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WACKENHUT REPORTS RECORD REVENUES AND NET INCOME

 CORAL GABLES, Fla., Feb. 12 /PRNewswire/ -- The Wackenhut Corporation (NYSE: WAK) reported a 10 percent increase in net income for the fiscal year ended Jan. 3, 1993 as compared to the previous year. Net income increased to $8,507,000 or $1.10 per share compared to $7,721,000 or $1.00 per share in the prior year. The per share amounts reflect the issuance of a 100 percent stock dividend during the current fiscal year. The prior year per share data have been restated to reflect the stock dividend.
 Revenues continued an upward trend for the 38th consecutive year. Revenues increased 10 percent to $630,320,000 in fiscal 1992 compared to revenues of $572,527,000 in fiscal 1991. The continued growth in revenues was attributed primarily to increases by Wackenhut Corrections Corporation and Wackenhut International, Inc.
 The corporation adopted SFAS (Statement of Financial Accounting Standard) No. 109, "Accounting for Income Taxes," during fiscal 1992, which resulted in a one-time credit of $7,370,000 or $0.95 per share. In accordance with the provisions of SFAS 109, this has been recognized retroactively to the first fiscal quarter of 1992. The benefit from the implementation of the new accounting principle resulted mainly from adjustments to deferred income tax reserves that had been provided for at higher rates than the rate at which they are now reflected. The additional profit from the adoption of the new method for income taxes was offset by fourth quarter 1992 adjustments consisting of a $3,845,000 increase in insurance reserves, a $1,500,000 increase in reserves for legal costs, a $1 million write down relating to a note receivable, an additional provision of $1,100,000 related to trade receivables and $2,490,000 related to other write-offs and provisions.
 Revenues for the 14 weeks ended Jan. 3, 1993 increased 17 percent to $170,402,000 compared to revenues of $145,095,000 for the 13 weeks ended Dec. 29, 1991. The company has a loss of $4,646,000 or $0.60 per share, in the fourth quarter of 1992, which is attributed to the adjustments noted above.
 Consistent with its long range plans, the corporation continued to focus on profitable core businesses, while expanding its base of correctional facilities and international operations. George R. Wackenhut, chairman of the board and chief executive officer, noted, "As a result of these adjustments, the corporation is well positioned for continued profitable growth in the future."
 As noted in the corporation's press release of Feb. 1, 1993, the board of directors of The Wackenhut Corporation at its Jan. 30, 1993 meeting, declared a $0.09 per share dividend, which was equivalent to the previous quarter's dividend.
 The annual meeting of the shareholders of The Wackenhut Corporation will be held at 9 a.m. on Friday, April 23, 1993, at The Biltmore Hotel, 1200 Anastasia Ave., Coral Gables, Fla. 33134.
 The Wackenhut Corporation, one of the world's largest security and investigative firms, is headquartered in Coral Gables and has operations throughout the United States and in over 44 other countries, on six continents.
 The corporation provides security-related services, private management of detention facilities including rehabilitation programs, food service and health care, and other services such as background and financial investigations, fire fighting and emergency medical, facility management, electronic monitoring of parolees, and operation of educational/job training centers.
 THE WACKENHUT CORPORATION
 YEAR END FINANCIAL SUMMARY:
 PERCENT
 1992 1991 CHANGE
 (53 Weeks) (52 Weeks)
 Revenues $630,320,000 $572,527,000 + 10.1
 Income before cumulative
 effect of change in
 accounting principle 1,137,000 7,721,000
 Cumulative effect of
 change in accounting
 principle 7,370,000 ---
 Net Income $ 8,507,000 $ 7,721,000 + 10.2
 Earnings Per Share (A):
 Income before cumulative
 effect of change in
 accounting principle $0.15 $1.00
 Cumulative effect of
 change in accounting
 principle $0.95 ---
 Net income $1.10 $1.00
 (A) -- Earnings per share for 1991 have been restated to reflect the 100 percent stock dividend declared in the current fiscal year.
 -0- 2/12/93
 /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-JJ -- FL015 -- 6274 02/12/93 16:16 EST
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Date:Feb 12, 1993
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