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INTERNATIONAL TESTING SERVICES ANNOUNCES THIRD QUARTER RESULTS FOR FISCAL YEAR ENDING JULY 31, 1992

 INTERNATIONAL TESTING SERVICES ANNOUNCES THIRD QUARTER RESULTS
 FOR FISCAL YEAR ENDING JULY 31, 1992
 HOUSTON, June 16 /PRNewswire/ -- International Testing Services, Inc. (ITS) (AMEX: ITS) announced today that it had a loss before extraordinary gain for the three months ended April 30, 1992, of $208,000 or $0.08 per share, on revenues of $3,886,000 compared to a loss of $33,000 on revenues of $1,025,000 for the three months ended April 30, 1991.
 ITS had previously announced an expected loss for the third quarter of $0.10 to $0.12 per share due to low level of revenues for pipeline inspection, higher overhead and interest expenses. For the nine months ended April 30, 1992, ITS had a loss before extraordinary gain of $14,000 or $0.01 per share, on revenues of $13,782,000 compared to a loss of $198,000 on revenues of $1,025,000 for the nine months ended April 30, 1991.
 ITS was formed in July 1990 to initially acquire and operate Technical Welding Laboratory, Inc. (TWL), Edwards Pipeline Testing, Inc. (EPT) and Century Inspection, Inc. (Century). Since these acquisitions were effective for accounting purposes on March 31, 1991, ITS had revenues only for the month of April during the third quarter and first nine months ended April 30, 1991. Therefore, earnings per share data for these prior year periods were not meaningful.
 ITS, with headquarters in Houston, is an environmental and safety company engaged in non-destructive testing services for the petrochemical, refining and pipeline industries.
 INTERNATIONAL TESTING SERVICES, INC.
 Consolidated Statements of Operations
 (In thousands, except per share amounts)
 (Unaudited)
 Three Months Ended Nine Months Ended
 April 30, April 30,
 1992 1991 1992 1991
 Revenues $3,886 $1,025 $13,782 $1,025
 Direct costs 2,965 658 9,932 658
 Subcontract costs -- 88 487 88
 Gross profit 921 279 3,363 279
 General and
 administrative
 expenses 1,094 233 2,970 389
 Operating
 income (loss) (173) 46 393 (110)
 Other expense:
 Interest expense 157 77 398 86
 Other, net 5 2 17 2
 Income (loss) before
 income taxes and
 extraordinary gain (335) (33) (22) (198)
 Provision (credit)
 for income taxes (127) -- (8) --
 Loss before extra-
 ordinary gain (208) (33) (14) (198)
 Extraordinary gain -- -- 26 --
 Net income (loss) $(208) $ (33) $ 12 $(198)
 Shares outstanding 2,454 2,386
 Loss per common
 share before
 extraordinary
 gain $(.08) (A) $(0.01) (A)
 Net income (loss)
 per common share $(.08) (A) $ 0.01 (A)
 (A) Earnings per share data has been omitted as not meaningful because of the significant changes in the company's equity occurring in August and September of 1991.
 -0- 6/16/92
 /CONTACT: Tammy Winders, investor relations of International Testing Services, Inc., 713-591-8880/
 (ITS) CO: International Testing Services, Inc. ST: Texas IN: SU: ERN


PS -- NY093 -- 0857 06/16/92 17:19 EDT
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Date:Jun 16, 1992
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