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GILBERT ASSOCIATES, INC. REPORTS RESULTS

 READING, Pa., Oct. 29 /PRNewswire/ -- Gilbert Associates, Inc. (NASDAQ: GILBA) reported today the following results of operations for the quarter and nine-month periods ended Oct. 1, 1993, and the comparison to the corresponding periods of the previous year:
 Quarter ended Oct. 1, 1993 Oct. 2, 1992
 Consolidated revenues $70,825,000 $75,266,000
 Consolidated net income 1,925,000 2,338,000
 Consolidated net income per share $.26 $.31
 Average number of shares
 outstanding 7,427,223 7,558,910
 Nine months ended Oct. 1, 1993 Oct. 2, 1992
 Consolidated revenues $220,394,000 $225,768,000
 Consolidated income prior to
 changes in accounting principles 4,899,000 6,747,000
 Cumulative effect of changes in
 accounting principles (200,000) ---
 Consolidated net income 4,699,000 6,747,000
 Consolidated net income
 (loss) per share:
 Prior to changes in
 accounting principles $.66 $.88
 Cumulative effect of changes in
 accounting principles (.03) ---
 Net income .63 .88
 Average number of shares
 outstanding 7,437,646 7,651,707
 Results of operations for the nine months ended Oct. 1, 1993, include a charge to income of $1,320,000 (net of $880,000 income tax benefit), or $.18 per share, for expenses associated with a series of claims filed by former employees.
 The board of directors of Gilbert Associates, Inc., at its meeting held today, declared a regular quarterly dividend of $.20 per share on both the Class "A" and Class "B" common stock of the company, payable Dec. 10, 1993, to shareholders of record at the close of business Nov. 15.
 /delval/
 -0- 10/29/93
 /CONTACT: James R. Itin of Gilbert Associates, 215-775-5900/
 (GILB)


CO: Gilbert Associates, Inc. ST: Pennsylvania IN: SU: ERN DIV

MK-MJ -- PH020 -- 8518 10/29/93 12:29 EDT
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Publication:PR Newswire
Date:Oct 29, 1993
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