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ENVIROTEST SYSTEMS CORP. SECOND QUARTER FISCAL REVENUES AND NET INCOME UP OVER A YEAR AGO

 TUCSON, Ariz., May 14 /PRNewswire/ -- Envirotest Systems Corp. (NASDAQ: ENVI) today announced continued strong increases in both revenues and earnings compared to a year ago.
 For the second fiscal quarter ended March 31, 1993, Envirotest achieved revenues of $20,802,000 and net income of $910,000, or $0.06 per share. For the year ago second quarter, Envirotest had revenues of $7,037,000 and net income of $43,000, or $0.00 per share.
 Chester Davenport, chairman of Envirotest, said, "The increases in both our fiscal second quarter revenues and net income over a year ago, primarily reflect our acquisition of Envirotest Technologies, Inc. (ETI) in April 1992. ETI operates vehicle emissions testing programs in Florida, Maryland, Illinois and Minnesota. These programs join the programs being operated by Envirotest Systems in Connecticut, Wisconsin, Ohio, and Tennessee. In addition, the company's British Columbia program commenced operations on Sept. 1, 1992 and contributed $2.6 million in contract revenues in fiscal second quarter 1993.
 "Our acquisition of ETI, therefore, not only has had the immediate impact of dramatically increasing our operating results but, most importantly, it has laid the foundation for our future," he said.
 Envirotest noted that results for the second fiscal quarter ended March 31, 1993 do not reflect Envirotest's initial public offering of $125 million of debt and 3,400,000 shares of equity securities and related transactions, all of which were consummated in April 1993 and will be reflected in the third fiscal quarter ending June 30, 1993.
 For the six months ended March 31, 1993, Envirotest had revenues of $41,687,000 and net income of $2,640,000, or $0.16 per share. For the first half of the previous fiscal year, Envirotest had revenues of $13,726,000 and net income of $56,000, or $0.01 per share.
 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 centralized testing services outside he United States.
 ENVIROTEST SYSTEMS CORP.
 Selected Financial Data (Unaudited)
 Period ended Three months Six months
 March 31 1993 1992 1993 1992
 Revenues $20,802,000 $7,037,000 $41,687,000 $13,726,000
 Net income 910,000 43,000 2,640,000 56,000
 Net income per share $0.06 $0.00 $0.16 $ 0.01
 Weighted average
 common shares
 and common equivalent
 shares 16,113,000 10,909,000 16,104,000 10,909,000
 -0- 5/14/93
 /CONTACT: Jonathan Fotos of Envirotest Systems Corp., 301-530-8110/
 (ENVI)


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

SH-OS -- NY015 -- 8527 05/14/93 09:43 EDT
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Publication:PR Newswire
Date:May 14, 1993
Words:448
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