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GENERAL PHYSICS CORPORATION ANNOUNCES SECOND QUARTER RESULTS

 GENERAL PHYSICS CORPORATION ANNOUNCES SECOND QUARTER RESULTS
 COLUMBIA, Md., July 23 /PRNewswire/ -- Roger E. Klose, president and chief executive officer, announced second quarter earnings for General Physics Corporation (NYSE: GPH) of $850,000 or 14 cents per share, compared to $1,641,000 or 26 cents per share for the second quarter of 1991. The company had revenues of $19.8 million in the second quarter of 1992, compared to revenues of $21.7 million for the second quarter of 1991. The 1992 second quarter results reflect a 36 percent improvement over the first quarter of 1992's net income of $623,000 or 10 cents per share.
 Consistent with its dividend policy, the company declared a second quarter dividend of 6 cents per share payable on Aug. 31, 1992, to shareholders of record on Aug. 14, 1992.
 General Physics Corporation and Subsidiary
 Consolidated Balance Sheets
 (Unaudited)
 (In Thousands)(A)
 June 30, 1992 Dec. 31, 1991
 Assets
 Current Assets:
 Cash $ 26 $ 40
 Accounts Receivable 15,041 19,061
 Costs and estimated earnings
 in excess of billings on
 uncompleted contracts 5,017 3,476
 Other current assets 2,107 666
 Total current assets 22,191 23,243
 Property and equipment, at cost 1,412 1,279
 Less accumulated depreciation
 and amortization (992) (920)
 Net property and equipment 420 359
 Other assets 666 ---
 Total $ 23,277 $ 23,602
 Liabilities and Stockholders' Equity
 Current liabilities:
 Accounts payable and accrued
 expenses $ 2,143 $ 2,944
 Billings in excess of costs
 and estimated earnings on
 uncompleted contracts 1,516 1,789
 Income taxes 49 696
 Dividends payable 376 372
 Deferred income taxes 51 31
 Total current liabilities 4,135 5,832
 Stockholders' equity:
 Preferred stock --- ---
 Common stock 190 188
 Additional paid-in capital 4,643 3,758
 Retained earnings 23,514 22,797
 Treasury stock, at cost (9,205) (8,973)
 Total stockholders' equity 19,142 17,770
 Total $23,277 $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
 June 30,
 1992 1991
 Revenue $19,815 $21,726
 Net income $ 850 $ 1,641
 Net income per share $ 0.14 $ 0.26
 Weighted average shares
 outstanding 6,262 6,208
 Six Months Ended
 June 30,
 1992 1991
 Revenue $39,165 $39,381
 Net income $ 1,473 $ 2,903
 Net income per share $ 0.24 $ 0.47
 Weighted average shares
 outstanding 6,263 6,208
 -0- 7/23/92
 /CONTACT: John McAuliffe, chief financial officer, General Physics Corporation, 410-290-2708/
 (GPH) CO: General Physics Corporation ST: Maryland IN: SU: ERN


KD -- DC006 -- 2376 07/23/92 10:11 EDT
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Date:Jul 23, 1992
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