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STONE & WEBSTER REPORTS RESULTS

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


(NYSE: SW), today reported consolidated net income for the three months ended June 30, 1992, of $5,573,000, or 37 cents per share, including increases in consolidated net income of $346,000, or 3 cents per share, as a result of an accounting change; a tax benefit of $202,000, or 1 cent per share, from utilization of foreign subsidiaries' tax loss carryforwards; and $2,364,000, or 16 cents per share, resulting from the sale of investment securities.
 This compares with consolidated net income for the three months ended June 30, 1991, of $6,095,000, or 40 cents per share, including a tax benefit of $1,079,000, or 8 cents per share, from utilization of foreign subsidiaries' tax loss carryforwards. Gross earnings for the three months ended June 30, 1992, were $76,028,000, including $3,734,000 of profits on investment securities. This compares with gross earnings for the three months ended June 30, 1991, of $68,333,000.
 Consolidated net income for the six months ended June 30, 1992, was $8,929,000, or 59 cents per share, including increases in consolidated net income of $3,925,000, or 26 cents per share, as a result of an accounting change; a tax benefit of $317,000, or 2 cents per share, from utilization of foreign subsidiaries' tax loss carryforwards; and $2,364,000, or 16 cents per share, resulting from the sale of investment securities. This compares with consolidated net income for the six months ended June 30, 1991 of $7,568,000, or 50 cents per share, including a tax benefit of $1,287,000, or 9 cents per share, from utilization of foreign subsidiaries' tax loss carryforwards. Gross earnings for the six months ended June 30, 1992, were $141,824,000, including $3,734,000 of profits on investment securities. This compares with gross earnings for the six months ended June 30, 1991, of $133,644,000.
 Effective Jan. 1, 1992, the corporation changed the method of determining the market-related 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 the first six months ended June 30, 1992, by $3,229,000, or 21 cents per share. In addition, the effect for the six months ended June 30, 1992, was to increase net income by $696,000, or 5 cents per share.
 The average number of shares outstanding for the three months ended June 30, 1992, and June 30, 1991, was 15,007,000 and 15,068,000, respectively; and for the six months ended June 30, 1992, and June 30, 1991, was 15,010,000 and 15,073,000, respectively.
 STONE & WEBSTER, INCORPORATED
 Financial Highlights
 Three months ended June 30 1992 1991
 Gross earnings $76,028,000(A) $68,333,000
 Income before extraordinary item
 and cumulative effect of a
 change in accounting principle 5,371,000(E) 5,016,000
 Extraordinary item 202,000(B) 1,079,000(B)
 Cumulative effect of a change in
 accounting principle (to Dec. 31,
 1991) -- --
 Net income $ 5,573,000(C,E) $ 6,095,000
 Earnings per share $.37(C) $.40
 Average number of shares outstg. 15,007,000 15,068,000
 Six months ended June 30 1992 1991
 Gross earnings $141,824,000(A) $133,644,000
 Income before extraordinary item
 and cumulative effect of a
 change in accounting principle 5,383,000(E) 6,281,000
 Extraordinary item 317,000(B) 1,287,000(B)
 Cumulative effect of a change in
 accounting principle
 (to Dec. 31, 1991) 3,229,000(D) --
 Net income $ 8,929,000(C,E) $ 7,568,000
 Earnings per share $.59(C) $.50
 Average number of shares outstg. 15,010,000 15,073,000
 (A) -- Includes gross earnings of $3,734,000 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 $2,364,000, or 16 cents per share, resulting from the sale of investment securities.
 (D) -- Represents the change in method of determining the market- related value of 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 and $696,000 for the three and six months ended June 30, 1992, respectively, resulting from the change in accounting principle as described in note D above.
 -0- 7/17/92
 /CONTACT: W.M. Egan of Stone & Webster, 212-290-7490/
 (SW) CO: Stone & Webster Incorporated ST: New York IN: SU: ERN


GK-CK -- NY016 -- 0174 07/17/92 10:59 EDT
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