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GREEN ISLE ENVIRONMENTAL SERVICES REPORTS SECOND QUARTER RESULTS

 GREEN ISLE ENVIRONMENTAL SERVICES REPORTS SECOND QUARTER RESULTS
 HOPKINS, Minn., July 22 /PRNewswire/ -- Green Isle Environmental Services, Inc., (Formerly Reuter, Inc.) (NASDAQ-NMS: REUT) announced results for the second quarter of 1992. The company recorded a loss of $1,196,824 or 38 cents per share on revenues of $11,372,225 from continuing operations for the second quarter of 1992 compared to a loss from continuing operations of $734,797 or 29 cents per share on revenues of $5,789,669 for the same period in 1991. The loss from continuing operations for the six months ended June 30, 1992 was $1,703,987 or 54 cents per share on revenues of $24,889,895 compared to a loss of $1,992,993 or 78 cents per share on revenues of $11,405,730.
 The net loss after discontinued operations for the second quarter of 1992 was $1,265,688 or 40 cents per share compared to $748,147 or 29 cents per share for the same period in 1991. The net loss after discontinued operations for the first six months of 1992 was $1,809,366 or 57 cents per share compared to $2,010,422 or 78 cents per share for 1991.
 Joseph E. Blankenship, president and chief executive officer said, "As previously announced, the higher losses during the second quarter were expected and were primarily the result of losses from the Pembroke Pines, Fla., facility. The volume of waste processed and recyclables recovered continue to be lower than projected. In addition, construction related deficiencies are having a negative effect on operating costs."
 Blankenship said, "Precision manufacturing revenues were lower than the first quarter due to reduced shipments to Seagate Technology. On the positive side, we have been able to intensify our diversification efforts with some success. We expect sales to customers other than Seagate Technology to continue to increase in 1992. The container manufacturing division had a strong second quarter and it is expected that this level of activity will continue in the third quarter."
 Commenting on the existing payment defaults on outstanding long term debt for the Eden Prairie and Florida facilities, Blankenship said, "Discussions with our lenders have been constructive to date. We continue to work with our lenders to arrive at a mutually acceptable restructuring of the outstanding loans."
 Headquartered in Hopkins, Minn., the company owns and operates a waste processing and recycling facility in Eden Prairie, Minn., and a recycling and composting facility in Pembroke Pines, Fla. 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., (formerly Reuter, Inc.) is traded in the NASDAQ National Market System with the symbol REUT.
 GREEN ISLE ENVIRONMENTAL SERVICES, INC.
 Three months ended Six months ended
 June 30, June 30,
 1992 1991 1992 1991
 Revenues $11,372,225 $5,789,669 $24,889,895 $11,405,730
 Net (loss) from
 continuing
 operations (1,196,824) (734,797) (1,703,987) (1,992,993)
 Discontinued
 operations (68,864) (13,350) (105,379) (17,429)
 Net (loss) (1,265,688) (748,147) (1,809,366) (2,010,422)
 Earnings (loss)
 per share from
 continuing
 operations $(.38) $(.29) $(.54) $(.78)
 Discontinued
 operations (.02) (.00) (.03) (.00)
 Net income (loss) $(.40) $(.29) $(.57) $(.78)
 Average shares
 outstanding 3,158,643 2,561,833 3,158,643 2,561,833
 -0- 7/22/92
 /CONTACT: Curt Swenson of Swenson Falker Eilertsen, 612-371-0000, for Green Isle; or Joseph Blankenship or Anwar Bhimani of Green Isle, 612-935-6921/
 (REUT) CO: Reuter, Inc.; Green Isle Environmental Services, Inc. ST: Minnesota IN: SU: ERN


AL -- MN014 -- 1980 07/22/92 13:52 EDT
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Date:Jul 22, 1992
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