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VIROGROUP REPORTS SECOND-QUARTER RESULTS

 CAPE CORAL, Fla., April 7 /PRNewswire/ -- ViroGroup, Inc. (NASDAQ: VIRO), had a net loss of $300,384, or $0.09 per share, for the second quarter ended Feb. 28, 1993, Robert A. Fletcher, chairman and chief executive officer, announced today. Gross revenues for the quarter rose 45 percent to $5.2 million from $3.6 million in the second quarter of fiscal 1992.
 As previously announced, although revenues grew 45 percent for the quarter, this was less than originally expected. As a result, given ViroGroup's staffing levels, net income declined.
 For the six months ended Feb. 28, 1993, ViroGroup had net income of $108,016, or $0.03 per share, as compared with $419,206, or $0.22 per share, in the first half of fiscal 1992. Gross revenues were $12.0 million, a 71 percent increase over $7.0 million in the prior year's first half.
 Fletcher reiterated an earlier statement that second-quarter results reflected certain landfill project contract delays, a slowdown in the Florida underground-tank remediation business and the current underfunding of the State of Texas Environmental Reimbursement Fund, which precipitated client work stoppages of underground-storage-tank remediation programs in that state.
 However, Fletcher said that these contract delays were only temporary and the projects are beginning to move back on track. "A number of projects have commenced, our staff utilization is improving and prospects for the remainder of the year are encouraging. We are especially pleased by the emergence of new project work as a result of our strategic alliance with Laidlaw, Inc. As the economy improves and regulatory programs are better enforced, ViroGroup remains well positioned to benefit from the resumption in discretionary spending on environmental projects.
 "In addition," he said, "while the market for tank remediation projects in Texas remains uncertain, ViroGroup is aggressively pursuing a strategy of expanding its working relationships with heavy-industry clients to identify and bid on the environmental and engineering consultancy and management aspects of major projects undertaken by these clients."
 ViroGroup provides a full range of environmental, hydrogeological and solid- and hazardous-waste management services nationwide to correct and improve air, water and soil quality. Most of the company's revenues are derived from the assessment and remediation of groundwater and soil contaminants and the design, permitting, construction management and compliance monitoring of solid- and hazardous-waste management facilities.
 VIROGROUP, INC.
 Consolidated Statement of Income
 (In thousands except per share amounts; unaudited)
 Periods Three Months Pct. Six Months Pct.
 Ended 2/28/93 2/29/92 Chng. 2/28/93 2/29/92 Chng.
 Gross revenues $5,204.4 $3,601.1 44.5 $11,970.7 $6,972.2 71.7
 Cost of revenues 3,641.6 2,186.8 66.5 7,729.1 4,322.7 78.8
 Gross profit 1,562.8 1,414.3 10.5 4,241.6 2,649.5 60.1
 S,G&A expenses 1,911.0 1,054.5 81.2 3,812.8 1,940.5 96.5
 Income from
 operations (348.2) 359.8 -196.8 428.8 709.0 -39.5
 Other inc./(exp.):
 Interest expense,
 net (54.8) (23.0) 138.3 (111.8) (51.0) 119.2
 Interest income 10.5 31.7 -66.9 24.7 31.9 -22.6
 Amortization of
 goodwill (42.2) 0.0 N/A (87.6) 0.0 N/A
 Other, net 20.0 8.5 134.2 18.6 8.3 124.8
 Income before
 income taxes (414.7) 377.0 N/A 272.7 698.2 -60.9
 Provision for
 income taxes (114.3) 151.0 N/A 164.7 279.0 -41.0
 Net income $ (300.4) $ 226.0 N/A $ 108.0 $ 419.2 -74.2
 Earnings per
 common share $(0.09) $0.10 $0.03 $0.22 -86.4
 Weighted average
 number of shares
 outstanding 3,227.2 2,261.3 3,217.7 1,880.7
 Balance Sheet Items
 (In thousands)
 2/28/93 8/31/92 Pct. Change
 Cash and cash equivalents $ 185.8 $ 105.3 76.4
 Accounts receivable, net:
 Billed 5,581.1 6,188.6 -9.8
 Unbilled 797.0 539.4 47.8
 Other current assets 751.2 584.3 28.6
 Total current assets 7,315.1 7,417.6 -1.4
 Property and equipment, net 1,519.4 1,299.0 17.0
 Other assets 8,264.5 8,474.1 -2.5
 Total assets 17,099.0 17,190.7 -0.5
 Total current liabilities 4,419.1 4,580.5 -3.5
 Long-term debt 29.6 52.5 -43.6
 Other long-term obligations 208.8 213.3 -2.1
 Total shareholders' equity $12,441.5 $12,344.4 0.8
 -0- 4/7/93
 /CONTACT: Richard L. Holzinger, executive vice president and CFO of ViroGroup, 813-574-1919/
 (VIRO)


CO: ViroGroup, Inc. ST: Florida IN: ENV SU: ERN

GK-OS -- NY012 -- 3694 04/07/93 09:55 EDT
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Date:Apr 7, 1993
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