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THE SHAW GROUP INC. ANNOUNCES FIRST QUARTER RESULTS

 BATON ROUGE, La., Jan. 6 /PRNewswire/ -- The Shaw Group Inc. (NASDAQ: SHAW), which went public in early December 1993, announces results for the first fiscal '94 quarter ended Nov. 30, 1993, showing net income of $1.4 million, a 27 percent increase over the $1.1 million for the first quarter ended Nov. 30, 1992. Earnings per share increased to $0.24 per share from $0.15 per share.
 Sales increased by 18.6% to $31.3 million for the quarter from $26.4 million last year. Sales continued to grow both internationally and in the power generation markets.
 Total backlog as of Nov. 30, 1993 increased 46% to approximately $75 million from approximately $51 million as of the same date in 1992. In addition to the backlog at The Shaw Group's five domestic fabrication plants, its joint venture facility in Venezuela, which began production in December 1993, has total backlog of approximately $8 million.
 The company raised $38 million from its initial public offering in December 1993, with the proceeds utilized to retire substantially all of the company's Debt. A total of 2,875,000 new shares were issued, which includes the Dec. 20, 1993 exercised of 375,000 additional shares to cover overallotments. Total shares outstanding after the offering are 8,477,001.
 Originally formed in 1987, The Shaw Group is one of the world's largest fabricators of engineered piping systems used in power plants, refineries, and other process manufacturing systems. The company operates five pipe fabrication facilities located in Baton Rouge; Walker, La.; West Monroe, La.; Texas City, Texas; and Laurens, S.C. A joint venture facility in Venezuela became operational in December. Another facility is being constructed under a joint venture agreement in Bahrain and is scheduled for completion in April 1994.
 THE SHAW GROUP INC. AND SUBSIDIARIES
 Condensed Consolidate Statements of Income
 (unaudited -- in thousands, except per share data)
 First Quarter ended Nov. 30, 1992 1993
 Income:
 Sales $26,366 $31,315
 Cost of sales 21,392 25,519
 Gross profit 4,974 5,796
 General & Administrative expenses 2,817 2,875
 Operating income 2,157 2,921
 Interest expense 410 739
 Income before income taxes 1,747 2,182
 Income tax provision 642 798
 Income before minority interest 1,105 1,384
 Minority int. in net inc. of subsid. (14) --
 Net income $ 1,091 $ 1,384
 Earnings per share $ .15 $ .24
 Weighted Average Shares Outstanding 7,364 5,765(A)
 (A) Reflects the repurchase of 873,875 shares of stock in September
 1993.
 -0- 1/6/94
 /CONTACT: Bret Talbot of The Shaw Group, 504-296-1140/
 (SHAW)


CO: The Shaw Group Inc. ST: Louisiana IN: SU: ERN

PS-SH -- NY029 -- 9687 01/06/94 10:43 EST
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Publication:PR Newswire
Date:Jan 6, 1994
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