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GENERAL PHYSICS CORPORATION ANNOUNCES RESTRUCTURING AND THIRD QUARTER PROFIT

 GENERAL PHYSICS CORPORATION ANNOUNCES RESTRUCTURING
 AND THIRD QUARTER PROFIT
 COLUMBIA, Md., Oct. 22 /PRNewswire/ -- General Physics Corporation (NYSE: GPH) announced third quarter earnings of $353,000, or 6 cents per share, compared to $1,645,000, or 26 cents per share, for the third quarter of 1991. The company had revenues of $18.4 million in the third quarter of 1992, compared to revenues of $22.9 million for the third quarter of 1991. For the nine months ended Sept. 30, 1992, the company had earnings of $1,826,000, or 29 cents per share, compared to earnings of $4,547,000, or 73 cents per share, for the same period in 1991. Revenues for the first nine months of 1992 were $57.6 million compared to $62.3 million for the first nine months of 1991.
 Third quarter results were adversely affected by the following items:
 A) Costs related to the termination of underutilized personnel in the company's DOE Services Division which has been adversely affected by a continued lower level of contract activity.
 B) Costs incurred relating to a dispute regarding a contract with a commercial utility, in which the company is currently seeking compensation for services previously rendered.
 C) Legal expenses as a result of responding to a class action lawsuit filed at the end of the second quarter.
 In response to the company's current situation, the company has begun a major restructuring which will be fully implemented by the end of 1992. As part of this restructuring, the company is reducing personnel in the DOE Services Division. Further, the restructuring is intended to cut overhead costs, streamline administration and strengthen the company's direct marketing efforts.
 In keeping with its dividend policy, the company recently declared a third quarter dividend of 6 cents per share, payable on Nov. 18, 1992, to shareholders of record on Oct. 30, 1992.
 GENERAL PHYSICS CORPORATION AND SUBSIDIARY
 Consolidated Balance Sheets
 (Unaudited)
 (In thousands)(A)
 Sept. 30, Dec. 31,
 1992 1991
 Assets
 Current assets:
 Cash $ 27 $ 40
 Accounts receivable 16,302 19,061
 Costs and estimated earnings in
 excess of billings on
 uncompleted contracts 4,878 3,476
 Other current assets 1,948 666
 Total current assets 23,155 23,243
 Property and equipment, at cost 1,551 1,279
 Less accumulated depreciation
 and amortization (1,034) (920)
 Net property and equipment 517 359
 Other Assets 534 --
 Total $24,206 $23,602
 Liabilities and Stockholders' Equity
 Current liabilities:
 Accounts payable and accrued expenses $ 2,913 $ 2,944
 Billings in excess of costs and
 estimated earnings on uncompleted
 contracts 1,694 1,789
 Income taxes -- 696
 Dividends payable 379 372
 Deferred income taxes 103 31
 Total current liabilities 5,089 5,832
 Stockholders' equity:
 Preferred stock -- --
 Common stock 190 188
 Additional paid-in capital 4,643 3,758
 Retained earnings 23,489 22,797
 Treasury stock, at cost (9,205) (8,973)
 Total stockholders' equity 19,117 17,770
 Total $24,206 $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
 Sept. 30,
 1992 1991
 Revenue $18,407 $22,944
 Net income $ 353 $ 1,645
 Net income per share $ 0.06 $ 0.26
 Weighted average shares outstanding 6,250 6,208
 Nine Months Ended
 Sept. 30,
 1992 1991
 Revenue $57,572 $62,325
 Net income $ 1,826 $ 4,547
 Net income per share $ 0.29 $ 0.73
 Weighted average shares outstanding 6,285 6,208
 -0- 10/22/92
 /CONTACT: John McAuliffe, chief financial officer, General Physics Corporation, 410-290-2708/
 (GPH) CO: General Physics Corporation ST: Maryland IN: SU: ERN DIV


MH -- DC005 -- 3369 10/22/92 09:33 EDT
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Date:Oct 22, 1992
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