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NSC CORPORATION REPORTS FIRST QUARTER NET INCOME PER SHARE AT 13 CENTS, UP 160 PERCENT OVER FIRST QUARTER 1991

 NSC CORPORATION REPORTS FIRST QUARTER NET INCOME PER SHARE AT
 13 CENTS, UP 160 PERCENT OVER FIRST QUARTER 1991
 METHUEN, Mass., May 4 /PRNewswire/ -- Citing increasing demand for asbestos abatement services and the benefits of its recent entry into the environmental cleaning and industrial maintenance services business, NSC Corporation (NASDAQ: NSCC) today announced that net income per share for the first quarter of 1992 increased 160 percent from the first quarter of 1991 on a 28 percent increase in net revenues. Net income per share for the first quarter of 1992 was 13 cents on net revenues of $11,426,000.
 Anthony Mesiti, president and chief executive officer of NSC Corporation, said, "The improved market conditions for asbestos abatement services which we experienced in the second half of 1991 continued into 1992. This improvement, which resulted from increased demand for asbestos abatement services combined with the shake-out of several asbestos abatement competitors from the market, contributed to a 10 percent increase in net revenues from asbestos abatement over the first quarter of 1991, as well as a 76 percent increase in backlog to $26,700,000 at March 31, 1992."
 Mesiti went on to say, "We expect asbestos abatement to be a growth business for NSC over the next several years as we further expand our market share in the Northeast and continue our geographic expansion into the Midwest, where economic and competitive conditions are more favorable. Our entry into the Cincinnati market in October 1991 has gone extremely well with operating results from this division adding approximately 1 cent per share to each of the fourth quarter of 1991 and first quarter of 1992. We have continued our expansion into the Midwestern market with the opening of a Chicago office in the second quarter of 1992."
 First quarter results include approximately 1 cent per share from the acquisition in February 1992 of Combined Plant Services, Inc. (CPS), a Portage, Ind.-based industrial cleaning and maintenance services firm. This acquisition marked the company's initial step in implementing its strategic plan to become one of the major providers of environmental cleaning and industrial maintenance services in the United States. Operating margins from environmental cleaning and industrial maintenance services were 13 percent in the quarter on $1,543,000 of net revenues.
 In April the company implemented the second step in its strategic plan with the acquisition of Miami Valley Pressure Cleaning, Inc. a Troy, Ohio-based environmental cleaning and industrial maintenance firm providing services to a diverse client base in Ohio, Indiana, Kentucky and Tennessee. Mesiti said, "With the addition of Miami Valley, NSC is now positioned as one of the major providers of environmental cleaning and industrial maintenance services in the Midwest. These two acquisitions, which are expected to have annualized revenues over $15 million form a strong base upon which to implement our strategy over the next 18-24 months."
 NSC Corporation is a 70 percent owned subsidiary of OHM Corporation (NYSE: OHM), a leading nationwide environmental services firm. NSC is an environmental and industrial services company, providing asbestos abatement and environmental cleaning and maintenance services to a broad range of commercial and industrial clients, and municipal government agencies in the northeastern and midwestern United States.
 NSC Corporation
 Summary Financial Results
 (In thousands, except per share data)
 (Unaudited)
 Quarter Ended March 31: 1992 1991
 Gross revenues $14,976 $11,279
 Net revenues 11,426 8,950
 Operating income 1,269 491
 Net income 758 278
 Net income per share 13 cents 5 cents
 -0- 5/4/92
 /CONTACT: Gene Ostrow, 508-686-6417, or Pamela K.M. Beall, 419-425-6002, of NSC Corporation/
 (NSCC OHM) CO: NSC Corporation; OHM Corporation ST: Massachusetts, Ohio IN: SU: ERN


TM -- NE010 -- 5871 05/04/92 09:14 EDT
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Publication:PR Newswire
Date:May 4, 1992
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