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ORANGE COUNTY EARNINGS

November 17, 1996

Wahlco Environmental Systems Inc.: The Santa Ana manufacturer of air pollution control and power efficiency equipment reported a third-quarter net loss of $1.4 million, or 8 cents a share, contrasted with profit of $111,000, or 1 cent a share, for the like period last year. The net loss included charges of $700,000, primarily for contracts entered into in 1994 and 1995. Revenue declined 38% to $9.1 million from $14.6 million. A net loss of $6.3 million, or 36 cents a share, was posted for the first nine months of 1996, compared to a net loss of $3.2 million, or 18 cents a share, for the 1995 period. Revenue dropped 27% to $32.6 million from $44.9 million. The company said operations discontinued in 1995 accounted for 22% of the revenue decrease.

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