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WACKENHUT REPORTS FIRST QUARTER GAINS

 WACKENHUT REPORTS FIRST QUARTER GAINS
 CORAL GABLES, Fla., April 24 /PRNewswire/ -- The chairman of the


board of The Wackenhut Corporation (NYSE: WAK) announced that first quarter 1992 earnings are up 9.6 percent and that revenues increased by 3.2 percent, compared to the first quarter of 1991. Earnings per share rose from 40 cents in the prior year first quarter to 44 cents this year.
 WACKENHUT CORPORATION
 First Quarter
 Percent
 1992 1991 Change
 Revenues $149,601,000 $144,938,000 +3.2
 Net income $ 1,685,000 $ 1,538,000 +9.6
 Earnings per share $ .44 $ .40
 George R. Wackenhut addressed the corporation's annual shareholders' meeting today, and announced that the higher revenues and profits for the quarter were largely the result of growth in the corporation's international operations and in its Government Services Group.
 Wackenhut International, Inc. experienced a broad based growth in operations across its varied worldwide markets.
 The Government Services Group experienced a growth in government contracts operated by Wackenhut Services, Inc; an increase in the corrections management business of Wackenhut Corrections Corporation; and an expansion of Wackenhut Education Services, Inc. by virtue of an additional contract to operate a Job Corps Center for the U.S. Department of Labor.
 The Domestic Operations Group experienced a decline in revenues compared to the previous year, but the reduction was in line with expectations projected by the corporation's strategic planning process, since it reflected the elimination of business units not closely related to its core business of physical security; the renegotiation of major security services contracts in New York and Alaska in the fall of 1991, and the loss of a nuclear security contract in Florida. In addition, The Persian Gulf operations and increased security concerns among domestic clients had a favorable effect on the first quarter of 1991.
 In his remarks to shareholders, Wackenhut pointed out the increasing trend for public agencies at all levels of government to rely on contracting out police support and correctional services to private companies as a method of keeping costs down for taxpayers while maintaining effective services. He said he expects the trend to expand even further and to eventually encompass certain aspects of public education and job skill training.
 "The Wackenhut Corporation," he stated, "stands well positioned to be a major supplier of such services as the demand increases."
 The Wackenhut Corporation was founded in 1954 by George R. Wackenhut, a former Special Agent of the Federal Bureau of Investigation, and is based in Coral Gables, Fla. It is a diversified services organization with offices in over 125 cities in the United States and in 44 other countries.
 -0- 4/24/92
 /CONTACT: Patrick F. Cannan of the Wackenhut Corporation, 305-666-5656/
 (WAK) CO: The Wackenhut Corporation ST: Florida IN: SU: ERN


SS-JB -- FL006 -- 2314 04/24/92 09:31 EDT
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Publication:PR Newswire
Date:Apr 24, 1992
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