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OHM RETURNS TO PROFITABILITY FOR ITS THIRD QUARTER ENDED SEPT. 30, 1991

OHM RETURNS TO PROFITABILITY FOR ITS THIRD QUARTER ENDED SEPT. 30, 1991
    FINDLAY, Ohio, Nov. 4 /PRNewswire/ -- OHM Corporation (NYSE: OHM), a leading on-site environmental remediation services firm, today announced net income of 5 cents per share on net revenues of $52,047,000 for its third quarter ended Sept. 30, 1991.
    Results for the third quarter represent a significant improvement in the company's remediation and asbestos abatement business over the first two quarters of 1991.  The improved results are attributable to a substantial increase in revenues related to the strategic geographic expansion of the company's remediation services, the start-up of certain previously delayed projects, and a normal seasonal increase in business. Third quarter operating income increased to $3,538,000 from $38,000 for the second quarter of 1991, on a 30 percent increase in net revenues.
    Operating margins in the company's asbestos abatement subsidiary, NSC Corporation, improved to 13 percent for the third quarter ended Sept. 30, 1991, from 7 percent for the first and second quarters of 1991 as a result of increased revenues and improved margins on projects performed during the period.  NSC's backlog at Sept. 30, 1991, was $18,900,000, a 23 percent increase over backlog at Sept. 30, 1990. Since Sept. 30, 1991, NSC has been awarded additional projects with a contract value of approximately $5,500,000.
    During the quarter, the company completed the sale of its commercial testing laboratories for a value consistent with the company's expectations.  Application of the proceeds to repay debt reduced the company's long term debt to equity ratio at Sept. 30, 1991, to 1.1 from 1.4 at June 30, 1991.  In early October, the company finalized an amendment and extension of its revolving credit agreement which provides a $140 million committed revolving credit facility secured by its accounts receivable with an expiration of September 1993.
    OHM Corporation is a leading nationwide environmental services company providing a broad range of hazardous waste remediation services through its more than 30 locations across the United States.
                        OHM CORPORATION
               Consolidated Summary Financial Results
              (In thousands, except per share amounts)
      Quarter ended Sept. 30                1991         1990
    Gross revenues                       $ 68,245     $ 67,933
    Net revenues                           52,047       52,657
    Operating income                        3,538        8,028
    Income from continuing operations         606        3,124
    Discontinued operations, net of
     income tax benefit                        --         (148)
    Net income                           $    606     $  2,976
    Net income (loss) per share:
      From continuing operations         $   0.05     $   0.26
      From discontinued operations             --        (0.01)
      Total                              $   0.05     $   0.25
      Nine months ended Sept. 30            1991         1990
    Gross revenues                       $173,555     $175,250
    Net revenues                          128,270      137,395
    Operating income                        1,288       19,071
    Income (loss) from continuing opers.   (7,052)(A)   13,031(B)
    Discontinued operations, net of
     income tax benefit                        --       (2,068)
    Net income (loss)                    $ (7,052)    $ 10,963
    Net income (loss) per share:
      From continuing operations         $  (0.59)    $   1.08
      From discontinued operations             --        (0.17)
      Total                              $  (0.59)    $   0.91
    (A) -- Includes a loss of $3,950,000 related to the company's share of equity losses from its joint venture with Consolidated Rail Corporation, Concord Resources Group, Inc.
    (B) -- Includes a nonrecurring gain of $8,890,000 related to the initial public offering of common stock of the company's asbestos abatement subsidiary, NSC Corporation.
    -0-                        11/4/91
    /CONTACT:  Cheryl Rectorschek (media), 419-424-4929; Samuel H. Iapalucci (financial), 419-424-4924; or Pamela K. M. Beall (financial), 419-425-6002, all of OHM/
    (OHM) CO:  OHM Corporation ST:  Ohio IN: SU:  ERN GK-TS -- NY009 -- 0571 11/04/91 08:42 EST
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Publication:PR Newswire
Date:Nov 4, 1991
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