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GILBERT ASSOCIATES REPORTS RESULTS

 READING, Pa., July 30 /PRNewswire/ -- Gilbert Associates, Inc. (NASDAQ: GILBA) reported today the following results of operations for the quarter and six-month periods ended July 2, 1993, and the comparison to the corresponding periods of the previous year:
 GILBERT ASSOCIATES, INC.
 Quarter ended July 2, 1993 July 3, 1992
 Consolidated revenues $74,274,000 $73,977,000
 Consolidated net income 751,000 2,355,000
 Consolidated net income per share $.10 $.30
 Average number of shares
 outstanding 7,440,460 7,699,628
 Six months ended July 2, 1993 July 3, 1992
 Consolidated revenues $149,569,000 $150,502,000
 Consolidated income prior to
 changes in accounting
 principles 2,974,000 4,409,000
 Cumulative effect of changes in
 accounting principles (200,000) ---
 Consolidated net income 2,774,000 4,409,000
 Consolidated income (loss) per
 share:
 Prior to changes in accounting
 principles $.40 $.57
 Cumulative effect of changes in
 accounting principles (.03) ---
 Net income .37 .57
 Average number of shares
 outstanding 7,442,858 7,698,106
 The results of operations for the quarter ended July 2, 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 Sept. 10, 1993, to shareholders of record at the close of business Aug. 16. This amount represents an increase of 11 percent over the prior quarterly rate of $.18.
 The board also announced that Timothy S. Cobb will succeed Alexander F. Smith as president and chief executive officer upon the latter's retirement on March 1, 1994. Cobb is currently president of Gilbert/Commonwealth, Inc., and previously was president of GAI-Tronics Corporation. Both companies are subsidiaries of Gilbert Associates, Inc. Cobb, who joined the Gilbert organization in 1988, was elected a director of Gilbert Associates, Inc., at today's meeting.
 /delval/
 -0- 7/30/93
 /CONTACT: James R. Itin of Gilbert Associates, 215-775-5900/
 (GILB)


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

MJ-CC -- PH009 -- 7690 07/30/93 11:22 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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