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GLOBAL SPILL MANAGEMENT, INC., ANNOUNCES FINANCIAL RESULTS FOR FISCAL YEAR ENDED JUNE 30, 1993

 PARKER FORD, Pa., Sept. 20 /PRNewswire/ -- Global Spill Management, Inc. (NASDAQ: GSMI) (the company) announced today its financial results (unaudited) for the fourth quarter and year ended June 30, 1993. The company reported revenues of approximately $8,793,200; gross profit of approximately $2,559,000; operating loss of approximately $2,414,400; and a net loss of approximately $2,494,700; or 41 cents per share for the year ended June 30, 1993. For the fourth quarter of fiscal 1993, revenues were approximately $2,985,000; gross profit was approximately $684,000; operating loss was approximately $991,800; and the net loss was approximately $978,900 or 14 cents per share.
 Included in the net loss for fiscal 1993, was approximately $1 million or 17 cents per share in costs and expenses which, although there can be no assurance, the company does not expect to recur, including among other things, termination costs related to three former senior employees, two of whom were executive officers, relocation of a former employee; certain legal and accounting fees; and certain excess personnel costs and insurance premiums.
 Peter V. White, chairman and chief executive officer of the company, in commenting on the results, stated: "The company's revenues increased in fiscal 1993, over fiscal 1992, due to the company's acquisition of American Industrial Marine Services in Plainfield, N.J. However, the absence of the company's participation in a major spill such as occurred in fiscal 1992, and the continued recession in the Northeast decreased profit margins and operating income, resulting in a net loss for fiscal 1993. The company has taken steps to trim its operating costs, strengthen its operations, pursue its acquisition strategy and increase its sales activity, in order to better position the company for fiscal 1994."
 Global Spill Management Inc. is a full-service environmental contracting and consulting company serving Pennsylvania, New York, New Jersey, Maryland, Delaware and the Delaware River Basin. The company also manufactures and sells oil spill containment booms, adsorbent booms, skimmers and related equipment and supplies.
 GLOBAL SPILL MANAGEMENT INC.
 FINANCIAL HIGHLIGHTS
 Summary Statement of Operations
 (Unaudited)
 Fourth Quarter Ended Year Ended
 June 30, June 30,
 1993 1992 1993 1992
 Revenues $2,985,000 $1,886,100 $8,793,200 $7,843,100
 Gross Profit 684,000 818,700 2,559,000 3,275,700
 Operating Income
 (Loss) (991,800) 182,900 (2,414,400) 484,600
 Merger Costs -- (13,200) -- (409,100)
 Net Income (Loss)(A) (978,900) 141,200 (2,494,700) 41,900
 Net Income (Loss)
 Per Share(A) (0.14) 0.02 (0.41) 0.01
 (A) Compensation expense was adjusted on a pro forma basis for the quarter and year ended June 30, 1992, to reflect the changes in compensation of certain executives resulting from employment and consulting agreements. In addition, a pro forma adjustment for income taxes is included to reflect certain subsidiaries' change from S corporation status.
 /delval/
 -0- 9/20/93
 /CONTACT: Joe Procopio of JP Financial Group for Global Spill Management, 703-978-3721/
 (GSMI)


CO: Global Spill Management Inc. ST: Pennsylvania IN: ENV SU: ERN

KD-DC -- DC032 -- 3831 09/20/93 16:33 EDT
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Publication:PR Newswire
Date:Sep 20, 1993
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