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MISSIMER & ASSOCIATES REPORTS STRONG GAINS IN REVENUE AND NET INCOME FOR SECOND QUARTER AND SIX MONTHS

 MISSIMER & ASSOCIATES REPORTS STRONG GAINS
 IN REVENUE AND NET INCOME FOR SECOND QUARTER AND SIX MONTHS
 CAPE CORAL, Fla., April 2 /PRNewswire/ -- Missimer & Associates, Inc. (NASDAQ: MSMR), a leading regional environmental services firm, today reported net income of $226,000 for the second quarter ended Feb. 29, 1992, a 65 percent increase over the $137,000 reported a year ago, according to Robert A. Fletcher, chairman and chief executive of the company. Gross revenues for the period were $3,601,000, up 45 percent over the $2,481,000 for the comparable period of fiscal 1991.
 Despite a 51 percent increase in average shares, earnings per share grew 11 percent to $.10 per share compared with $.09 per share in the year-ago period. There were 2,261,000 average shares outstanding for the second quarter, compared with 1.5 million in the prior year, reflecting the completion of the company's initial public offering during the second quarter.
 For the six months ended Feb. 29, 1992, Missimer & Associates had net income of $419,000, or $.22 per share on 1,881,000 average shares outstanding, as compared with $250,000, or $.17 per share on 1.5 million average shares outstanding, in the comparable period a year ago. Revenues grew 48 percent for the six months to $6,972,000 from $4,701,000 a year ago.
 "We are very pleased with our results," said Fletcher. "Our revenue gain increasingly reflects the growing contribution from our expansion branch offices. And importantly, our overall efforts at controlling our cost structure continue to pay off. Interest costs were significantly lower during the period due to the proceeds received from our common stock offering which were partially used to pay off debt. In addition, we expect to use the remainder of those proceeds to continue to fund our growth strategy, both through our expansion into new markets and our growing share of business in existing areas," he continued.
 The company has grown to 10 offices from one at the start of its fiscal 1989 year. In addition to Cape Coral headquarters, Missimer has offices in Jacksonville, Miami, Palm Beach Gardens and Tampa, Fla.; New Orleans; Charleston, S.C.; and Dallas, Houston and San Antonio, Texas.
 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 within the company's targeted market area, the Atlantic-Gulf Coastal Plains region, a densely populated area highly dependent on groundwater.
 MISSIMER & ASSOCIATES, INC. AND SUBSIDIARIES
 Consolidated Statement of Income
 (In thousands, except per-share amounts; unaudited)
 Three months ended 2/29/92(A) 2/28/91 Pct. Change
 Gross revenues $3,601 $2,481 45
 Cost of gross revenues 2,187 1,586 38
 Gross profit 1,414 895 58
 Selling, general and
 administrative expenses 1,054 659 60
 Income from operations 360 236 53
 Other income/(expense), net 17 (7) N/M
 Income before income taxes 377 229 65
 Provision for income taxes 151 92 64
 Net income 226 137 65
 Earnings per common share $.10 $.09 11
 Weighted average number
 of shares outstanding 2,261 1,500 51
 Six months ended 2/29/92(A) 2/28/91 Pct. Change
 Gross revenues $6,972 $4,701 48
 Cost of gross revenues 4,323 2,981 45
 Gross profit 2,649 1,720 54
 Selling, general and
 administrative expenses 1,940 1,278 52
 Income from operations 709 442 60
 Other income/(expense), net (11) (25) (56)
 Income before income taxes 698 417 67
 Provision for income taxes 279 167 67
 Net income 419 250 68
 Earnings per common share $.22 $.17 29
 Weighted average number
 of shares outstanding 1,881 1,500 25
 Balance Sheet Items
 (In thousands)
 2/29/92 8/31/91 Pct. Change
 Cash and cash equivalents $5,214 $4 N/M
 Accounts receivable 3,811 3,374 13
 Other current assets 199 115 73
 Current assets 9,224 3,493 164
 Property and equipment 637 529 20
 Other assets 535 723 (26)
 Total assets 10,396 4,745 119
 Total current liabilities 1,658 3,250 (49)
 Long-term debt -- 34 N/M
 Other long-term obligations 164 210 (22)
 Total shareholders equity 8,574 1,251 N/M
 Total shares outstanding 2,680 1,500 79
 (A) -- During the second quarter, Missimer & Associates completed a public offering of 1,180,000 additional common shares.
 -0- 4/2/92
 /CONTACT: Robert A. Fletcher, chairman and CEO 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


CK-OS -- NY015 -- 4296 04/02/92 10:52 EST
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Date:Apr 2, 1992
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