PHILIP CROSBY &lt;PCRO> SEES LOWER 4TH QTR RESULTS

  Philip Crosby Associates Inc
  said it expects its audited results for 1986's fourth quarter
  to be lower than its previously estimated 10 to 15 cts per
  share.
      Philip Crosby Jr, executive vice president, said normal
  accounting adjustments, as well as a review of the company's
  international operations due to a previously reported alleged
  embezzlement, resulted in the lower results.
      Philip Crosby reported fourth quarter 1985 results of 1.3
  mln dlrs, or 37 cts a share prior to an August 15 two-for-one
  stock split.
      Crosby said, however, he expects the company to report
  higher first quarter 1987 revenues than the 1986 first quarter
  revenues of 11.8 mln dlrs.
      Crosby said that tuition levels from the management
  consulting service company's courses this month are at the
  highest level in the company's history.
  

