C.H. Heist: Earnings News Release For Immediate Release February 11, 1997 C.H. Heist Corp. Announces Fourth Quarter and Year-end 1996 Results Clearwater, FL - C. H. Heist Corp. (Amex: HST) today announced its sales and earnings for the fourth quarter and fiscal 1996. Sales of $26.7 million in the fourth quarter of 1996 were $1.1 million or 4.3%, over fourth quarter 1995's $25.6 million. Net earnings for the quarter were $631,000, or $.22 per share, compared to $932,000 or $.32 per share the prior year. Fiscal 1996 sales increased to $106.5 million, $3.8 million or 3.8% over the $102.7 million recorded for 1995. Net earnings in 1996 were $690,000, or $.24 per share, compared to $1.6 million, or $.56 per share in 1995. "In the fourth quarter of 1995, sales and earnings were significantly impacted by a major industrial maintenance turnaround contract," explained President and Chairman of the Board, Charles H. Heist. "While sales and earnings across the company strengthened significantly in the fourth quarter of 1996, the absence of another large turnaround contract prevented the Company from replicating our 1995 numbers." Record sales and earnings increases were posted by the Company's temporary staffing subsidiary, Ablest Service Corp., in 1996. Ablest fourth quarter sales increased to $13.4 million in 1996 compared with $12.0 million during the same period the year prior. Sales for the year increased to $49.5 million compared to $44.7 million in 1995. Industrial maintenance sales for fourth quarter 1996 were $13.4 million compared to $13.6 million during the same period the year prior. Industrial maintenance sales for the year were $57.0 million compared to $58.0 million in 1995. "The write-off of obsolete inventory and higher-than-normal equipment repairs negatively impacted industrial maintenance earnings," Heist said, "but great strides were made in 1996 in this business segment. For example, our Southern Region, formerly the Field Services Division, improved Economic Value Added by $1.1 million, the largest EVA improvement of any Heist business unit." The Company's balance sheet remains strong, with the current ratio at 3.1 to 1, compared to 3.7 to 1 at the beginning of fiscal 1996. The quick ratio was 2.7 to 1, compared to 3.2 to 1. C.H. Heist Corp. provides industrial cleaning and maintenance services to a wide range of industries, such as chemical, petrochemical, power generation, pulp and paper, mining, nuclear and metallurgical plants and mills. With locations throughout the eastern United States and Canada, its industrial services include high pressure water cleaning, painting, sandblasting, vacuuming of wet and dry industrial wastes, turnaround services and insulation sales and application. The Company's temporary staffing subsidiary, Ablest Service Corp., has 31 offices throughout the eastern half of the United States. It serves the business, professional, industrial and information technology (IT) sectors with both white and blue collar employees. C.H. Heist Corp. has announced its intention to spin-off Ablest Service Corp., combined with an initial public offering, by prospectus only, during 1997. The move will transform Ablest into a "pure play" company - essential in facilitating further growth and securing equity capital to finance expansion through acquisition and new-office openings. (unaudited-in thousands except share and per share amounts) OPERATING RESULTS: Thirteen Thirteen Fifty Two Fifty Three Weeks ended Weeks ended Weeks ended Weeks ended Dec. 29, 1996Dec. 31, 1995Dec. 29, 1996Dec. 31, 1995 Segment Sales: Industrial Maintenance $13,376 $13,615 $57,001 $57,974 Temporary Staffing 13,370 12,020 49,514 44,685 Net Sales $26,746 $25,635 $106,515 $102,659 Earnings Before Income taxes $1,232 $1,421 $1,509 $2,911 Income Taxes (601) (489) (819) (1,305) Net Earnings $631 $932 $690 $1,606 Earnings Per Share $0.22 $0.32 $0.24 $0.56 Average Shares Outstand 2,874,673 2,872,773 2,873,337 2,871,812 CONSOLIDATED BALANCE SHEET: Dec. 29, 1996Dec. 31, 1995 Assets: Current Assets $21,282 $21,507 Property, Plant and Equipment, Net 17,406 17,642 Other Assets 2,074 266 Deferred Taxes 141 132 $40,903 $39,547 Liabilities and Stockholders' Equity: Current Liabilities $6,786 $5,769 Long Term Debt 6,492 6,980 Deferred Income Tax 551 430 Stockholders' Equity 27,074 26,368 $40,903 $39,547 Ends.