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RIEDEL EARNINGS EXCEED EXPECTATIONS

 RIEDEL EARNINGS EXCEED EXPECTATIONS
 PORTLAND, Ore., July 30 /PRNewswire/ -- Arthur A. Riedel, chairman,


president and chief executive officer of Riedel Environmental Technologies Inc. (RET) (AMEX: RIE) announced today that the company recorded earnings of $1.3 million, or 38 cents per share, on revenues of $23.9 million for the quarter ended June 30, compared to a loss of $2.1 million, or a loss of 59 cents per share, for the similar period in 1991.
 Year-to-date results showed a similar improvement with the company posting earnings of $378,000, or 11 cents per share. Results for the comparable six-month period in 1991 showed a loss of $3.3 million, or a loss of 95 cents per share.
 A major reason for this turnaround, according to Riedel, is the "Back to Basics" philosophy adopted by the company late last year. Riedel stated, "Since the beginning of 1992, our restructured management team has worked diligently to improve our operating results as we have sharpened our focus on our core businesses: environmental remediation; environmental engineering and construction; solid waste management; and the manufacture of recycled rubber products. We have closed the sales of six of seven operations which we targeted for sale, and expect the seventh sale to close soon. This 'Back to Basics' philosophy enabled the company to start the year fresh without the burden of the discontinued operations which were losing money." Riedel also stated that the company had aggressively targeted and has successfully reduced its selling, general and administrative expenses.
 William V. Spicer, RET executive vice president-Finance, added, "We're very enthusiastic about these results. We've successfully completed implementation of our 'Back to Basics' strategy, we're lean and hungry and intend to aggressively pursue continued operating profits in the future."
 RIEDEL ENVIRONMENTAL TECHNOLOGIES INC.
 FINANCIAL DATA
 (Unaudited, in thousands, except per-share data)
 Three Months Six Months
 Ended June 30: 1992 1991 1992 1991
 Revenues $23,850 $19,086 $47,051 $38,328
 Costs 16,874 13,646 35,354 28,098
 Gross profit 6,976 5,440 11,697 10,230
 Selling, general and
 administrative expenses 4,721 5,713 9,829 11,069
 Operating income (loss) 2,255 (273) 1,868 (839)
 Interest (873) (531) (1,612) (1,042)
 Other income (expense) (73) 222 122 139
 Income (loss) from
 continuing operations
 before income taxes 1,309 (582) 378 (1,742)
 Income tax benefit -- (109) -- (1,500)
 Income (loss) from
 continuing operations 1,309 (473) 378 (242)
 Loss from operations of
 discontinued entities -- (1,598) -- (3,071)
 Net income (loss) $ 1,309 $(2,071) $ 378 $(3,313)
 Net income (loss) per common share:
 Income (loss) from
 continuing operations $ 0.38 $ (0.13) $ 0.11 $ (0.07)
 Loss from operations of
 discontinued entities -- (0.46) -- (0.88)
 Net income (loss) $ 0.38 $(0.59) $ 0.11 $ (0.95)
 -0- 7/30/92
 /CONTACT: Dave Rynd of Riedel Environmental Technologies, 503-286-4656/
 (RIE) CO: Riedel Environmental Technologies Inc. ST: Oregon IN: SU: ERN


SC-LM -- SE004 -- 4935 07/30/92 09:00 EDT
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Publication:PR Newswire
Date:Jul 30, 1992
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