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STONE & WEBSTER, INCORPORATED REPORTS RESULTS

 NEW YORK, Jan. 20 /PRNewswire/ -- Stone & Webster, Incorporated today reported consolidated net income for the three months ended Dec. 31, 1992 of $3,305,000, or $.22 per share including increases in consolidated net income of $346,000, or $,02 per share, as a result of an accounting change; and $247,000, or $.02 per share, resulting from the sale of investment securities. This compares with consolidated net income for the three months ended Dec. 31, 1991 of $3,255,000, or $.22 per share. Gross earnings for the three months ended Dec. 31, 1992 were $72,490,000, including $374,000 of profits on investment securities. This compares with gross earnings for the three months ended Dec. 31, 1991 of $69,408,000.
 Consolidated net income for 1992, subject to audit, was $12,815,000, or $.85 per share, including increases in consolidated net income of $4,620,000, or $.30 per share, as a result of an accounting change; and $2,802,000, or $.19 per share, resulting from the sale of investment securities. This compares with consolidated net income for 1991 of $17,605,000, or $1.17 per share. Gross earnings for 1992 were $283,097,000, including $4,398,000 of profits on investment securities. This compares with gross earnings for 1991 of $273,239,000.
 Effective Jan. 1, 1992, the corporation changed its method for determining the calculated value of the assets of its pension plan for purposes of calculating annual pension cost under FASB Statement No. 87. As a result of this accounting change, the one-time cumulative effect to Dec. 31, 1991 increased net income for 1992 by $3,229,000, or $.21 per share. In addition, the effect for 1992 was to increase net income by $1,391,000, or $.09 per share.
 The average number of shares outstanding for the three months ended Dec. 31, 1992 and Dec. 31, 1991 was 14,972,000 and 15,019,000, respectively; and for the years 1992 and 1991 was 14,999,000 and 15,055,000, respectively.
 STONE & WEBSTER, INC.
 Financial Highlights
 (000's ommitted, except per share)
 Periods ended Three months Year
 Dec. 31 1992 1991 1992 1991
 Gross earnings $72,490(A) $69,408 $283,097(A) $273,239
 Income before extraord.
 item and cumulative
 effect of a change in
 accounting principle 3,315(E) 3,354 9,340(C) 16,417
 Extraordinary item ( 10)(B) ( 99)(B) 246(B) 1,188(B)
 Cumulative effect of a
 change in accounting
 principle (to 12/31/91) -- -- 3,229(D) --
 Net income 3,305(C,E) 3,255 12,815(C,E) 17,605
 Earnings per share $.22(C,E) $.22 $.85(C,E) $1.17
 Average number of shares
 outstanding 14,972 15,019 14,999 15,055
 (A) Includes gross earnings of $374,000 and $4,398,000 for the three months and year ended Dec. 31, 1992, respectively, resulting from the sale of investment securities.
 (B) Represents the recognition of a tax benefit from utilization of foreign subsidiaries' tax loss carryforwards.
 (C) Includes net income of $247,000, or $.02 per share, and $2,802,000, or $.19 per share, for the three months and year ended Dec. 31, 1992, respectively, resulting from the sale of investment securities.
 (D) Represents the change in method for determining the calculated value of the assets of the corporation's pension plan for purposes of calculating annual pension cost under FASB Statement No. 87.
 (E) Includes income of $346,000, or $.02 per share, and $1,391,000, or $.09 per share, for the three months and year ended Dec. 31, 1992, respectively, resulting from the change in accounting principle as described in Note D above.
 -0- 1/20/93
 /CONTACT: W. M. Egan of Stone & Webster, Inc., 212-290-7490/
 (SW)


CO: Stone & Webster Incorporated ST: New York IN: CST SU: ERN

AH-OS -- NY042 -- 6899 01/20/93 12:56 EST
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Date:Jan 20, 1993
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