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HANDEX ANNOUNCES 1992 FIRST QUARTER FINANCIAL RESULTS

 HANDEX ANNOUNCES 1992 FIRST QUARTER FINANCIAL RESULTS
 MORGANVILLE, N.J., May 5 /PRNewswire/ -- The management of Handex


Environmental Recovery, Inc. (NASDAQ: HAND), today announced financial results for the first quarter of 1992, which ended on March 31.
 Net operating revenues for the 1992 three-month period were $12,711,000, up 14.6 percent from $11,095,000 in the same period last year. Net income for the period was $1,025,000, down 31.8 percent from $1,503,000 in the same period last year. Earnings per share in the first quarter were $0.15 in 1992 and $0.22 in 1991.
 While revenues increased over last year, the total increase fell short of the company's plans. The revenue short-fall and a cost structure put in place to support the anticipated higher revenues combined to reduce earnings from the prior year's first quarter, in line with previously announced expectations.
 "The need for remediation work continues," commented Curtis Lee Smith Jr., Handex's chairman of the board, "but weaker demand from our key clients reflects both continued lower oil industry profits and the discretionary timing element of environmental expenditures. Near term, our revenues, earnings, and profitability will depend on how rapidly new business can be developed and cost control programs can be implemented. For the long term, though, we are optimistic about Handex's business outlook."
 Handex Environmental Recovery, Inc., provides a comprehensive solution to hydrocarbon contamination of groundwater and soil due to leaking underground storage tanks, petroleum distribution systems, and related contamination sources. The company also offers 24-hour emergency response. The company has seven subsidiaries which have office locations in Massachusetts, Maryland, Virginia, New Jersey (2), Pennsylvania (2), New York, Florida (4), North Carolina, and Illinois.
 HANDEX ENVIRONMENTAL RECOVERY, INC., AND SUBSIDIARIES
 Consolidated Statements of Income (Unaudited)
 (Dollars in thousands, except per-share earnings)
 Three months ended March 31 1992 1991
 Net operating revenues $12,711 $11,095
 Cost of net operating revenues 7,910 6,037
 Gross profit 4,801 5,058
 General & administrative expenses 3,164 2,493
 Operating income 1,637 2,565
 Other income (expense), net 91 (21)
 Income before income taxes 1,728 2,544
 Provision for income taxes 703 1,041
 Net income $ 1,025 $ 1,503
 Net income per share $0.15 $0.22
 Average common shares outstanding 7,040 6,823
 -0- 5/5/92
 /CONTACT: John T. St. James, treasurer and chief financial officer of Handex, 908-536-8500/
 (HAND) CO: Handex Environmental Recovery, Inc. ST: New Jersey IN: SU: ERN


GK-OS -- NY035 -- 6468 05/05/92 10:50 EDT
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Publication:PR Newswire
Date:May 5, 1992
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