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AMERICAN PACIFIC CORP. REPORTS FIRST QUARTER RESULTS

 LAS VEGAS, Jan. 26 /PRNewswire/ -- American Pacific Corp. (NASDAQ: APFC) today announced unaudited financial results for its fiscal first quarter ended Dec. 31, 1992.
 As anticipated by publicly circulated security analysts' reports, and as a result of the company's new business development programs, first fiscal quarter earnings per share were $.25 compared to $.44 per share last year. Net income was $2.3 million compared to last year's $2.8 million for the same period. Results were attributable primarily to four factors: No revenues were recorded in either of the company's new businesses -- sodium azide and Halotron; weighted shares outstanding increased 44 percent, from 6.3 million to 9.1 million in 1992, as a result of last year's financings undertaken to fund the new businesses -- the 1.8 million share common stock offering and the issuance of warrants connected with a private placement of subordinated notes; environmental protection segment sales expected in current year first quarter were delayed until the second quarter; and no real estate sales occurred in the first quarter.
 Sales for the first quarter were $12.7 million compared to $16.6 million for the same period a year ago. The surcharge on ammonium perchlorate was approximately $800,000 lower than in the first quarter of fiscal year 1992. Environmental protection segment sales were approximately $1.5 million less in the current year first quarter than last year's first quarter. Substantially larger revenues from this segment, relating principally to the company's odor control project in Kuwait, however, are expected during the 1993 second fiscal quarter. In addition, last year's first fiscal quarter benefited from $800,000 of real estate sales.
 Fred D. Gibson Jr., president and chief executive officer of American Pacific, said, "Our ammonium perchlorate business remains steady. We are delighted with the progress of our sodium azide and Halotron business ventures. The company is in a strong cash position and is using the proceeds of last year's financings very carefully as we approach production and sales of both of our new products. We continue to emphasize, as do our publishing analysts, a message of patience as we anticipate substantial sales of sodium azide and Halotron I will begin during the third and fourth quarters of our 1993 fiscal year. The fundamentals of these opportunities continue to improve.
 "We have accomplished a great deal during this first quarter. Our staff has worked diligently to complete the sodium azide facility. We are very pleased to report that it is in operation and near completion. We have settled the terms of sodium azide sales with the major automobile airbag manufacturers, and the sodium azide qualification process has begun. We anticipate sodium azide sales relating to the end of the 1993 car model year, and a ramp-up in production coinciding with the 1994 car model year beginning in June and July of 1993.
 "Also during the quarter, we received a Halotron I evaluation report based on the U.S. Marine Corps tests performed in October of 1992 which confirms that Halotron I is a viable alternative to halon 1211 in fighting aircraft fires. That report is now part of a broader military halon replacement review process currently underway. On the commercial sales front, we are negotiating a preliminary agreement with a significant Eastern European buyer of Halotron I. Also in Europe, we have completed the first public demonstration of Halotron II, designed to replace halon 1301 in flooding applications, which has been very well received by those in attendance including Svenska Skum AB, with which the company previously announced a cooperation agreement. We continue to pursue both commercial and military sales of the product and expect that significant sales will occur in the second half of the company's fiscal year ending Sept. 30, 1993."
 American Pacific's principal business activities consist of the production of chlorate and perchlorate chemicals, including chiefly ammonium perchlorate, the oxidizer utilized in composite solid rocket propellants employed in a large number of space and military systems; the design and manufacture of environmental protection products; and industrial commercial real estate development. The company is also at the forefront of two developing specialty chemical markets: the manufacture of sodium azide, principally used in automotive airbag systems, and the production of Halotron as a replacement for ozone depleting halons in fire extinguishment systems worldwide.
 AMERICAN PACIFIC CORP.
 Condensed Financial Information
 (Unaudited)
 (In 000s, except per share data)
 Three Months Ended
 Dec. 31,
 1992 1991
 Sales $12,729 $16,581
 Operating
 income $4,656 $6,190
 Net income $2,290 $2,767
 Net income per
 common share $.25 $.44
 Weighted average common
 and common equivalent
 shares 9,141 6,336
 AMERICAN PACIFIC CORP.
 Condensed Consolidated Balance Sheets
 (Unaudited)
 Dec. 31, 1992 Sept. 30, 1992
 Assets $256,269,000 $231,089,000
 Shareholders' Equity $106,090,000 $102,975,000
 -0- 1/26/93
 /CONTACT: Scott A. Brooks, Investor Relations director of American Pacific, 702-735-2200/
 (APFC)


CO: American Pacific Corp. ST: Nevada IN: CHM SU: ERN

JB -- LA013 -- 8978 01/26/93 10:05 EST
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Date:Jan 26, 1993
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