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UTILX REPORTS 87 PERCENT EARNINGS INCREASE ON LOWER REVENUES IN FIRST QUARTER

 KENT, Wash., July 27 /PRNewswire/ -- UTILX Corp. (NASDAQ: UTLX), the leader in underground utility renovation, today reported higher earnings and lower revenues for the first quarter of fiscal 1994. Financial details will be announced at the company's 1993 annual meeting of stockholders later today.
 For the first quarter of fiscal 1994 ended June 30, 1993, UTILX's net income increased 87 percent to $1,093,000 or 15 cents per share compared to $584,000 or 8 cents per share in the like quarter of fiscal 1993. Consolidated revenues decreased 12 percent to $11.2 million compared to $12.7 million in the first quarter of fiscal 1993.
 "Our improved profitability in the first quarter was the result of continued strong performance from our international drilling equipment sales business, significantly lower operating expenses and the elimination of a royalty cost related to our FlowMole technology," John R. Potter, president and chief executive officer, stated. "International revenues increased considerably in the Pacific Rim as new customers were added in Australia and Korea. Operating expenses were down by more than one-third from last year's first quarter due to the elimination of the FlowMole Partners royalty and significant reductions in corporate overhead implemented last year," Potter said.
 "We are now enjoying the benefits of these substantial cost reductions even though the U.S. underground utility replacement market remains competitive. In addition, our FlowMole service business continues to generate healthy cash flow," Potter added. "The near-term outlook for our FlowMole business appears to be improving with activity at greater levels compared to the same time last year. Normally, our busiest time of the year is during the fall, but we believe that we are seeing indications of increased demand for FlowMole services at an earlier time than is typical," Potter concluded.
 UTILX Corp. provides service for the renovation of underground utilities in the United States and Canada through a network of regional sales and service centers. It also conducts operations in Europe and Asia through its wholly owned subsidiary in the U.K. and through business associates in Europe and Asia.
 UTILX CORP.
 FINANCIAL HIGHLIGHTS
 (Unaudited, in thousands except share amounts)
 First Quarter Ended June 30, 1993 1992
 Revenues $11,211 $12,680
 Gross profit $ 3,560 $ 3,980
 Operating expenses $ 1,959 $ 3,079
 Operating income $ 1,601 $ 901
 Income before income taxes $ 1,696 $ 888
 Net income $ 1,093 $ 584
 Fully diluted earnings per share $ 0.15 $ 0.08
 Fully diluted shares outstanding 7,150 7,375
 -0- 7/27/93
 /CONTACT: David L. Lewis, vice president/finance and accounting and chief accounting officer, of UTILX, 206-395-0200/
 (UTLX)


CO: UTILX Corp. ST: Washington IN: SU: ERN

SB -- SE004 -- 6022 07/27/93 07:50 EDT
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Date:Jul 27, 1993
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