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MISSIMER & ASSOCIATES REPORTS IMPROVED FIRST-QUARTER RESULTS

 MISSIMER & ASSOCIATES REPORTS IMPROVED FIRST-QUARTER RESULTS
 CAPE CORAL, Fla., Jan. 8 /PRNewswire/ -- Missimer & Associates, Inc. (NASDAQ: MSMR) today reported a 71 percent improvement in net income for the three months ended Nov. 30, 1991 on a 52 percent increase in revenues.
 Net income was $193,000, or $.13 per share, for the first quarter of fiscal 1992, a 71 percent gain over the $113,000, or $.08 per share, for the first fiscal quarter of 1991. Gross revenues were $3,371,000 for the first quarter, up 52 percent over the $2,221,000 reported for the comparable period of a year ago. Pre-tax income was $321,000 in the quarter, a gain of 71 percent over $188,000 in the prior year.
 Per share amounts are computed on the basis of 1,500,000 average shares outstanding during the quarter. Currently, there are 2,500,000 shares outstanding as a result of the company's initial public offering completed in December 1991.
 According to Robert A. Fletcher, chairman, president and CEO of Missimer, this performance is the result of solid growth in the company groundwater treatment and environmental services business, particularly the assessment and remediation of contamination caused by leaking underground storage tanks. Additionally, the earnings gains reflect the company's ability to maintain a high level of staff utilization and relatively constant operating margins.
 On Dec. 20, 1991, subsequent to the quarter end, the company completed a public offering of 1.0 million shares. The approximately $6.0 million in net proceeds from the offering will be utilized to open additional offices, to retire bank indebtedness and to acquire complementary businesses and technologies to enhance growth in the company's targeted geographical markets.
 Missimer provides a wide range of environmental services to assess and remediate groundwater and soil contamination, to protect air quality, to assure regulatory compliance, and to develop groundwater resources.
 As described in the offering prospectus, Missimer's business strategy is to provide a comprehensive array of services through integrated utilization of a skilled technical staff consisting of hydrogeologists, environmental engineers, chemical engineers, chemists, biologists, computer modelers and others, to find the most cost- effective solution to the client's problem.
 Missimer's client base is diversified, with clients ranging in size from Fortune 50 corporations to local commercial firms, including industrial, sales and service companies, service stations, utilities and municipalities. The majority of the company's revenues are derived from private sector clients.
 The company's market area, the Atlantic-Gulf Coastal Plains region, is a densely populated area highly dependent on groundwater for its drinking water. Throughout this region, groundwater is close to the land surface and the soil is highly permeable, making the groundwater more at risk to contamination.
 MISSIMER & ASSOCIATES, INC. AND SUBSIDIARIES
 Consolidated Statement of Income
 (In thousands, except per share amounts -- Unaudited)
 Three months ended Nov. 30 1991 1990 Pct. Chng.
 Revenue $3,371 $2,221 52
 Cost of gross revenues 2,136 1,397 53
 Gross profit 1,235 824 50
 Selling, general and administrative
 expenses 886 619 43
 Income from operations 349 205 70
 Other income/(expense), net (28) (17) (65)
 Income before income taxes 321 188 71
 Provision for income taxes 128 75 71
 Net income 193 113 71
 Earnings per common share .13 .08 63
 Weighted average number of
 shares outstanding(A) 1,500 1,500 --
 (A) On Dec. 20, 1991, subsequent to the quarter-end period, Missimer & Associates completed a public offering of 1,000,000 shares of common stock.
 -0- 1/8/92
 /CONTACT: Robert A. Fletcher of Missimer & Associates, 813-574-1919, or William H. Pfund of P.L. Thomas Group, 312-906-8060, for Missimer & Associates/
 (MSMR) CO: Missimer & Associates, Inc. ST: Florida IN: SU: ERN


SM-OS -- NY069 -- 7703 01/08/92 10:53 EST
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Date:Jan 8, 1992
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