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HANDEX ANNOUNCES 1993 THIRD-QUARTER AND NINE-MONTH FINANCIAL RESULTS

 MORGANVILLE, N.J., Nov. 2 /PRNewswire/ -- The management of Handex Environmental Recovery, Inc., (NASDAQ: HAND) today announced financial results for the third quarter and nine-month period which ended Oct. 2, 1993.
 Net operating revenues in the 1993 third quarter were $9,838,000, up 6.7 percent from $9,224,000 in the third quarter of 1992. Net income for the third quarter was $333,000, or $0.05 per share, in 1993, an increase from the $128,000, or $0.02 per share, recorded in the third quarter a year ago.
 For the first nine months of 1993, net operating revenues were $29,175,000, down 10.7 percent from $32,686,000 in the corresponding period a year ago. Net income in the nine-month period was $864,000 in 1993, a 40 percent decrease from $1,440,000 in the 1992 nine-month period. Earnings per share in the nine-month periods were $0.13 in 1993 and $0.21 in 1992.
 Curtis Lee Smith, Jr., Handex's chairman of the board, stated: "The market conditions that affected our business during the first half of the year continued during the third quarter. To improve our long-term prospects, we are continuing to pursue growth opportunities for our core expertise through geographic expansion and a more aggressive marketing effort. At the same time, we are continuing our focus on controlling costs so that we will become the most cost-effective provider of quality environmental remediation services."
 At the end of the third quarter, Handex remained in very strong financial condition. Stockholders' equity was $46,551,000, or $6.79 per share, and the company had no long-term debt. At Oct. 2, 1993, the current ratio was 9.6 to 1.
 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 eight subsidiaries in the eastern United States, which have office locations in Massachusetts, Maryland, Virginia, New Jersey, Pennsylvania (2), New York, Florida (4), North Carolina, Illinois, Ohio and Georgia.
 HANDEX ENVIRONMENTAL RECOVERY, INC. AND SUBSIDIARIES
 Consolidated Statements of Income
 (Unaudited, dollars in thousands except per-share earnings)
 Three Months Ended Nine Months Ended
 10/2/93 9/30/92 10/2/93 9/30/92
 Net operating revenues $9,838 $9,224 $29,175 $32,686
 Cost of net operating revenues 6,500 6,773 19,487 21,962
 Gross profit 3,338 2,451 9,688 10,724
 General and administrative
 expenses 2,859 2,415 8,558 8,675
 Operating income 479 36 1,130 2,049
 Other income, net 74 105 297 301
 Income before income taxes 553 141 1,427 2,350
 Provision for income taxes 220 13 563 910
 Net income $ 333 $ 128 $ 864 $ 1,440
 Net income per share $ 0.05 $ 0.02 $ 0.13 $ 0.21
 Average common shares
 outstanding 6,855 7,007 6,890 7,029
 -0- 11/2/93
 /CONTACT: John T. St. James, treasurer and chief financial officer of Handex Environmental Recovery, Inc., 908-536-8500/
 (HAND)


CO: Handex Environmental Recovery, Inc. ST: New Jersey IN: ENV SU: ERN

LD -- NY004 -- 9458 11/02/93 07:45 EST
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Publication:PR Newswire
Date:Nov 2, 1993
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