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SERV-TECH ANNOUNCES THIRD QUARTER NET INCREASES 16 PERCENT

 HOUSTON, Nov. 4, 1993--(SWN)--Serv-Tech, Inc. (NASDAQ-STEC) announced today that net income for third quarter of 1993 was $719,000, which is 16 percent above net income of $619,000 for third quarter 1992. Earnings per share were $.12 in the three months ended Sept. 30, 1993, compared to net income of $.11 per share in the year earlier period. Revenues totalled $41.6 million for the recent third quarter, or 18 percent above revenues in the third quarter of 1992. The company achieved higher revenues in all of its service lines, most notably in the electrical contracting and environmental businesses.
 For the nine months ended Sept. 30, 1993, net income was $1,923,000, or $1.8 million below net income for the comparable period in 1992. Earnings per share of $.33 for the first three quarters of 1993 compared to earnings of $.65 per share in 1992. Revenues were $114.6 million, an increase of 11 percent from revenues of $103.2 million for the comparable nine-month period in 1992.
 Richard W. Krajicek, chairman of the board and chief executive officer, stated, "Third quarter operating results improved significantly from levels in the second quarter of this year. Demand for refinery services has improved as refining margins have increased and capacity utilization rates remain high. During the second quarter slowdown earlier this year, Serv-Tech worked hard to increase its market share, and we believe this is now being realized by the substantial increase in bidding activity for our services."
 Serv-Tech provides specialty maintenance, engineering, construction and environmental services to the hydrocarbon processing, oil production and pulp and paper industries in the United States and Europe.
 CONSOLIDATED STATEMENT OF INCOME
 (in thousands, except per share)
 Three Months Ended Three Months Ended
 September 30, 1993 September 30, 1992
 ------------------ ------------------
 Revenues $41,622 $35,139
 Net Income 719 619
 Earnings per Share .12 .11
 Weighted Average Common and Common
 Equivalent Shares 5,848,524 5,837,642
 Nine Months Ended Nine Months Ended
 September 30, 1993 September 30, 1992
 ------------------ ------------------
 Revenues $114,630 $103,205
 Net Income 1,923 3,707
 Earnings per Share .33 .65
 Weighted Average Common and
 Common Equivalent Shares 5,858,524 5,737,371
 -0- 11/4/93
 /CONTACT: John M. Slack, vice president - finance, Serv-Tech, Inc., 713/644-9974/
 (STEC)


CO: Serv-Tech, Inc. ST: Texas IN: OIL SU: ERN

DH -- NY090 -- 0807 11/04/93 14:19 EST
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Publication:PR Newswire
Date:Nov 4, 1993
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