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GROUNDWATER TECHNOLOGY, INC. REPORTS THIRD QUARTER RESULTS

 GROUNDWATER TECHNOLOGY, INC. REPORTS THIRD QUARTER RESULTS
 NORWOOD, Mass., Feb. 26 /PRNewswire/ -- Groundwater Technology,


Inc. (NASDAQ: GWTI), a leading environmental consulting and remediation firm, today reported that gross revenues for the third quarter, which ended January 25, 1992, were $47.2 million, an increase of 30 percent over gross revenues of $36.4 million for the same quarter of the prior fiscal year. Net revenues increased to $34.9 million, up 25 percent from $27.9 million in the third quarter of last year. Net income for the three months ended Jan. 25, 1992, increased 37 percent to $2.2 million, or 28 cents per share, compared to $1.6 million, or 20 cents per share, for the same period last year.
 For the nine months ended Jan. 25, 1992, gross revenues increased 23 percent to $141.6 million compared to $115.3 a year earlier. Net revenues for the first nine months of fiscal 1992 increased 23 percent to $105.8 million compared to $85.7 million for the same period in fiscal 1991. Net income increased 10 percent to $7.4 million, or 93 cents per share, for the first nine months of fiscal 1992, compared to $6.7 million, or 83 cents per share, for the same period last year.
 Ted Owens, senior vice president and chief financial officer, stated, "Third quarter results were in line with our expectations. We are encouraged by the overall improvement in our performance as compared to the third quarter of last fiscal year, particularly in light of the ongoing impact of the economy on the environmental business."
 Owens further stated, "Our major oil company customers continue to indicate their intention to hold the line on remediation spending in calendar year 1992. Nevertheless, we intend to compete effectively and remain a market leader in this changing business environment."
 GROUNDWATER TECHNOLOGY, INC.
 CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited)
 (In thousands, except per share amounts)
 13 weeks ended 39 weeks ended
 1/25/92 1/26/91 1/25/92 1/26/92
 Revenue:
 Services $44,109 $ 33,234 $131,579 $105,637
 Equipment 3,123 3,145 10,012 9,625
 47,232 36,379 141,591 115,262
 Cost of revenue:
 Services 30,272 22,778 88,515 71,143
 Equipment 2,499 2,542 7,511 7,120
 32,771 25,320 96,026 78,263
 Gross profit 14,461 11,059 45,565 36,999
 Selling, general
 & administrative 11,303 9,073 35,302 28,330
 Income from
 operations 3,158 1,986 10,263 8,669
 Other income, net 444 489 1,620 1,831
 Income before provision
 for income taxes 3,602 2,475 11,883 10,500
 Provision for
 income taxes 1,369 840 4,516 3,780
 Net income $2,233 $1,635 $7,367 $6,720
 Earnings per
 common share 28 cents 20 cents 93 cents 83 cents
 Weighted average
 shares outstanding 7,966 8,044 7,910 8,606
 -0- 2/26/92
 /CONTACT: Patricia O. Muzzy of Groundwater Technology, 617-769-7600/
 (GWTI) CO: Groundwater Technology, Inc. ST: Massachusetts IN: SU: ERN


PB -- NE002 -- 2648 02/26/92 08:33 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Feb 26, 1992
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