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ENVIRONMENTAL ELEMENTS ANNOUNCES FISCAL 1992 EARNINGS

 ENVIRONMENTAL ELEMENTS ANNOUNCES FISCAL 1992 EARNINGS
 BALTIMORE, May 21 /PRNewswire/ -- Environmental Elements Corporation (NYSE: EEC) (EEC) today announced operating results for its fourth quarter and fiscal year ended March 31, 1992.
 For the fourth quarter ended March 31, 1992, sales were $22,097,000 versus $27,507,000 last year. Income from continuing operations was $380,000 ($.05 per share) compared to $1,750,000 ($.25 per share) for the same period last year. On a fully taxed basis (35.5 percent rate), earnings per share were $.03 this year vs. $.16 last year.
 Fiscal 1992 sales were $92,213,000 compared to $94,727,000 for the same period last year, and income from continuing operations was $4,678,000 ($.66 per share) versus $5,610,000 ($.86 per share) last year. Earnings per share on a fully taxed basis (35.5 percent rate) were $.46 this year versus $.59 last year. Net income for the year, which includes earnings from discontinued operations, was $5,452,000 ($.77 per share) versus $ 6,562,000 ($1.01 per share) last year. Last year's results include a $.08 per share gain from the sale of a discontinued operation.
 Contract bookings for the year were $94.8 million, compared to $82.5 million last year. Backlog rose to $ 75.2 million at year end from $ 72.6 million as of March 31, 1991, and $72.6 million at the end of the third quarter.
 F. Bradford Smith, president and chief executive officer, noted, "Results in the second half of our fiscal year have reflected the softness in contract bookings we experienced last spring and summer, and increased selling, general and administrative expense resulting from current contract bidding activity and other costs associated with anticipated growth. Fourth quarter results were also adversely impacted by one-time costs related to the introduction of certain of our new technologies. We have begun to experience bookings improvement, as evidenced by the receipt of $66 million in bookings in the last six months of our fiscal year. However, corresponding sales and earnings improvement is not expected to occur until the second half of this year due to the higher level of selling, general and administrative expenses necessary to support our present proposal activity. The degree of this improvement will depend in part on the level of near term bookings activity, particularly from utilities, which have been slow to place Clean Air Act related orders, and whose ordering patterns we can not precisely predict."
 Environmental Elements Corporation, a leading air pollution control systems supplier for more than 45 years, designs and supplies electrostatic precipitator, fabric filter, 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.
 ENVIRONMENTAL ELEMENTS CORPORATION AND SUBSIDIARIES
 Summary Consolidated Financial Data
 (In thousands, except per-share data)
 Three months ended March 31 1992 1991(A)
 Sales $22,097 $27,507
 Cost of sales 18,459 22,458
 Gross profit 3,638 5,049
 Operating expenses:
 Selling 1,504 1,202
 General and administrative 2,092 2,239
 Total 3,596 3,441
 Operating income 42 1,608
 Interest income net 365 237
 Other income (expense), net (18) (87)
 Income from continuing operations
 before income taxes 389 1,758
 Provision for income taxes 9 8
 Income from continuing operations 380 1,750
 Gain on disposal of discontinued
 operations, net 188 53
 Net income 568 1,803
 Per share of common stock and
 common stock equivalents:
 Income from continuing operations $.05 $.25
 Income from discontinued operations .03 .01
 Net income .08 .26
 Average shares outstanding 7,052 7,038
 Backlog, end of period $75,200 $72,600
 (A) Certain reclassifications have been made to fiscal 1991 data to conform with the 1992 presentation.
 Twelve months ended March 31 1992 1991(A)
 Sales $92,213 $94,727
 Cost of sales 74,937 77,786
 Gross profit 17,276 16,941
 Operating expenses:
 Selling 5,379 4,097
 General and administrative 7,867 7,321
 Total 13,246 11,418
 Operating income 4,030 5,523
 Interest income net 1,020 450
 Other income (expense), net (42) (23)
 Income from continuing operations
 before income taxes 5,008 5,950
 Provision for income taxes 330 340
 Income from continuing operations 4,678 5,610
 Gain on disposal of discontinued
 operations, net 774 952
 Net income 5,452 6,562
 Per share of common stock and
 common stock equivalents:
 Income from continuing operations $.66 $.86
 Income from discontinued operations .11 .15
 Net income .77 1.01
 Average shares outstanding 7,045 6,499
 Backlog, end of period --- ---
 (A) Certain reclassifications have been made to fiscal 1991 data to conform with the 1992 presentation.
 -0- 5/21/92
 /CONTACT: John S. Lalley Jr. of Environmental Elements, 410-368-7340/
 (EEC) CO: Environmental Elements Corporation ST: Maryland IN: SU: ERN


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Date:May 21, 1992
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