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O'BRIEN ENVIRONMENTAL ENERGY REPORTS FIRST QUARTER PROFIT

     O'BRIEN ENVIRONMENTAL ENERGY REPORTS FIRST QUARTER PROFIT
    PHILADELPHIA, Nov. 1 /PRNewswire/ -- Leading energy project developer O'Brien Environmental Energy, Inc. (AMEX: OBS) today reported profits of $1,324,000 or 10 cents per share for the first quarter of fiscal 1992 ended Sept. 30, 1991, compared to a loss of $689,000 or five cents per share for the same quarter last year.  Revenues rose substantially to $24,233,000 from $7,350,000 for the same period last year.
    "These gains were produced primarily from the operations of the company's Newark and Parlin cogeneration facilities," Joel Cooperman, chief financial officer, said.
    The company also announced that today it will file a registration statement with the Securities and Exchange Commission for 5.5 million shares of common stock.  Managing underwriters of the offering will be Montgomery Securities, Advest, Inc., and C L King & Associates.
    Included in this offering are 500,000 shares being sold by Frank L. O'Brien, III, chairman.  "These proceeds will be used to retire a portion of his existing debt and fund a major charitable program. Additionally, the sale of these shares will add to the company's public float without increasing dilution," said O'Brien vice president Bruce Levy.
    "Proceeds to the company from the offering are intended to repay a portion of the company's debt, fund the development of coalbed methane reserves and certain energy projects and to provide working capital," Levy noted.
                      O'BRIEN ENVIRONMENTAL ENERGY
                          Financial Highlights
                              (Unaudited)
    Three months ended                      9/30/91      9/30/90
    Revenues                                24,233,000   7,350,000
    Net income (loss)                        1,324,000    (689,000)
    Earnings (loss) per share                     $.10       $(.05)
    Average number of shares outstanding    12,962,000  12,732,000
    -0-        11/1/91
    /CONTACT:  Bruce LeVay vice president of O'Brien Environmental Energy, 215-627-5500/
    (OBS) CO:  O'Brien Environmental Energy, Inc. ST:  Pennsylvania IN:  OIL SU:  ERN SM-KW -- NY074 -- 0396 11/01/91 16:40 EST
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Publication:PR Newswire
Date:Nov 1, 1991
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