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 NEWTON UPPER FALLS, Mass., Oct. 14 /PRNewswire/ -- GZA GeoEnvironmental Technologies, Inc. (NASDAQ: GZEA) today announced its results for the quarter and the six months ended Aug. 31, 1993. Net revenues for the second quarter of fiscal 1994 were $11.4 million, an increase of 15.8 percent from $9.8 million last year. The company reported net income for the second quarter of $754,000, or 20 cents per share, compared to $321,000, or 9 cents per share, for the second quarter of last year.
 For the six months ended Aug. 31, 1993, net revenues were $21.7 million, an increase of 12.1 percent from $19.4 million for the first six months of last fiscal year. Net income for the first six months of fiscal 1994 was $998,000, or 27 cents per share, compared to $651,000, or 18 cents per share, for the comparable six-month period last year. The company attributed much of the increase in revenues and net income to the Boston Central Artery/Tunnel project, a major, long- term infrastructure project on which GZA is providing a wide variety of environmental consulting, remediation, laboratory, and specialty drilling and construction services.
 Commenting on second quarter results, Donald Goldberg, chairman of the board and chief executive officer, said, "We are extremely pleased with our second quarter results for fiscal 1994. For GZA, fiscal 1993 was a turnaround year and a year of retrenchment. It was a year in which we restructured and put systems in place to benefit from an improving economy and a changing environmental marketplace. Now in fiscal 1994, we believe GZA is well-positioned to post progressive growth in revenues and earnings. In the second quarter, GZA increased revenues and improved margins. Our backlog continues to improve. We anticipate a strong third quarter, and, while our fourth quarter is typically our slowest quarter due to seasonal factors, we expect relative improvement over fiscal 1993's fourth quarter."
 "While federally sponsored environmental work has historically been a very small component of our revenues, we are now making a strong effort to secure major contracts in this area and we have made inroads into the Department of Defense market. For example, in the second quarter, the Defense Fuel Supply Center awarded the company four multi- year contracts which are estimated to total in excess of $12.5 million in gross revenues over the next five years. GZA continues to bid on a number of large infrastructure and Department of Defense projects including both construction and environmental work, and we think these markets represent a major opportunity for the company. We believe that GZA will appeal to those clients seeking a diversified, integrated firm, one with consulting engineering and construction capabilities in both environmental and geotechnical applications. We are confident that GZA will continue to show healthy revenue growth and earnings momentum."
 GZA Environmental Technologies, Inc. provides a wide spectrum of environmental consulting, geotechnical engineering, remediation and construction services to private sector companies and public agencies. The common stock of GZA GeoEnvironmental Technologies, Inc. is listed on the National Market System of NASDAQ, symbol GZEA.
 GZA Geo Environmental Technologies, Inc.
 Summary of Financial Data
 (In thousands, except per share data)
 Three Months Ended Six Months Ended
 Aug. 31 Aug. 31
 1993 1992 1993 1992
 Net revenue $11,390 $9,834 $21,700 $19,364
 Income before income
 taxes $1,255 $518 $1,663 $1,067
 Net income $754 $321 $998 $651
 Earnings per share 20 cents 9 cents 27 cents 18 cents
 Weighted average
 shares outstanding 3,725 3,714 3,725 3,714
 -0- 10/14/93
 /CONTACT: Kim Whelan, investor relations for GZA GeoEnvironmental, 617-969-0700, ext. 6298/

CO: GZA GeoEnvironmental Technologies, Inc. ST: Massachusetts IN: ENV SU: ERN

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Publication:PR Newswire
Date:Oct 14, 1993

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