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AMERICAN PRECISION INDUSTRIES ANNOUNCES SECOND QUARTER RESULTS

 BUFFALO, N.Y., July 16 /PRNewswire/ -- American Precision Industries (NYSE: APR) announced today its earnings for the second quarter ended July 2, 1993.
 Consolidated revenues increased to $12.9 million in the second quarter from $12.5 million in the second quarter last year despite a difficult market environment. Adverse market conditions, lower investment income, and the company's continuous investment in product and market development led to earnings of $454,000 compared with $700,000 in the prior year period.
 "The company continues to diligently pursue the long-term objectives set out in our new growth strategy, which is designed to position API for sustained leadership in core technologies, products, and markets," said Kurt Wiedenhaupt, president and chief executive officer.
 "We are making excellent progress toward our goals, as evidenced by the strongest bookings and backlogs the company has seen in two years," Wiedenhaupt added. Bookings in the second quarter were up 14.3 percent over the second quarter last year and backlogs at the end of the quarter were up 9.8 percent over last year.
 "The increase in bookings is all the more notable in light of recessionary conditions that exist in many of our traditional markets," Wiedenhaupt explained. "In a major segment of our heat transfer business, we have recently increased our market share by over 50 percent as a result of our strategy. This is significant when you consider this market is off by 35 percent."
 The company also said it is taking steps to counter declines in defense-related business in its motion control and electronic components operations, which have been hurt by federal budget cuts, and severe international competition in the disk drive market, which has been a major market for API's electronic inductors. API is concentrating on improving productivity through new manufacturing processes and overhead reduction as well as intensifying the development of new products and markets. The company's recent efforts to establish a sales presence in China, Taiwan, and Korea are also showing promise.
 "We realize that a major component of the company's success will depend on its ability to react effectively to the changing conditions in a time of economic uncertainty," Wiedenhaupt said. "However, the progress the company has made in the execution of its strategic plan to date allows us to look with confidence to the future."
 American Precision Industries is a diversified manufacturing company which produces high quality products for the heat transfer, electronic components, and motion control industries.
 AMERICAN PRECISION INDUSTRIES INC.
 Consolidated Statement of Earnings (Unaudited)
 Second Quarter Ended
 1993 1992
 June June
 Net Sales Investment Income $12,786,000 $12,331,000
 Revenues 121,000 182,000
 Total 12,907,000 12,513,000
 Costs and Expenses
 Cost of products sold 8,731,000 8,265,000
 Selling and administrative 3,376,000 3,072,000
 Interest and debt expense 61,000 77,000
 Total 12,168,000 11,414,000
 Earnings Before Income Taxes 739,000 1,099,000
 Federal and State Income Taxes 285,000 399,000
 Net Earnings $ 454,000 $ 700,000
 Net Earnings Per Share $0.06 $0.10
 Average Shares Outstanding 7,058,000 7,119,000
 Six Months Ended
 1993 1992
 June June
 Net Sales Investment Income $25,881,000 $24,832,000
 Revenues 231,000 360,000
 Total 26,112,000 25,192,000
 Costs and Expenses
 Cost of products sold 17,659,000 16,431,000
 Selling and administrative 6,750,000 6,199,000
 Interest and debt expense 127,000 158,000
 Total 24,536,000 22,788,000
 Earnings Before Income Taxes 1,576,000 2,404,000
 Federal and State Income Taxes 577,000 845,000
 Net Earnings $ 999,000 $ 1,559,000
 Net Earnings Per Share $0.14 $0.22
 Average Shares Outstanding 7,056,000 7,119,000
 -0- 7/16/93
 /CONTACT: John M. Murray, vice president - finance & treasurer, American Precision Industries, 716-684-9700/
 (APR)


CO: American Precision Industries ST: New York IN: MAC SU: ERN

KL -- CL005 -- 2396 07/16/93 10:29 EDT
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Date:Jul 16, 1993
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