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GLOBAL SPILL MANAGEMENT, INC. ANNOUNCES QUARTERLY FINANCIAL RESULTS

 PARKER FORD, Pa., May 18 /PRNewswire/ -- Global Spill Management, Inc. (the company) reported its financial results for the quarter ended March 31, 1993. The company reported revenues of $2,198,173 and $5,808,266 for the three months and nine months ended March 31, 1993, respectively, as compared to $2,974,717 and $5,956,970 for three months and nine months ended March 31, 1992, respectively. The company incurred a net loss of $827,743 and $1,515,776 for the three months and nine months ended March 31, 1993, respectively as compared to a net income of $711,544 and a net loss of $125,334 for the three months and nine months ended March 31, 1992, respectively.
 The company acquired American Industrial Marine Services, Inc. (AIMS) effective Feb. 1, 1993. If the acquisition had been consummated at the beginning of fiscal 1992, the company and AIMS, on a consolidated, pro forma basis, would have reported revenues of approximately $14,394,700 and operating income of approximately $997,300 for the year ended June 30, 1992, as opposed to the company's reported revenues and operating income of approximately $7,843,100 and $484,600, respectively, for the same period. Additionally, the company would have reported revenues of approximately $8,924,200 and an operating loss of approximately $1,392,900 for the nine months ended March 31, 1993, as opposed to the company's reported revenues of approximately $5,808,300 and a reported operating loss of approximately $1,515,800 for the same period.
 Peter V. White, chairman and chief executive officer of the company, stated: "The company's revenues and gross profits decreased, due in large part to the fact that, in the third quarter of fiscal 1992 the company responded to a major spill in the Philadelphia area which provided over $1,200,000 in revenues and over 57 percent in gross profit margins in such quarter. The company did not respond to a comparable spill in the third quarter of fiscal 1993. The company's revenues were increased, however, by over $750,000 due to the acquisitions of AIMS. In addition, the continuing effect of the recession in the Northeast and the March 1993 blizzard seriously impacted the company's revenues and profits."
 "The company is just now beginning to feel the favorable impact of its acquisition of AIMS, with increased revenues, consolidation of services and personnel, increased market capabilities and cost savings."
 Global Spill Management, Inc. (NASDAQ: GSMI) 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)
 Three Months Ended Nine Months Ended
 March 31, March 31,
 1993 1992 1993 1992
 Revenues $2,198,173 $2,974,717 $5,808,266 $5,956,970
 Gross Profit 579,701 1,407,677 1,874,981 2,457,051
 Percentage
 of Revenues 26.4 pct. 47.3 pct. 32.3 pct. 41.2 pct.
 Operating Income
 (Loss) (802,522) 753,622 (1,422,662) 301,716
 Merger Costs -- 5,093 -- 395,883
 Net Income (Loss) (827,743) 711,544 (1,515,776) (125,334)
 Primary Net Income
 (Loss) Per Share (0.13) 0.15 (0.26) (0.02)
 Shares Used in
 Computing Primary
 Net Income (Loss)
 Per Share 6,508,192 4,890,450 5,752,962 4,890,450
 Summary Balance Sheet
 (Unaudited)
 March 31, June 30,
 1993 1992
 Current Assets $4,898,137 $2,424,052
 Total Assets 6,843,556 3,932,750
 Current Liabilities 2,977,321 2,088,597
 Long-Term Obligations 1,314,754 438,398
 Net Assets Subject to Unwind -- 2,134,843
 Stockholders' Equity (Deficit) 2,551,481 (729,088)
 GLOBAL SPILL MANAGEMENT, INC.
 AND
 AMERICAN INDUSTRIAL MARINE SERVICES, INC.
 PRO FORMA CONSOLIDATED FINANCIAL HIGHLIGHTS
 Summary Pro Forma Balance Sheet
 (Unaudited)
 Summary Pro Forma Statement of Operations
 (Unaudited)
 Nine Months Ended Year Ended
 March 31, 1993 June 30, 1992
 Revenue $8,924,221 $14,394,719
 Gross Profit 2,805,717 5,861,708
 Percentage of Revenue 31.4 pct. 40.7 pct.
 Operating Income (Loss) (1,392,893) 997,269
 Merger Costs -- 409,128
 Net Income (Loss) (1,577,048) 271,358
 Primary Net Income (Loss)
 Per Share (0.27) 0.05
 Shares used in
 Computing Primary
 Net Income (Loss) Per Share 5,800,043 5,847,069
 /delval/
 -0- 5/18/93
 /CONTACT: Joe Procopio of JP Financial Group Ltd., 703-978-3721, for Global Spill Management, Inc./
 (GSMI)


CO: Global Spill Management, Inc.; American Industrial Marine Serivces,
 Inc. ST: Pennsylvania IN: ENV SU: ERN


KD-DC -- DC031 -- 9975 05/18/93 17:01 EDT
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Date:May 18, 1993
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