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NSC CORPORATION ANNOUNCES THIRD QUARTER EARNINGS OF 12 CENTS PER SHARE

 BOSTON, Oct. 28 /PRNewswire/ -- NSC Corporation (NASDAQ: NSCC), today announced that income per share from continuing operations for the quarter ended Sept. 30, 1993, increased 300 percent to 12 cents from 3 cents for the same period in 1992. Operating income for the third quarter increased 471 percent to $2,147,000 on gross and net revenue increases of 87 percent and 105 percent to $35,047,000 and $27,539,000, respectively, from the comparable period in 1992. The company's financial results for the three and nine month periods ended Sept. 30, 1993, include the results of operations from the asbestos abatement division of The Brand Companies, Inc. ("Brand") which was acquired on May 4, 1993.
 Anthony Mesiti, president and CEO of NSC Corporation, said, "Our financial performance during the quarter was positively impacted by operating results from the acquired asbestos abatement division of Brand, cost reductions realized in streamlining and restructuring both the existing and acquired businesses, and settlement of certain contractual matters related to the Brand acquisition."
 Income per share from continuing operations for the nine months ended Sept. 30, 1993, was 32 cents compared to 30 cents for the same period in 1992. Operating income improved by 56 percent to $4,720,000 in the nine month period on gross and net revenue increases of 57 percent and 59 percent to $75,338,000 and $57,843,000, respectively, from the same period in 1992. The results of operations for the nine month period in 1992 included a 17 cent charge for the cumulative effect of an accounting change which resulted from the company's early adoption of Financial Accounting Standards Board Statement No. 109, "Accounting for Income Taxes."
 NSC Corporation is an environmental services company, providing asbestos abatement and other services to a broad range of commercial and industrial clients and government agencies throughout the United States. OHM Corporation and Rust International, Inc. each own a 41 percent equity interest in NSC Corporation.
 NSC CORPORATION AND SUBSIDIARIES
 SUMMARY CONSOLIDATED FINANCIAL RESULTS
 (in thousands, except per share data)
 Quarter Ended Sept. 30 (unaudited):
 1993 1992
 Gross revenues $35,047 $18,740
 Net revenues 27,539 13,458
 Operating income 2,147 376
 Income from continuing
 operations 1,153 207
 Discontinued operations,
 net of income tax effects --- (33)
 Total $1,153 174
 Cumulative effect of
 accounting change --- ---
 Net income $1,153 $174
 Net income per share:
 Continuing operations 12 cents 3 cents
 Discontinued operations --- ---
 Cumulative effect of
 accounting change --- ---
 Total 12 cents 3 cents
 Weighted average
 number of common and
 common equivalent
 shares outstanding 9,841 6,027
 Nine Months Ended Sept. 30 (unaudited):
 1993 1992
 Gross revenues $75,338 $47,943
 Net revenues 57,843 36,310
 Operating income 4,720 3,017
 Income from continuing
 operations 2,539 1,804
 Discontinued operations,
 net of income tax effects --- (29)
 Total 2,539 1,775
 Cumulative effect of
 accounting change --- (1,000)
 Net income $2,539 $775
 Net income (loss) per share:
 Continuing operations 32 cents 30 cents
 Discontinued operations --- ---
 Cumulative effect of
 accounting change --- (17 cents)
 Total 32 cents 13 cents
 Weighted average
 number of common and
 common equivalent
 shares outstanding 8,026 6,014


NOTE: The results of operations for the nine months ended Sept. 30, 1992, include the cumulative effect of accounting change for early adoption of Financial Accounting Standards Board Statement No. 109, "Accounting For Income Taxes."
 -0- 10/28/93
 /CONTACT: Baruch D. Black, treasurer and assistant secretary NSC Corporation, 508-686-6417/
 (NSCC)


CO: NSC Corporation ST: Massachusetts IN: ENV SU: ERN

DJ -- NE016 -- 8124 10/28/93 16:16 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
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