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NUCLEAR SUPPORT SERVICES ANNOUNCES FOUR QUARTER, YEAR END RESULTS

 CAMPBELLTOWN, Pa., Dec. 10 /PRNewswire/ -- Nuclear Support Services, Inc. (NASDAQ: NSSI) reported a net loss of $2,836,127 or $1.31 per share on revenues of $12,017,135 for the three months ended Sept. 30, 1993, compared to net earnings of $223,462 or $.10 per share on revenues of $16,961,233 for the same period last year.
 This loss is primarily attributable to the write-off of approximately $2.5 million of goodwill and intangibles associated with the company's agreement with Westinghouse Electric Corporation (NYSE: WX) (Westinghouse) which was reported on Monday, Dec. 6. Additional charges of $440,059 were provided to cover all costs associated with closure of two of Henze Services, Inc.'s facilities during the quarter.
 For the twelve months, NSSI posted a net loss of $2,997,032 or $1.38 per share compared to $685,264 or $.32 per share earnings for fiscal year 1992. Revenues for the year declined by 20 percent primarily due to a decrease in Westinghouse-related revenues of approximately $12 million when compared to the prior fiscal year. This decrease in revenues from Westinghouse led to the write-off as previously reported.
 Joe C. Quick, chairman, president and chief executive officer said, "We have completed the acquisition of Cannon Sline, restructured our debt, strengthened our balance sheet and look forward to fiscal year 1994. We believe that we have strategically positioned the company to achieve our goal of improved shareholder return."
 Nuclear Support Services, Inc. is a leading supplier of service support and maintenance to the nuclear, fossil fuel and processing industries.
 NUCLEAR SUPPORT SERVICES FOURTH QUARTER, YEAR END RESULTS
 Consolidated Statements Of Operations
 (Unaudited)
 Three Months Ended Sept. 30 1993 1992
 Revenues $12,017,135 16,961,233
 Income (loss) from operations (4,099,320) 489,306
 Other expense, net (120,807) (17,844)
 Earnings (loss) before income taxes (4,220,127) 471,462
 Income tax expense (benefit) (1,384,000) 248,000
 Net earnings (loss) $(2,836,127) 223,462
 Earnings (loss) per share $(1.31) .10
 Weighted average common and equivalent
 shares 2,167,220 2,167,457
 Twelve Months Ended Sept. 30 1993 1992
 Revenues $62,797,772 78,498,751
 Income (loss) from operation (3,776,135) 1,908,680
 Other expense, net (720,897) (838,416)
 Earnings (loss) before income taxes (4,497,032) 1,070,264
 Income tax expense (benefit) (1,500,000) 488,000
 Net earnings (loss) before cumulative
 effect of change in accounting for
 income taxes (2,997,032) 582,264
 Cumulative effect of change in
 accounting for income taxes --- 103,000
 Net earnings (loss) $(2,997,032) 685,264
 Earnings (loss) per share $(1.38) .32
 Weighted average common and equivalent
 shares 2,167,220 2,170,829
 /delval/
 -0- 12/10/93
 /CONTACT: Joe C. Quick, Chairman, president and CEO of Nuclear Support Services, Inc. 717-838-8125/
 (NSSI WX)


CO: Nuclear Support Services, Inc. ST: Pennsylvania IN: OIL SU: ERN

JO-MJ -- PH018 -- 2659 12/10/93 13:05 EST
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Publication:PR Newswire
Date:Dec 10, 1993
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