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METALCLAD CORP. ANNOUNCES RESULTS

 NEWPORT BEACH, Calif., May 21 /PRNewswire/ -- Metalclad Corp. (NASDAQ: MTLC), a company engaged in the development of three hazardous waste treatment facilities in Mexico and industrial insulation services primarily in Southern California, announced that it had recorded a net loss of $2,052,000 for the quarter ended March 31, 1993, as anticipated in the company's business plan for 1993. The loss is attributable primarily to expenses associated with the development of the company's Mexican business, substantially all of which the company has elected to expense rather than capitalize. As a result of the continuing progress management is making in achieving the company's business plan, management believes that Metalclad is positioned to begin revenue-producing activities in Mexico in the third quarter of 1993. The company's investment in Mexico represents management's commitment to participate in the developing environmental clean-up industry in Mexico. The quarterly financial results are summarized in the table below.
 METALCLAD CORP.
 Summary Financial Information
 (Unaudited)
 For Three Months Ended
 March 31,
 1993 1992
 Revenues -- insulation business $4,659,870 $4,638,424
 Operating income (loss) --
 insulation business (507,578) 36,950
 Operating costs and expenses --
 Mexican business 1,387,997 1,104,953
 Income (loss) from continuing
 operations (2,051,633) (1,183,155)
 Net loss (2,051,633) (1,183,155)
 Weighted average number of
 common shares 7,793,340 6,545,240
 Loss per share of common stock
 from continuing operations ($.26) ($.18)
 -0- 5/21/93
 /CONTACT: Grant S. Kesler, president of Metalclad, 714-476-2772; or Bruce H. Haglund, Esq., 714-752-6100, for Metalclad/
 (MTLC)


CO: Metalclad Corp. ST: California IN: SU: ERN

BP-LS -- LA034 -- 1401 05/21/93 19:52 EDT
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Publication:PR Newswire
Date:May 21, 1993
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/C O R R E C T I O N -- METALCLAD/(Correction Notice)

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