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STONE & WEBSTER REPORTS RESULTS

 STONE & WEBSTER REPORTS RESULTS
 NEW YORK, Jan. 17 /PRNewswire/ -- Stone & Webster, Incorporated


(NYSE: SW) today reported consolidated net income for the three months ended Dec. 31, 1991, of $3,255,000, or 22 cents per share.
 This compares with consolidated net income for the three months ended Dec. 31, 1990, of $1,978,000, or 13 cents per share, including a tax benefit of $778,000, or 5 cents per share, from utilization of foreign subsidiaries' tax loss carryforwards. Gross earnings for the three months ended Dec. 31, 1991, were $69,408,000 compared with $63,415,000, for the corresponding period last year.
 Consolidated net income for 1991, subject to audit, was $17,605,000, or $1.17 per share, including a tax benefit of $1,188,000, or 9 cents per share, from utilization of foreign subsidiaries' tax loss carryforwards. This compares with consolidated net income for 1990 of $8,888,000, or 59 cents per share, including a tax benefit of $1,346,000, or 9 cents per share, from utilization of foreign subsidiaries' tax loss carryforwards and $2,853,000, or 19 cents per share, resulting from the sale of investment securities. Gross earnings for 1991 were $273,239,000. This compares with gross earnings for 1990 of $262,010,000, including $4,274,000 of profits on investment securities.
 The average number of shares outstanding for the three months ended Dec. 31, 1991, and Dec. 31, 1990, was 15,019,000 and 15,083,000, respectively; and for the years 1991 and 1990 was 15,055,000 and 15,124,000, respectively.
 STONE & WEBSTER, INCORPORATED
 Financial Highlights
 Three months ended Dec. 31 1991 1990
 Gross earnings $69,408,000 $63,415,000
 Income before
 extraordinary item 3,255,000 1,200,000
 Extraordinary item -- 778,000(B)
 Net income 3,255,000 1,978,000
 Earnings per share $.22 $.13
 Average number of
 shares outstanding 15,019,000 15,083,000
 Year ended Dec. 31 1991 1990
 Gross earnings $273,239,000 $262,010,000(A)
 Income before
 extraordinary item 16,417,000 7,542,000
 Extraordinary item 1,188,000(B) 1,346,000(B)
 Net income 17,605,000 8,888,000(C)
 Earnings per share $1.17 $.59(C)
 Average number of
 shares outstanding 15,055,000 15,124,000
 (A) -- Includes gross earnings of $4,274,000, 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 $2,853,000, or $.19 per share, resulting from the sale of investment securities.
 -0- 1/17/92
 /CONTACT: W.M. Egan of Stone & Webster, 212-290-7490/
 (SW) CO: Stone & Webster, Incorporated ST: New York IN: CST SU: ERN CK-HM -- NY046 -- 1043 01/17/92 14:08 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Jan 17, 1992
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