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ENVIROTEST SYSTEMS CORP. REPORTS 1993 YEAR-END EARNINGS RESULTS; COMPANY ANNOUNCES INCREASES IN BOTH EARNINGS AND REVENUES

 TUCSON, Ariz., Dec. 14 /PRNewswire/ -- Envirotest Systems Corp. (NASDAQ: ENVI) today announced substantial increases in both earnings and revenues for its fiscal year ended Sept. 30, 1993.
 Revenues for the year increased 66% to $88,534,000, from $53,301,000 in fiscal 1992. Earnings before the extraordinary item increased 25% to $0.40 per share, from $0.32 per share in the same period, principally reflecting the successful integration of the full-year operating results of the Envirotest Technologies Inc. subsidiary which was acquired in April of 1992. The company's extraordinary loss of $11,411,000, or $0.68 per share, recorded in the third quarter of 1993 was related to the early extinguishment of debt in that period.
 Chester Davenport, chairman of Envirotest, said: "We are very pleased with our fiscal 1993 year-end results. The past 12 months have resulted in Envirotest making significant progress in building its business and enhancing its leadership position in the auto emissions marketplace.
 "Specifically, Envirotest won the largest contracts awarded to date, having been selected for the Pennsylvania and downstate New York programs. We were also selected for the Connecticut and Colorado programs. As a result, Envirotest's total backlog has increased to over $1.4 billion. In the future, we look forward to the contribution these new programs are expected to make to our financial results as they begin to come on line starting in January 1995."
 Envirotest Systems Corp. is the leading provider of centralized vehicle emissions testing programs for states and municipalities. In addition, Envirotest is the only domestic provider of contractor- operated testing services outside the United States.
 ENVIROTEST SYSTEMS
 (In thousands)
 For the Fiscal Year
 Ended Sept. 30, 1993 1992
 Contract Revenues $88,534 $53,301
 Cost of Services 49,491 29,403
 Gross Profit 39,043 23,898
 Selling, General and
 Administrative Expenses 13,297 6,319
 Amortization Expense 3,500 2,389
 Non-Recurring Expense -- 2,500
 Operating Income 22,246 12,690
 Other Expense (Income):
 Interest Expense 13,370 9,274
 Other 446 141
 Interest Income (1,220) (212)
 Minority Interest (1,754) (30)
 Income Before Income Taxes
 and Extraordinary Item 11,404 3,517
 Income Tax Expense (Benefit) 4,651 (739)
 Income Before Extraordinary Item 6,753 4,256
 Extraordinary Item, net (11,411) (1,752)
 Net (Loss) Income $(4,658) $2,504
 Income (Loss) per Common Share
 and Common Equivalent Share:
 Income Before Extraordinary Item $0.40 $0.32
 Extraordinary Item $(0.68) $(0.13)
 Net (Loss) Income $(0.28) $0.19
 Number of Shares Used
 in per Share Calculations 16,714 13,357
 -0- 12/14/93
 /CONTACT: Robert Siegfried or Karen Rubin of Kekst and Company, 212-593-2655/
 (ENVI)


CO: Envirotest Systems Corp. ST: Arizona IN: AUT ENV SU: ERN

SH-TW -- NY019 -- 3530 12/14/93 09:45 EST
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Publication:PR Newswire
Date:Dec 14, 1993
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