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GROUNDWATER TECHNOLOGY REPORTS FOURTH QUARTER RESULTS

 GROUNDWATER TECHNOLOGY REPORTS FOURTH QUARTER RESULTS
 NORWOOD, Mass., June 24 /PRNewswire/ - Groundwater Technology, Inc. (NASDAQ-NMS: GWTI), a leading environmental consulting and remediation firm, today reported that gross revenues for the fourth quarter, which ended May 2, 1992, were $52.1 million, an increase of 20 percent compared to gross revenues of $43.5 million in the same quarter of the prior fiscal year. Net revenues increased to $40.7 million, up 18 percent from $34.4 million in the fourth quarter of last year. Net income for the three months ended May 2, 1992, increased 43 percent to $2.9 million, or 37 cents per share, compared to $2.1 million, or 26 cents per share, in the same period last year.
 For fiscal 1992, gross revenues were $193.7 million, an increase of 22 percent over gross revenues of $158.8 million for fiscal 1991. Net revenues increased to $146.5 million, up 22 percent from $120.2 million for the same period last year. For fiscal 1992, net income was $10.3 million, or $1.30 per share, compared to $8.8 million, or $1.10 per share, for fiscal 1991.
 Commenting on fourth quarter results, Walter C. Barber, president and chief executive officer, stated, "The results for fiscal 1992 were satisfying particularly since they were achieved during a period of continuing recessionary pressures on the remediation services market."
 Barber further stated, "During the year, we continued to focus on programs initiated in fiscal 1991 to diversify our business and control costs. These initiatives include further penetration of the industrial, international and government markets, as well as efforts to reduce overhead costs and better manage our headcount. We are making positive strides in these efforts."
 "While we are pleased to report favorable revenue and earnings growth for fiscal 1992, we remain cautious with respect to fiscal 1993," Barber said. "Our major customers have been hard hit by the recessionary economic climate and, consequently, are looking for opportunities to delay expenditures and reduce costs for remediation projects. We are working with these customers to assist them in meeting their goals. As a result of these changing business conditions, we expect revenue and earnings growth for fiscal 1993 to be in the 10 percent to 15 percent range."
 The Company has an ongoing Stock Repurchase Program which initially authorized the Company to repurchase up to approximately 400,000 shares of its common stock from time to time through open market purchases. On June 23, 1992, the board of directors voted to increase the total number of shares authorized for repurchase by an additional 400,000 shares for a total of 800,000 shares. The Company has purchased 300,000 shares since the beginning of this program and 500,000 shares remain authorized for repurchase.
 GROUNDWATER TECHNOLOGY, INC.
 Consolidated Statements of Income
 (In thousands, except per share amounts)
 Quarter Ended Fiscal Year Ended
 5/2/92 4/27/91 5/2/92 4/27/91
 Revenue:
 Services $ 48,413 $ 39,789 $179,992 $145,426
 Equipment 3,696 3,750 13,708 13,375
 Total 52,109 43,539 193,700 158,801
 Cost of revenue:
 Services 31,949 26,101 120,464 97,244
 Equipment 3,243 2,975 10,754 10,095
 Total 35,192 29,076 131,218 107,339
 Gross profit 16,917 14,463 62,482 51,462
 Selling,
 general and
 administrative 12,556 11,625 47,858 39,955
 Income from
 operations 4,361 2,838 14,624 11,507
 Other income
 (expense), net 385 377 2,005 2,208
 Income before
 income taxes 4,746 3,215 16,629 13,715
 Provision for
 income taxes 1,803 1,158 6,319 4,938
 Net income $2,943 $2,057 $10,310 $8,777
 Earnings per
 common share 37 cents 26 cents $1.30 $1.10
 Weighted average
 shares
 outstanding 8,030 7,953 7,931 7,980
 GROUNDWATER TECHNOLOGY, INC.
 Gross Revenues vs. Net Revenues
 Fiscal Year 1992
 Q4 Q3 Q2 Q1
 Gross Revenues 52,109 47,232 49,536 44,823
 Less: cost of
 rebillables 11,421 12,381 12,697 10,733
 Net revenues 40,688 34,851 36,839 34,090
 Less: equipment
 revenues 3,695 3,123 3,558 3,331
 Net services
 revenues 36,993 31,728 33,281 30,759
 Gross profit
 on services 16,464 13,837 15,308 13,920
 Gross profit on
 services as a
 percentage of
 net services
 revenue 44.5 pct. 43.6 pct. 46.0 pct. 45.3 pct.
 Income from
 operations 4,361 3,158 3,917 3,188
 Operating income
 as a percentage
 of gross
 revenues 8.4 pct. 6.7 pct. 7.9 pct. 7.1 pct.
 Operating income
 as a percentage
 of net
 revenues 10.7 pct. 9.1 pct. 10.6 pct. 9.4 pct.
 Fiscal Year 1991
 Q4 Q3 Q2 Q1
 Gross Revenues 43,539 36,379 40,486 38,397
 Less: cost of
 rebillables 9,095 8,490 10,240 10,786
 Net revenues 34,444 27,889 30,246 27,611
 Less: equipment
 revenues 3,750 3,145 3,732 2,748
 Net services
 revenues 30,694 24,744 26,514 24,863
 Gross profit
 on services 13,689 10,455 12,206 11,831
 Gross profit
 on services a percentage
 of net services
 revenues 44.6 pct. 42.3 pct. 46.0 pct. 47.6 pct.
 Income from
 operations 2,838 1,986 3,613 3,070
 Operating income
 as a percentage
 of gross
 revenues 6.5 pct. 5.5 pct. 8.9 pct. 8.0 pct.
 Operating income
 as a percentage
 of net
 revenues 8.2 pct. 7.1 pct. 11.9 pct. 11.1 pct.
 -0- 6/24/92
 /CONTACT: Patricia O. Muzzy, investor relations manager of Groundwater Technology, 617-769-7600/
 (GWTI) CO: Groundwater Technology, Inc. ST: Massachusetts IN: SU: ERN


TM -- NE002 -- 3147 06/24/92 08:33 EDT
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Date:Jun 24, 1992
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