Environmental Elements Corp. posts a modest quarterly profit

EARNINGS

July 22, 1993

Environmental Elements Corp., a Baltimore-based company that designs and builds air pollution control equipment, stanched the flow of red ink in the latest three-month period, but the company said it would be several months before it reaches a healthy profit.

Because of cost-cutting measures taken in April, the company was able to eke out a small profit of $334,000, or 5 cents a share, in its first fiscal quarter, which ended June 30. That compared with a loss of $1.7 million, or 24 cents a share, a year ago.

The actions taken in April included the laying off of 30 workers -- about 10 percent of the work force -- and the elimination of the annual dividend of 3 cents a share.

Although the company returned to profitability, its primary source of income -- sales to utility companies -- remained stagnant.

"It's going to take some time for that market to develop," said John S. Lalley Jr., a company spokesman.

Although the company's backlog of orders has increased, a soft utility market and the timing of its contracts are expected to produce lower results in the next two quarters.

Environmental Elements Corp.

SG

Environmental .. .. .. .. .. .. Ticker .. .. .. .. .. Yesterday's

Elements Corp. .. .. .. .. .. .. Symbol .. .. .. .. .. Cls. .. .. .. Chg.

.. .. .. .. .. .. .. .. .. .. .. .. EEC .. .. .. .. .. 4 3/4 .. .. .. .. - Period ended

June 30 .. .. .. .. .. .. .. .. 1st qtr. .. .. .. .. ..Year ago .. .. Chg. Revenue .. .. .. .. .. .. .. .. $25,677 .. .. .. .. .. $22,310 .. .. +15.1%

Net Income.. .. .. .. .. .. .. .. $334.. .. .. .. .. ..$(1,722) .. .. .. --

Primary EPS .. .. .. .. .. .. .. $0.05 .. .. .. .. .. ..$(0.24) .. .. ..--

Figures in thousands (except per share data.)

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