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RESOURCE RECYCLING REPORTS THIRD QUARTER/NINE MONTHS RESULTS

    RESOURCE RECYCLING REPORTS THIRD QUARTER/NINE MONTHS RESULTS
    BINGHAMTON, N.Y., Nov. 1 /PRNewswire/ -- Resource Recycling Technologies, Inc. (AMEX: RRT), diversified waste recycling company, today reported results for the third quarter and nine months ended Sept. 30, 1991.
    Third quarter revenues rose 10 percent to $12,444,000 from $11,317,000 for the same period last year.  After an extraordinary charge of $104,000 or four cents per share, there was a net loss of $299,000 or 11 cents per share.  Net income for the prior year's comparable three month period was $328,000 or 12 cents per share, including $123,000 or five cents per share from an extraordinary credit. The prior year's third quarter results benefited from an $89,000 net gain on securities and other investments compared to a $193,000 net gain primarily from loan recoveries during the current year's third quarter.
    For the nine months ended Sept. 30, 1991, revenues were $35,154,000, up 53 percent compared to $22,953,000 for the year ago period.  After an extraordinary credit of $20,000 or one cent per share, net income for the period was $61,000 or two cents per share compared to net income of $497,000 or 20 cents per share after an extraordinary credit of $173,000 or seven cents per share.  Gains on securities and other investments totaled $904,000 for the first nine months of the prior year and $242,000 from similar activities and loan recoveries for the first nine months of 1991.
    Lawrence J. Schorr, president of RRT said, "The net loss for the third quarter primarily reflects a severe deterioration in performance of our plastics division in July and August caused by poor gross margins, a write down of accounts receivable and certain non-recurring overhead expenses.  In addition, continuing general weakness in commodity prices and lower than expected volumes at our curbside recycling facilities also adversely affected performance in that division.
    "However, September showed improved performance in all divisions, as costs fell more in line with sales activity.  Our design division continues to perform well, as it completes its backlog," he added.
    "We remain concerned about the weakness in the economy which continues to dampen demand for new recycling facilities and to depress prices for commodities," Schorr concluded.
                 RESOURCE RECYCLING TECHNOLOGIES, INC.
            Condensed Consolidated Statement of Operations
                              (Unaudited)
    Periods ended              Three Months           Nine Months
     Sept. 30;              1991        1990        1991        1990
    Revenues            $12,444,000 $11,317,000 $35,154,000 $22,953,000
    Costs & expenses     12,982,000  11,174,000  35,460,000  23,620,000
    Interest & other
     income, net           (239,000)   (203,000)   (379,000) (1,161,000)
    Income (loss)
     before income taxes   (299,000)    346,000      73,000     494,000
    Provision for
     income taxes          (104,000)    139,000      40,000     198,000
    Total                  (195,000)    207,000      33,000     296,000
    Equity in net
     earnings of affiliate       --      (2,000)      8,000      28,000
    Extraordinary item, NOL
     tax credit (charge)   (104,000)(A) 123,000      20,000(A)  173,000
    Net income (loss)      (299,000)    328,000      61,000     497,000
    Dividend on
     preferred stock          5,000       5,000      15,000      15,000
    Earnings Per Common & Equivalent Share:
      Income before
       extraordinary item      (.07)        .07         .01         .13
      Extraordinary
       credit (charge)         (.04)        .05         .01         .07
      Net income (loss)        (.11)        .12         .02         .20
    Average weighted
     shares outstanding   2,720,600   2,517,700   2,716,600   2,353,600
    (A) -- Third quarter reversal of previously recognized net operating loss benefit.
    -0-        11/1/91
    /CONTACT:  Thomas R. Recny, CFO of Resource Recycling, 315-455-7080/
    (RRT) CO:  Resource Recycling Technologies, Inc. ST:  New York IN: SU:  ERN KD-JK -- NY078 -- 0441 11/01/91 17:43 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 1, 1991
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