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NSC REPORTS 180 PERCENT INCREASE IN SECOND QUARTER; NET INCOME PER SHARE TO $0.14 ON A 106 PERCENT INCREASE IN NET REVENUES

 NSC REPORTS 180 PERCENT INCREASE IN SECOND QUARTER; NET INCOME
 PER SHARE TO $0.14 ON A 106 PERCENT INCREASE IN NET REVENUES
 METHUEN, Mass., Aug. 3 /PRNewswire/ -- NSC Corp. (NASDAQ: NSCC), a leading environmental cleaning and industrial maintenance services company, announced today that net income for the second quarter of 1992 was $843,000 or $0.14 per share, more than doubling 1991's second quarter net income of $273,000 or $0.05 per share. Net revenues for the quarter increased 106 percent to $16,800,000 as compared to the 1991 quarter, reflecting the benefits of the company's expansion of its asbestos abatement services into new geographic markets as well as its diversification into the environmental cleaning and industrial maintenance services business.
 Net income for the first six months of 1992 was $1,601,000 or $0.27 per share, which represented increases of 191 percent and 170 percent respectively over the comparable period in 1991. Net revenues for the first half of 1992 increased 65 percent to $28,226,000.
 Anthony Mesiti, president and chief executive officer of NSC Corp., said, "The improved market conditions for asbestos abatement services, which we experienced in the latter part of 1991 and first quarter of 1992, continued into the second quarter of 1992. The increased demand for asbestos abatement services and a reduction in the number of competitors in this sector, combined with the benefits of our entry into the environmental cleaning and industrial maintenance business and our geographic expansion, brought about this substantial improvement in operating performance and profitability."
 Mesiti continued, "In early 1992, NSC gained a critical mass in the environmental cleaning and industrial maintenance business, with two acquisitions which combine to make the company a major provider of these services in the Midwest. The acquired firms -- Miami Valley Pressure Cleaning, Inc., in Troy, Ohio, and Combined Plant Services Corp. (CPS) in Portage, Ind. -- have annualized revenues of $15-$20 million and are expected to contribute to our bottom line in 1992. These acquisitions have contributed approximately $0.02 to NSC's net income per share for the six months ended June 30, 1992."
 Growth Strategy
 Mesiti commented that the company is pursuing a two-pronged growth strategy. "First, we are selectively expanding into geographic areas where both the economy and competitive conditions in the asbestos abatement market are more favorable than our historic markets in the Northeast. NSC opened an office in Cincinnati, Ohio, in October 1991 and offices in the metropolitan Chicago area and Pompano Beach, Fla., in the second quarter of 1992.
 "The Florida office was opened after contracts were awarded by an existing client who could not match NSC's expertise with a local firm. Additionally, we have targeted Chicago as a major market for expansion. In this area, we plan to provide asbestos abatement services to industrial clients of CPS, in addition to clients long served by NSC in the Northeast, many of which own commercial property in the Chicago area.
 "Our second growth strategy is illustrated by the two recent acquisitions in the environmental cleaning and industrial maintenance area," Mesiti said. "We intend to become a significant factor in the market for those services over the next 2-3 years. We are supplementing acquisitions in the environmental cleaning and industrial maintenance business with internal growth, leveraging NSC's and its parent company's existing operations."
 New Contract Award
 On July 24, 1992, the company announced that its joint venture with a subsidiary of Suffolk Construction Co. Inc. was awarded a $10,170,000 base contract to provide asbestos abatement and interior demolition services on 16 floors of a federal government building, commencing in October 1992, for the United States General Services Administration (GSA) in Boston, Mass. GSA has the potential to exercise an option for additional work under the contract with a value of $4,077,000.
 NSC Corp. is an environmental and industrial services company, providing asbestos abatement and environmental cleaning and industrial maintenance services to a broad range of commercial and industrial clients, and government agencies primarily in the Northeastern and Midwestern United States. NSC Corp. is a 70-percent-owned subsidiary of OHM Corp., a leading nationwide environmental services firm.
 -0- 8/3/92
 /CONTACT: Gene Ostrow, vice president-CFO of NSC, 508-686-6417, or Heather Wietzel of Financial Relations Board/Chicago, 312-266-7800/
 (NSCC) CO: NSC Corp. ST: Massachusetts IN: SU: ERN


SM -- NY055 -- 6182 08/03/92 12:48 EDT
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Publication:PR Newswire
Date:Aug 3, 1992
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