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RIEDEL POSTS SECOND QUARTER PROFIT

 PORTLAND, Ore., July 30 /PRNewswire/ -- Arthur A. Riedel, chairman and chief executive officer of Riedel Environmental Technologies Inc. (RET) (AMEX: RIE) announced today that the company posted a profit from continuing operations of $115,000 or 3 cents per share on revenues of $20.5 million for the quarter ending June 30, 1993.
 In making the announcement Riedel stated, "I'm pleased to be able to announce a modest profit for the quarter. As with the first quarter, business activity continued to be much slower than anticipated leaving profit margins under heavy pressure." The Riedel chairman added that the company is optimistic about prospects for the future. "In particular our Midwest region is seeing increased work as a result of the floods occurring along the upper Mississippi."
 According to the company, the previously announced sale of the Riedel OMNI Rubber Products subsidiary is proceeding with a great deal of interest shown by potential buyers. Accordingly, financial results have been adjusted to reflect OMNI under discontinued operations.
 RET is the parent of Riedel Environmental Services, one of the leading hazardous waste site remediation and environmental cleanup firms in the United States.
 RIEDEL ENVIRONMENTAL TECHNOLOGIES INC.
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (In thousands, except per share data; unaudited)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Revenues $ 20,492 $ 19,806 $ 39,251 $ 41,201
 Costs 15,076 14,309 29,020 31,446
 Gross profit 5,416 5,497 10,231 9,755
 Selling, general and
 administrative
 expenses 5,041 4,128 10,356 8,679
 Operating income (loss) 375 1,369 (125) 1,076
 Interest expense (569) (682) (1,140) (1,267)
 Other income (loss) 53 (84) 53 108
 Income (loss) from
 continuing operations
 before income taxes (141) 603 (1,212) (83)
 Income tax benefit (256) 0 (256) 0
 Income (loss) from
 continuing operations 115 603 (956) (83)
 Income (loss) from
 discontinued operations (37) 706 (438) 461
 Net income (loss) $ 78 $ 1,309 $ (1,394) $ 378
 Net income (loss) per
 common share:
 Income (loss) continuing
 operations $ 0.03 $ 0.18 $ (0.25) $ (0.02)
 Income (loss) from
 discontinued ops. (0.01) 0.20 (0.11) 0.13
 Net income (loss) $ 0.02 $ 0.38 $ (0.36) $ 0.11
 -0- 7/30/93
 /CONTACT: Dave Rynd, vice president and executive assistant to CEO, of Riedel Environmental Technologies, 503-286-4656/
 (RIE)


CO: Riedel Environmental Technologies Inc. ST: Oregon IN: ENV SU: ERN

LM-SB -- SE003 -- 7602 07/30/93 08:55 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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