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MODTECH ANNOUNCES EARNINGS

 PERRIS, Calif., Nov. 15 /PRNewswire/ -- Modtech Inc. (NASDAQ: MODT) today announced results for its third quarter and the nine months ended Sept. 30, 1993.
 Revenues for the third quarter were $6,098,000, compared to $10,921,000 in the same period a year ago. The loss for the second quarter was $3,041,000, which included a charge of $2,572,000, principally the write down of intangible assets, or $.95 a share, compared to net income of $27,000, or $.01 a share.
 According to Evan M. Gruber, chief executive officer, "Revenue in the third quarter was off approximately 44 percent. The economic news in California continues to be less than satisfactory. Since 1990, California has lost between 600,000 and 800,000 jobs. The State of California budget problems continue to hamper education. Additionally, as firms in our industry compete for shares of this market, margins decline."
 Modtech Inc. designs, manufactures and installs modular relocatable classrooms, marketing its products to California school districts, as well as to the State of California and leasing companies which, in turn, lease the classrooms to school districts.
 MODTECH INC.
 Selected Unaudited Financial Data
 Sept. 30,
 ($, thousands, excepts EPS)
 1993 1992
 Third Quarter:
 Net sales 6,098 10,921
 Net income/(loss) (3,041)(a) 27
 Earnings/(loss)
 per share (.95) .01
 Average shares outstanding 3,209 3,701
 Nine Months:
 Net sales 18,356 26,975
 Net (loss) (4,259)(a) (67)
 (Loss)/Earnings
 per share (1.33) (.02)
 Average shares outstanding 3,209 3,701
 (a) Includes $2,572,000 write down of assets, principally intangibles.
 -0- 11/15/93
 /CONTACT: Evan M. Gruber, CEO of Modtech Inc., 909-943-4014/
 (MODT)


CO: Modtech Inc. ST: California IN: SU: ERN

LS-JB -- LA037 -- 4628 11/15/93 16:05 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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