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SECURITY ENVIRONMENTAL SYSTEMS REPORTS RECORD SECOND QUARTER FISCAL YEAR 1993 RESULTS

 GARDEN GROVE, Calif., Feb. 10 /PRNewswire/ -- Stephen Grossman, president of Security Environmental Systems (NASDAQ: SENV) reported today more than a 150 percent increase in revenues to $4.6 million for the second quarter of fiscal 1993 ended Dec. 31, 1992, compared to revenues for the same quarter last year of $1.76 million. Income before taxes and extraordinary items rose 1000 percent to $2.3 million compared with $200,000 for the same second quarter of fiscal 1992. After taking into consideration tax benefits from a tax loss carryforward of $300,000, the company reported net income of approximately $1.6 million, or $.15 per share, compared with net income of $200,200, or $.01 per share, for the comparable period last year. There were 10,611,000 shares outstanding for the current period compared with 12,526,000 shares outstanding for the same period last year.
 For the six months ended Dec. 31, 1992, revenues rose to approximately $7.4 million, a 110 percent increase over six-month revenues of $3.5 million for the six-month period last year. Net income after taking into consideration tax benefits from the utilization of a net operating loss carryforward increased to $1.6 million, or $.15 per share, for the six months ended Dec. 31, 1992, compared with net income of $250,000, or $.02 per share, for the same six-month period last year.
 Grossman commented on the results saying, "The increases in operating results for the second quarter and six-month period are by far and away the most significant in the company's history. Contributing to these fine results were further increases in the company's core medical waste disposal business, and substantial increases in its hazardous waste business. During the quarter we completed a substantial add-on contract for the removal and disposal of hydrocarbon contaminated soil at Camp Pendleton, Calif. This contributed nearly $2 million to revenues in the second fiscal quarter. While the rate of growth in the third and final quarters may not continue at the same pace as the second quarter, we are optimistic that the general increased trend of revenues and earnings will continue through the balance of the fiscal year."
 Grossman also said that the company has recently been awarded a one-year hazardous waste pick up and disposal contract with a one- year option for Port Hueneme, Point Mugu, Vandenberg Air Force Base and other affiliated installations. He said the value of that contract is anticipated to be approximately $4.8 million over its life. "We are also actively bidding on other hazardous waste disposal projects at military installations throughout the United States. We are hopeful that we will be able to continue to expand our involvement in hazardous waste removal at military installations throughout the United States."
 Grossman also noted that the company's balance sheet continued to improve with current assets of $5.1 million, working capital of $3.0 million and shareholders' equity of $3.5 million.
 In other areas, Grossman noted that a preliminary settlement of a shareholder lawsuit brought against the company and certain of its officers, has been reached subject to the chancellory court of Delaware approval which is scheduled for March 1. Following the hearing, the company will hold an annual shareholders meeting which will include, among other things, the election of directors, and a proposal to reverse split the company's shares on a one-for-three basis. "We believe that this action will posture the company to attract a greater participation and interest within the investment community."
 Security Environmental Systems, founded in 1972, disposes of biomedical waste by incineration and steam sterilization and conducts inter-state 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.
 Summary of Operations
 (In thousands, except per share data and ratio analysis)
 Three Months Ended Six Months Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Revenues $4,595,730 $1,755,321 $7,383,896 $3,506,512
 Income before
 extraordinary
 item 1,256,820 125,200 1,290,852 163,840
 Extraordinary
 item 297,850 75,000 303,850 87,000
 Net income 1,554,670 200,200 1,594,702 250,840
 Per share
 information:
 Income before
 extraordinary
 item $.12 $.01 $.12 $.01
 Extraordinary
 item $.03 --- $.03 $.01
 Net income
 per share $.15 $.01 $.15 $.02
 Average number
 of shares
 outstanding 10,611,323 12,525,888 10,611,323 11,539,856
 -0- 2/10/93
 /CONTACT: Stephen I. Grossman, president of Security Environmental Systems, 213-262-3722, or William F. Coffin of Coffin Communications, 818-789-0300, for Security Environmental Systems/
 (SENV)


CO: Security Environmental Systems ST: California IN: SU: ERN

MS-KJ -- LA007 -- 5088 02/10/93 11:00 EST
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Date:Feb 10, 1993
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