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ENVIRONMENTAL SERVICES OF AMERICA ANNOUNCES FIRST QUARTER RESULTS AND REVISED EXCHANGE RATIO FOR THE PROPOSED MERGER WITH ADVANCE ROSS

ENVIRONMENTAL SERVICES OF AMERICA ANNOUNCES FIRST QUARTER RESULTS AND REVISED EXCHANGE RATIO FOR THE PROPOSED MERGER WITH ADVANCE ROSS
 NEWARK, N.J., May 6 /PRNewswire/ -- Environmental Services of America, Inc. (NASDAQ: ENSA), announced today that for its first quarter ended March 31, 1992, net income decreased to $179,818 or $0.04 per share as compared to $351,853 or $0.09 per share reported in the first quarter of 1991. Revenues decreased 8.7 percent to $4.98 million as compared to $5.46 million. ENSA reported that it obtained a $2.8 million line of credit for general corporate purposes.
 ENSA also announced that merger negotiations with Advance Ross Corporation pursuant of a letter of intent signed in February 1992 were progressing, but that the proposed exchange ratio of ENSA common stock for common stock of the combined entity resulting from the merger had been revised from 1 share for 2.25, to 1 share for 3.0 shares.
 Jon Colin, ENSA's president, stated: "ENSA operations over the past several quarters have been negatively impacted by costs incurred in acquiring new businesses, the integration of their operations with our existing businesses, and by a generally weak economy on the East Coast. Management of Advance Ross felt that an adjustment in the exchange ratio initially contemplated for an ENSA/Advance Ross merger was appropriate in order to reflect a revaluation of ENSA's common in light of ENSA's performance for the last two fiscal quarters. While the board of directors believes that ENSA's core businesses and newly acquired divisions are well positioned to benefit from an improving economy, they also believe that ENSA's shareholders' interests, even after the exchange ratio adjustments, will be best served by combining our operating strengths with Advance Ross' substantially greater financial resources, and then jointly pursuing attractive business acquisitions for the combined entities that would be out of reach for ENSA acting alone."
 Environmental Services of America, Inc., is an integrated company providing hazardous waste management services, environmental remediation services, environmental consulting services, and air quality, testing and monitoring services. The company owns and operates a Part B permitted treatment, storage and disposal (TSD) facility in Canastota, N.Y.
 -0- 5/6/92
 /CONTACT: Jon Colin, president of Environmental Services of America, 201-589-3850/
 (ENSA) CO: Environmental Services of America, Inc. ST: New Jersey IN: SU: ERN


GK-LR -- NY068 -- 7177 05/06/92 14:34 EDT
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Publication:PR Newswire
Date:May 6, 1992
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