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SECURITY ENVIRONMENTAL SYSTEMS REPORTS FISCAL 1992 YEAR-END RESULTS

SECURITY ENVIRONMENTAL SYSTEMS REPORTS FISCAL 1992 YEAR-END RESULTS
 GARDEN GROVE, Calif., Oct. 16 /PRNewswire/ -- Security Environmental Systems (NASDAQ: SENV) reported today a 35 percent increase in revenues for the fiscal year ended June 30, 1992, of $8,005,004 compared with revenues for fiscal 1991 ended June 30 of $5,911,594. Income before provision for income taxes and extraordinary items increased 30 percent to $627,368 compared to $481,736 for fiscal 1991. After taking into consideration tax benefits from a net operating loss carryforward, 1992 net income amounted to $627,368, or $.06 per share, compared with a loss of ($1,147,976), or ($.11) per share, for the prior year. In fiscal 1991, the company incurred an extraordinary loss of $1,699,312 in connection with costs written-off related to a waste incineration project.
 The results of operations for the fiscal year ended June 30, 1992, do not include the effect of the pending resolution by settlement or court order, of a shareholder suit which was brought against the company in March 1992. The effect of the pending resolution may require a substantial restatement of the results of operations for the period ended June 30, 1992, the period in which the alleged actions which gave rise to the lawsuit occurred. As part of the matter referred to above, the company recently disclosed the cancellation of 2,012,065 shares of common stock which were issued to Alfred, Stephen and Jonathan Grossman in consideration for various guarantees given by the Grossmans in 1991 as required by third parties which loaned funds or leased property to SES or issued letters of credit on behalf of SES.
 Stephen Grossman, president of Security Environmental Systems Inc., indicated that "1992 was a very significant year for us, both in terms of expanding the business activity in our waste hauling business by our continued ability to obtain disposal contracts for military waste and in our core medical waste treatment business, by laying the groundwork to enter into the New Mexico and San Diego biomedical waste disposal markets." He noted that a significant portion of the company's expenses resulted from expansion of the company's business, and indicated that in 1992, the company sold an option to acquire the Vernon Property, which the company itself currently occupies under a lease/option to purchase agreement.
 Security Environmental Systems founded in 1972, disposes of biomedical and hazardous waste by incineration and steam sterilization and conducts interstate transportation of hazardous waste. The company operates from facilities in Garden Grove, Vernon and Long Beach, Calif. Most recently, the company has expanded into Albuquerque, N.M.
 SECURITY ENVIRONMENTAL SYSTEMS INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 Year Ended June 30,
 1992 1991
 Revenues $8,005,004 $5,911,594
 Total Expenses 7,377,636 5,429,858
 Income before provision for
 income taxes and
 extraordinary items 627,368 481,736
 Benefit from (provision for)
 income taxes (241,000) 69,600
 Income before extraordinary items 386,368 551,336
 Extraordinary items - tax benefit
 resulting from utilization of net
 operating loss carry forwards 241,000 ---
 Costs written off due to regulatory
 action --- 1,699,312
 Net income (loss) $627,368 ($1,147,976)
 Weighted average number of common
 shares outstanding 10,563,823 10,061,336
 Earnings (loss) per share:
 Income before extraordinary item $.04 $.055
 Extraordinary item .02 (.169)
 Net income (loss) per share $.06 ($.114)
 -0- 10/16/92
 /CONTACT: Stephen Grossman, president of Security Environmental Systems, 213-262-3722; or William F. Coffin or John H. Shaw of Financial Relations Board, 818-783-2400, for Security Environmental Systems/
 (SENV) CO: Security Environmental Systems ST: California IN: SU: ERN


JB-KJ -- LA002 -- 0797 10/16/92 09:00 EDT
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Publication:PR Newswire
Date:Oct 16, 1992
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