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INTERNATIONAL TECHNOLOGY CORP. ANNOUNCES FISCAL 1993 FIRST QUARTER RESULTS

 INTERNATIONAL TECHNOLOGY CORP. ANNOUNCES
 FISCAL 1993 FIRST QUARTER RESULTS
 TORRANCE, Calif., July 23 /PRNewswire/ -- International Technology Corp. (NYSE: ITX) (IT) announced today results for the first quarter ended June 30, 1992. Revenues for the quarter were $102.6 million, compared with revenues of $96.0 million for the same quarter of the prior year, a 6.9 percent increase. Income from continuing operations for the quarter was $6.0 million, or $.18 per share, compared with $2.7 million, or $.08 per share, for the same period last year. Included in the current quarter's results is a net gain of $2.8 million or $.08 per share resulting from the company's sale of EXEL Ltd. stock options.
 All of the company's business areas reflect a shift to higher government revenues as the commercial market continues to be impacted by the recessionary economic climate, particularly in specific geographic locations. lytical services has decreased, operating margins have increased because of the improved performance in the radiochemical labs and continued focus on cost controls. Construction and Remediation Services results were lower than anticipated principally because of the sluggish demand in the commercial market.
 "Recent actions taken by management resulted in improved operating margins in the quarter," said Murray H. Hutchison, chairman and chief executive officer. "Continued attention to operational efficiency and cost containment should improve our performance when commercial demand increases."
 International Technology Corp., based in Torrance, is a leading environmental management company providing services to government and industry. The company's common stock is traded on the New York Stock Exchange under the symbol ITX.
 INTERNATIONAL TECHNOLOGY CORP.
 Condensed Consolidated Statements of Operations
 (In thousands, except per share data)
 Quarter Ended
 June 30,
 1992 1991
 (unaudited)
 Revenues $102,558 $96,039
 Operating income 6,913 5,578
 Other income 3,483 ---
 Interest expense, net 2,912 2,238
 Income from continuing
 operations before
 income taxes 7,484 3,340
 Provision for income taxes 1,497 668
 Income from continuing
 operations 5,987 2,672
 Discontinued operations
 (net of income taxes):
 Income from operations:
 Pollution control
 manufacturing --- 606
 Net income $5,987 $3,278
 Net income per share:
 Continuing operations $.18 $.08
 Discontinued operations:
 From operations --- .02
 Total $.18 $.10
 Average common and common
 equivalent shares
 outstanding (in thousands) 33,193 33,578
 -0- 7/23/92
 /CONTACT: Pat Boldt or Anthony J. DeLuca of International Technology, 310-378-9933/
 (ITX) CO: International Technology Corp. ST: California IN: SU: ERN


JB-JL -- LA009 -- 2258 07/23/92 08:07 EDT
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Publication:PR Newswire
Date:Jul 23, 1992
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