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SERV-TECH ANNOUNCES THIRD QUARTER NET INCOME MORE THAN DOUBLES

 SERV-TECH ANNOUNCES THIRD QUARTER NET INCOME MORE THAN DOUBLES
 HOUSTON, Nov. 5 /PRNewswire/ -- Serv-Tech, Inc. (NASDAQ: STEC) announced that net income for the third quarter of 1992 was $647,000, or 11 cents per share, more than double net income of $274,000, or five cents per share, in the third quarter of 1991. Operating income increased from $246,000 in 1991 to $2.6 million in the three months ended Sept. 30, 1992. Due to strong performance in the company's electrical contracting business and improved results in refinery turnaround maintenance services, revenues were $35.1 million in the third quarter 1992, an increase of 117 percent from year earlier revenues of $16.2 million. The average number of shares outstanding was 5,838,000 during the third quarter 1992, compared to 5,707,000 in the year earlier.
 For the nine months ended Sept. 30, 1992, net income was $3.8 million ($.67 per share), an increase of 27 percent from 1991 net income of $3.0 million ($.60 per share). Operating income increased by 70 percent, from $4.8 million in the first nine months of 1991 to $8.2 million in 1992. Revenues were $103.2 million for the nine-month period ended Sept. 30, 1992, an increase of 71 percent from 1991.
 Richard W. Krajicek stated that the improved earnings resulted from higher revenue in turnaround services and strong operating margins in the electrical and instrumentation business. He further stated, "While a number of service companies in the industry are experiencing a slow down, Serv-Tech is realizing continually active demands from our customers. In addition, new and existing environmental laws continue to create a demand for high tech services we have recently introduced. We are optimistic that these factors, in addition to our acquisitions, will continue our growth."
 Krajicek also announced that the company has agreed to pay $1.3 million to six former employees in settlement of a disagreement over the issuing of stock options. This resulted in a one-time charge against earnings that equalled 13 cents per share.
 Following are unaudited operating results for the three- and nine- month periods ended Sept. 30, 1992.
 SERV-TECH INCORPORATED
 (In 000s except per share data)
 Periods ending Three Months Nine Months
 Sept. 30 1992 1991 1992 1991
 Revenues $ 35,139 $ 16,183 $103,205 $60,277
 Operating income 2,580 246 8,172 4,806
 Net income 647 274 3,833 3,007
 Earnings per share .11 .05 $ .67 $ .60
 Average shares outstanding 5,838 5,707 5,737 4,993
 -0- 11/5/92
 /CONTACT: Lawauna Swafford, shareholder relations of Serv-Tech, Inc., 713-644-9974/
 (STEC) CO: Serv-Tech, Inc. ST: Texas IN: OIL SU: ERN


WB -- NY135 -- 7985 11/05/92 17:50 EST
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Date:Nov 5, 1992
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