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INTERNATIONAL TECHNOLOGY CORP. ANNOUNCES FISCAL 1993 SECOND QUARTER RESULTS

 INTERNATIONAL TECHNOLOGY CORP.
 ANNOUNCES FISCAL 1993 SECOND QUARTER RESULTS
 TORRANCE, Calif., Oct. 27 /PRNewswire/ -- International Technology Corp. (NYSE: ITX) (IT) announced today results for the second quarter ended Sept. 30, 1992. Revenues for the quarter were $102.8 million, compared with revenues of $109.6 million for the same quarter of the prior year. Income from continuing operations for the quarter was $3.3 million, or $.10 per share, compared with $10.5 million or $.32 per share (including the net gain of $6.7 million or $.20 per share from the sale of EXEL common stock) for the same period last year.
 For the six-month period ended Sept. 30, 1992, revenues were $205.4 million, compared to $205.6 million for the same period of the prior year. Income from continuing operations for the six-month period was $9.3 million, or $.28 per share, compared with $14.7 million or $.40 per share, for the same period last year. Both six-month periods included net gains from the sale of EXEL stock options and common stock which amounted to $.08 and $.20 per share, respectively.
 The second quarter results reflect continued weakness in the economy, particularly in the commercial sector. Environmental Engineering and Services' operating results were negatively impacted by lower than expected realization and utilization levels. Demand for analytical services continues to be sluggish and pricing has become increasingly more competitive. Construction and Remediation Services' operating margins improved compared to recent trends due to strong performance on large projects.
 "As evidenced by increased backlog, we continue to believe that the long-term opportunities are favorable and that attention to cost reduction and organizational streamlining will have a positive effect," said Robert B. Sheh, president and chief executive officer. "However, the recessionary climate has continued to place prolonged pressure on business activity levels,"
 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)
 (Unaudited)
 Quarter Ended Six Months Ended
 Sept. 30, Sept. 30
 1992 1991 1992 1991
 Revenues $102,811 $109,567 $205,369 $205,606
 Operating income 6,158 6,380 13,071 11,958
 Other income --- 7,285 3,483 7,285
 Interest expense, net 2,835 2,218 5,747 4,456
 Income from continuing
 operations before
 income taxes 3,323 11,447 10,807 14,787
 Provision for income taxes 16 916 1,513 1,584
 Income from continuing
 operations 3,307 10,531 9,294 13,203
 Discontinued operations
 (net of income taxes):
 Income from operations:
 Pollution control
 manufacturing --- 849 --- 1,455
 Net income $3,307 $11,380 $9,294 $14,658
 Net income per share:
 Continuing operations $.10 $.32 $.28 $.40
 Discontinued operations:
 From operations --- .02 --- .04
 Total $.10 $.34 $.28 $.44
 Average common and common
 equivalent shares
 outstanding (in thousands) 33,141 33,369 33,167 33,474
 -0- 10/27/92
 /CONTACT: Pat Boldt or Anthony J. DeLuca, of International Technology, 310-378-9933/
 (ITX) CO: International Technology Corp. ST: California IN: SU: ERN


BP-JL -- LA007 -- 5197 10/27/92 09:02 EST
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Publication:PR Newswire
Date:Oct 27, 1992
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