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WACKENHUT REPORTS FIRST QUARTER GAINS

 CORAL GABLES, Fla., April 23 /PRNewswire/ -- The Wackenhut Corporation (NYSE: WAK) announced that first quarter 1993 revenues were up 8.4 percent and that earnings, before the cumulative effect of a change in accounting principle, increased by 10.3 percent, compared to the first quarter of 1992.
 Earnings per share (prior to the effect of change in accounting principle) rose to 24 cents per share, compared to 22 cents during the same quarter last year.
 The corporation's application during the fourth quarter of 1992 of Statement of Financial Accounting Standards (SFAS) No. 109, related to deferred income taxes, had the effect of increasing 1992 earnings by $7,370,000. According to accounting rules, this credit was made retroactive to the first quarter of the year. Including this adjustment, prior year net income as restated was $9,055,000.
 THE WACKENHUT CORPORATION
 FIRST QUARTER FINANCIAL SUMMARY:
 PERCENT
 1993 1992 CHANGE
 Revenues $162,112,000 $149,601,000 + 8.4
 Income before cumulative
 effect of change in
 accounting principle $ 1,859,000 $ 1,685,000 + 10.3
 Cumulative effect of
 change in accounting
 principle --- $ 7,370,000
 Net Income $ 1,859,000 $ 9,055,000
 Earnings Per Share:
 Income before cumulative
 effect of change in
 accounting principle $0.24 $0.22
 Cumulative effect of
 change in accounting
 principle --- $0.95
 Net income $0.24 $1.17
 George R. Wackenhut, chairman of the board and chief executive officer, addressed the corporation's annual shareholders' meeting today, and attributed the rise in quarterly revenues to expanding overseas markets, and the growth of the corporation's business of managing correctional facilities and jails, as well as in domestic security services.
 He also announced that the corporation had extended its international security services to the Commonwealth of Independent States, and that it recently opened an office in Moscow which is now fully operational and licensed to operate. He said that the first posting of a uniformed security officer from The Wackenhut Corporation in Russia is taking place today, April 23.
 Wackenhut went on to announce four recent contract signings with national and regional companies during the past two weeks, which will result in $12 million in additional annual revenues for the corporation. The new clients for the corporation's security services include NationsBank, Federal Express, Weyerhauser, and the Salt River Project Power District in Arizona.
 The Wackenhut Corporation was founded by George R. Wackenhut, a former special agent of the Federal Bureau of Investigation, in 1954, and it is based in Coral Gables, Fla. It is a diversified service organization with over 41,000 employees in the United States and 50 other countries.
 -0- 4/23/93
 /CONTACT: Patrick F. Cannan, director of corporate relations of The Wackenhut Corporation, 305-666-5656/
 (WAK)


CO: The Wackenhut Corporation ST: Florida IN: SU: ERN

JB-BR -- FL002 -- 9908 04/23/93 09:05 EDT
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Publication:PR Newswire
Date:Apr 23, 1993
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