC -- PH002 -- 3715 07/21/93 07:38 EDT
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Publication:PR Newswire
Date:Jul 21, 1993
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