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GENERAL PHYSICS CORPORATION ANNOUNCES FIRST QUARTER RESULTS

 GENERAL PHYSICS CORPORATION ANNOUNCES FIRST QUARTER RESULTS
 COLUMBIA, Md., April 23 /PRNewswire/ -- Roger E. Klose, president and chief executive officer, announced first quarter earnings for General Physics Corporation (NYSE: GPH) of $623,000, or 10 cents per share, compared to $1,262,000, or 20 cents per share, for the first quarter of 1991. The first quarter earnings for 1992 were in line with the company's announcement in March regarding expected results. The company had revenues of $19.3 million in the first quarter of 1992, an increase of 10 percent over 1991 first quarter revenues of $17.7 million.
 The lower 1992 earnings as compared to 1991 resulted primarily from temporary delays in contract awards by the U.S. Department of Energy (DOE) and the resultant increased overhead costs associated with retaining professional staff pending such awards. These delays have been caused by a shift in DOE policy toward awarding larger fixed-price contracts, rather than smaller cost-based contracts.
 Klose states that the delays in DOE contract awards are expected to be temporary and that results for the remainder of 1992 should be much improved over the first quarter, citing the company's previously announced completion of negotiations on a $13.6 million multi-year contract at the DOE's Savannah River Site and a backlog of $51.6 million at the end of the first quarter of 1992 as compared to $49.5 million at the same point in 1991.
 Consistent with its dividend policy, the company declared a first-quarter dividend of 6 cents per share, payable on May 15, 1992, to shareholders of record on April 30, 1992.
 GENERAL PHYSICS CORPORATION AND SUBSIDIARY
 Consolidated Balance Sheets
 (Unaudited)
 (In thousands)(A)
 March 31, Dec. 31,
 1992 1991
 Assets
 Current assets:
 Cash $ 292 $ 40
 Accounts receivable 15,901 19,061
 Costs and estimated earnings in
 excess of billings on
 uncompleted contracts 4,201 3,476
 Other current assets 1,762 666
 Total current assets 22,156 23,243
 Property and equipment, at cost 1,383 1,279
 Less accumulated depreciation
 and amortization (948) (920)
 Net property and equipment 435 359
 Other assets 1,000 --
 Total $23,591 $23,602
 Liabilities and Stockholders' Equity
 Current liabilities:
 Accounts payable and accrued expenses $ 2,830 $ 2,944
 Billings in excess of costs and
 estimated earnings on uncompleted
 contracts 1,544 1,789
 Income taxes -- 696
 Dividends payable 376 372
 Deferred income taxes 31 31
 Total current liabilities 4,781 5,832
 Stockholders' equity:
 Preferred stock -- --
 Common stock 189 188
 Additional paid-in capital 4,643 3,758
 Retained earnings 23,043 22,797
 Treasury stock, at cost (9,065) (8,973)
 Total stockholders' equity 18,810 17,770
 Total $23,591 $23,602
 (A) The balance sheet at Dec. 31, 1991, has been derived from the audited financial statements at that date.
 GENERAL PHYSICS CORPORATION AND SUBSIDIARY
 Financial Highlights
 (Unaudited)
 (In thousands, except per share amounts)
 Three Months Ended
 March 31,
 1992 1991
 Revenue $19,350 $17,655
 Net Income $ 623 $ 1,262
 Net Income Per Share $ 0.10 $ 0.20
 Weighted Average Shares Outstanding 6,263 6,208
 -0- 4/23/92
 /CONTACT: John McAuliffe, chief financial officer, General Physics Corporation, 410-290-2708/
 (GPH) CO: General Physics Corporation ST: Maryland IN: SU: ERN


MH -- DC041 -- 2211 04/23/92 18:22 EDT
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Date:Apr 23, 1992
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