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GREEN ISLE ENVIRONMENTAL SERVICES, INC. ANNOUNCES THIRD QUARTER RESULTS; AGREEMENT WITH US WEST FLORIDA CREDITOR

GREEN ISLE ENVIRONMENTAL SERVICES, INC. ANNOUNCES THIRD QUARTER RESULTS;
 AGREEMENT WITH US WEST FLORIDA CREDITOR
 HOPKINS, Minn., Nov. 9 /PRNewswire/ -- Green Isle Environmental Services, Inc. (NASDAQ-NMS: GIES) (formerly Reuter, Inc.) announced that the loss from the continuing operations for the third quarter was $2,974,027 or 94 cents per share on revenues of $9,764,769, compared to a loss of $474,010 or 19 cents per share on revenues of $6,442,255 for the same period in 1991. Loss from continuing operations for the nine months ended Sept. 30, 1992, was $4,678,014 or $1.48 per share on revenues of $34,654,664, compared to a loss of $2,467,003 or 96 cents per share on revenues of $17,847,985 for the same period in 1991. The net loss after discontinued operations for the third quarter was $3,242,217, which includes a write down of $257,000 in the valuation of net assets of the discontinued operation.
 James Taylor, president and chief executive officer said, "Losses in the third quarter primarily reflect the continuing operating losses in Florida. Revenue levels at the Eden Prairie plant were also lower in the third quarter, adding to the losses during this period. The Manufacturing Division continues to be profitable."
 Taylor also said, "An agreement has been reached with the lender of the Florida facility on additional funding to complete construction repairs at that facility. The lender has also agreed that Green Isle will no longer be responsible for the ongoing financial obligations of Reuter Recycling of Florida, Inc. in respect to the construction costs or the results of operations at the facility. The agreement also provided that Green Isle would continue to operate the Florida facility."
 Taylor noted, "This agreement allows the facility to be repaired and operated in the manner originally intended. As a result of the agreement, the company will continue to operate the Florida facility, although it has effectively given up any future economic interest incidental to ownership, and eliminated its exposure to any future liability associated with the construction and the results of operations of the facility. Effective as of the date of this agreement, the company will de-consolidate the Florida business from its financial statements. The company is seeking buyers for the facility."
 Taylor also noted, "Discussions are currently underway with the lender of the Eden Prairie waste processing facility. We are hopeful that we will reach an agreement on debt restructuring with them in the near future."
 Headquartered in Hopkins, the company owns and operates a waste processing and recycling facility in Eden Prairie, Minn., and a recycling and composting facility in Pembroke Pines, Florida. The company also manufactures computer disk drive spindles, other machined items and plastic refuse containers, and owns and operates a refuse collection system in Louisiana. The common stock of Green Isle Environmental Services, Inc. is traded in the NASDAQ National Market System with the symbol GIES.
 GREEN ISLE ENVIRONMENTAL SERVICES, INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 Three Months Ended Nine Months Ended
 9/30/92 9/30/91 9/30/92 9/30/91
 Net sales and revenues:
 Waste processing
 revenues $4,619,359 $2,088,283 $14,814,359 $5,817,976
 Manufacturing product
 sales 5,145,410 4,353,972 19,840,305 12,030,009
 Total net sales
 and revenues 9,764,769 6,442,255 34,654,664 17,847,985
 Cost of sales and
 revenues:
 Cost of waste
 processing 5,151,515 1,760,179 14,881,865 5,143,709
 Cost of products 4,665,029 3,885,382 16,713,695 11,409,027
 Total cost of sales
 and revenues 9,816,544 5,645,561 31,595,560 16,552,736
 Gross profit (51,775) 796,694 3,059,104 1,295,249
 Selling, general &
 administrative
 expenses 1,159,622 648,437 3,140,157 2,022,813
 Operating income
 (loss) (1,211,397) 148,257 (81,053) (727,564)
 Other expense 1,762,630 622,267 4,596,961 1,739,439
 Loss from
 continuing
 operations (2,974,027) (474,010) (4,678,014) (2,467,003)
 Income (loss)
 from
 discontinued
 operations (268,190) (644) (373,569) (18,073)
 Net loss $(3,242,217) $(474,654) $(5,051,583)$(2,485,076)
 Net income (loss)
 per common share
 data:
 Loss from
 continuing
 operations $(0.94) $(0.19) $(1.48) $(0.96)
 Income (loss)
 from
 discontinued
 operations (0.09) 0.00 (0.12) (0.01)
 Net loss per share $(1.03) $(0.19) $(1.60) $(0.97)
 Weighted average
 number of shares
 outstanding 3,158,643 2,561,833 3,158,643 2,561,833
 -0- 11/9/92
 /CONTACT: Curtis R. Swenson of Swenson Falker Eilertsen, 612-371-0000, for Green Isle Environmental; or James W. Taylor or Anwar H. Bhimani, both of Green Isle Environmental, 612-935-7798/
 (GIES) CO: Green Isle Environmental Services, Inc. ST: Minnesota, Florida IN: SU: ERN


AL -- MN012 -- 8945 11/09/92 17:30 EST
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