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AIR-CURE ENVIRONMENTAL, INC. REPORTS THIRD QUARTER RESULTS

 MINNEAPOLIS, Feb. 17 /PRNewswire/ -- Air-Cure Environmental, Inc. (NASDAQ: AIRE) announced today the results of the third quarter and nine-month periods ended Dec. 31, 1992. Net revenue during the third quarter ended Dec. 31, 1992 was $2,315,180 compared to net revenue of $1,793,837 reported for the same quarter last year. The company reported a net loss of $23,786 or $.01 per share, for the third quarter ended Dec. 31, 1992 compared to net income of $30,724, or $.01 per share, in the comparable period one year ago.
 Net sales were $5,102,296 and $4,985,606 for the nine month periods ended Dec. 31, 1992 and 1991, respectively. The net loss was $288,791, or $.09 per share, during the nine month period ended Dec. 31, 1992 compared to net income of $119,260, or $.04 per share, in the nine months ended Dec. 31, 1991.
 In late December, the Company successfully completed a public offering of 3,047,500 shares of Common Stock, and closed the acquisition of the assets of Ceilcote Air Pollution control.
 The backlog of the combined companies had grown to approximately $20,000,000 by Dec. 31, 1992.
 Air-Cure Environmental, Inc. designs, manufactures and markets proprietary air pollution control systems and components. These systems limit the emission of particulate and gaseous pollutants into the environment.
 AIR-CURE ENVIRONMENTAL, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF EARNINGS
 (Unaudited)
 Three Months Ended December 31,
 1992 1991
 Net revenue $2,315,180 $1,793,837
 Cost of revenues 1,812,089 1,307,144
 Gross profit 503,091 486,693
 Selling, general and
 administrative expenses 509,390 438,017
 Depreciation/amortization 38,534 23,379
 -- 547,924 461,396
 Operating profit/(loss) (44,833) 25,297
 Other income (expense):
 Interest income 5,743 27,426
 Interest expense -- --
 Miscellaneous 304 --
 -- 6,047 27,426
 Earnings/(loss) before taxes (38,786) 52,724
 Income taxes/(benefit) (15,000) 22,000
 Net earnings/(loss) (23,786) 30,724
 Weighted average shares outstanding:
 Primary 3,104,940 3,232,621
 Fully diluted 3,154,222 3,243,117
 Earnings/(loss) per share:
 Primary $(.01) $.01
 Fully diluted $(.01) $.01
 Nine Months Ended December 31,
 1992 1991
 Net revenue $5,102,296 $4,985,606
 Cost of revenues 4,004,975 3,748,906
 Gross profit 1,097,321 1,236,700
 Selling, general and
 administrative expenses 1,495,311 1,018,266
 Depreciation/amortization 114,157 72,658
 -- 1,609,468 1,090,924
 Operating profit/(loss) (512,147) 145,776
 Other income (expense):
 Interest income 33,631 101,566
 Interest expense -- (48,082)
 Miscellaneous (2,275) --
 -- 31,356 53,484
 Earnings/(loss) before taxes (480,791) 199,260
 Income taxes/(benefit) (192,000) 80,000
 Net earnings/(loss) (288,791) 119,260
 Weighted average shares outstanding:
 Primary 3,183,158 2,856,760
 Fully diluted 3,183,158 3,184,975
 Earnings/(loss) per share:
 Primary $(.09) $.04
 Fully diluted $(.09) $.04
 -0- 2/17/93
 /CONTACT: Kam Tejwani, Chairman, 612-571-0560; or Michael Lawlor, CEO and President, 612-571-0560, both of Air-Cure Environmental, Inc./
 (AIRE)


CO: Air-Cure Environmental, Inc. ST: Minnesota IN: SU: ERN

DS -- MN003 -- 7182 02/17/93 09:34 EST
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Publication:PR Newswire
Date:Feb 17, 1993
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