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SEVENSON ENVIRONMENTAL SERVICES, INC. REPORTS FIRST QUARTER RESULTS

 NIAGARA FALLS, N.Y., April 27 /PRNewswire/ -- Sevenson Environmental Services, Inc. (NASDAQ-NMS: SEVN) today announced earnings for the first quarter ended March 31, 1993, of $.09 a share.
 Net earnings were $563,000, or $.09 a share on 6.3 million shares outstanding, vs. $630,000, or $.10 a share on 6.5 million shares outstanding, in the first quarter of 1992. Revenues for the quarter were lower at $11,088,000 vs. $12,035,000 last year, an 8 percent decline.
 Michael A. Elia, president of Sevenson stated, "Although earnings were lower than last year's first quarter record earnings, we are nevertheless pleased with first quarter results. The first quarter is always a difficult operating period for us due to weather conditions. Severe weather in March stopped or slowed progress on projects and contributed to lower earnings. Also affecting earnings were lower revenues in our industrial services subsidiary reflecting generally poor conditions in that industry. The outlook for the rest of the year is good. We are beginning operations on the Marathon Battery Superfund project which we announced earlier this month, the largest project we have undertaken to date. Also, bidding activity for new projects has increased."
 Sevenson provides a comprehensive range of field services for the remediation of sites and facilities contaminated by hazardous materials. The company, which is headquartered in Niagara Falls, operates in the United States and Canada. Since entering the site remediation business in 1979, the company has performed over 375 projects including projects at the Love Canal and 34 other Superfund sites.
 SEVENSON ENVIRONMENTAL SERVICES, INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Earnings
 Three-Month Periods Ended March 31, 1993 and 1992 - (Unaudited)
 (In thousands, except per-share data)
 Three-Month Periods Ended March 31 1993 1992
 Revenues:
 Contracts $11,032 $11,975
 Other 56 60
 11,088 12,035
 Costs and Expenses:
 Cost of contracts:
 Direct costs 8,035 8,901
 Indirect costs 785 848
 Selling, general and administrative 1,708 1,674
 10,528 11,423
 Earnings From Operations 560 612
 Other:
 Interest income 302 316
 Interest expense (44) (43)
 258 273
 Earnings Before Income Taxes 818 885
 Income Taxes 255 255
 Net Earnings 563 630
 Weighted Average Number of
 Shares Outstanding 6,322 6,511
 Earnings Per Share $.09 $.10
 -0- 4/27/93
 /CONTACT: William J. McDermott, vice president-finance, of Sevenson Environmental Services, 716-284-0431/
 (SEVN)


CO: Sevenson Environmental Services, Inc. ST: New York IN: ENV SU: ERN

KC-CD -- PG001 -- 1118 04/27/93 08:03 EDT
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Publication:PR Newswire
Date:Apr 27, 1993
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