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SERV-TECH REPORTS SECOND QUARTER NET INCOME INCREASES BY 21 PERCENT

 SERV-TECH REPORTS SECOND QUARTER NET INCOME INCREASES BY 21 PERCENT
 HOUSTON, Aug. 3 /PRNewswire/ -- Serv-Tech, Inc. (NASDAQ: STEC) announced that net income, for the three months ended June 30, 1992, was $1,521,000, 21 percent above net income of $1,253,000 in the second quarter 1991. Revenues for the quarter totaled $31.9 million, 36 percent higher than revenues in the year earlier period. Earnings per share of 26 cents in the second quarter 1992 was equal to 1991 earnings per share. Average shares outstanding increased by 19 percent from 4,813,000 in 1991 to 5,746,000 in the second quarter 1992.
 For the six months ended June 30, 1992, net income was $3,186,000, an increase of 17 percent from 1991 net income of $2,733,000. Revenues were $68.1 million for the first half of 1992, 54 percent higher than 1991 revenues of $44.1 million for the same period. Net income was 56 cents per share for the first half of 1992, down 3 cents per share from 1991 results. The small decline in earnings per share resulted from a 23 percent increase in average shares outstanding from 4,624,000 in the first half of 1991 to 5,691,000 in the 1992 period.
 Richard W. Krajicek, chairman of the board, stated that the improvement in revenues and net income resulted from strong performance by the company's electrical, engineering and environmental businesses. Krajicek said, "Second quarter results were favorably impacted by higher gross profit margins. Turnaround services were down slightly in the first half of the year due to a sluggish industry, but we expect to see an improvement in our turnaround business during the last half of the year. It is expected that the acquisition in May of Talbert & Associates, our engineering company, will also have a favorable impact on future performance."
 Krajicek also stated that the company expects the $17.5 million judgment (not including interest), which the company was awarded in June by a Houston, Texas jury, will be appealed by the defendants, Stewart & Stevenson Services, Inc., Ohmstede Mechanical Services, Inc., and Ohmstede, Inc. He said, "While the company has not yet recorded any gain from the award, we strongly believe the jury's verdict will be upheld. Serv-Tech will continue to protect its proprietary technology whenever it is unlawfully utilized."
 SERV-TECH, INC.
 (Unaudited -- in thousands)
 Three Months Ended June 30 1992 1991
 Revenues $31,891 $23,430
 Operating income 2,862 2,097
 Net income 1,521 1,253
 Earnings per share $ .26 $ .26
 Average shares
 outstanding 5,746,247 4,813,368
 Six Months Ended June 30 1992 1991
 Revenues $68,066 $44,095
 Operating income 5,592 4,561
 Net income 3,186 2,733
 Earnings per share $ .56 $ .59
 Average shares
 outstanding 5,690,708 4,624,429
 Serv-Tech provides specialty maintenance, engineering, environmental and construction services to the hydrocarbon processing and oil production industries.
 -0- 8/3/92
 /CONTACT: John M. Slack, vice president-finance of Serv-Tech, Inc., 713-644-9974/
 (STEC) CO: Serv-Tech, Inc. ST: Texas IN: SU: ERN


PS -- NY062 -- 6242 08/03/92 14:29 EDT
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Date:Aug 3, 1992
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