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BWIP HOLDING INC. ANNOUNCES FIRST QUARTER SALES AND EARNINGS INCREASE

BWIP HOLDING INC. ANNOUNCES FIRST QUARTER SALES AND EARNINGS INCREASE
 LONG BEACH, Calif., April 22 /PRNewswire/ -- BWIP Holding Inc. (NASDAQ: BWIP), the parent company for BW/IP International Inc., has announced first quarter 1992 earnings of $11.2 million, or $.46 per share, after an extraordinary loss on the prepayment of certain indebtedness and the cumulative effect of a change in accounting principle.
 First quarter income before the extraordinary loss and the cumulative effect of the change in accounting principle was $12.1 million, or $.50 per share. First quarter of 1991 earnings were $10.8 million, or $.53 per share. Per-share calculations were affected by an increase in the total weighted average number of common shares outstanding to 24,275,000 in 1992, compared with 20,275,000 in the first quarter of 1991.
 As a result of BWIP's secondary public offering of common stock in February 1992, the company was required to prepay subordinated notes in the principal amount of $14.2 million. Such prepayment reduced debt by $9.9 million and resulted in an extraordinary after-tax loss of $2.9 million, or $.12 per share. In addition, the company recognized a gain of $2.0 million, or $.08 per share, in the quarter as the result of the cumulative effect of a change in accounting for income taxes through the adoption of Financial Accounting Standards Board Statement No. 109, "Accounting for Income Taxes."
 Total sales for the first quarter were $114.4 million, an increase of 9.5 percent when compared with sales of $104.5 million in the first quarter of 1991.
 Peter C. Valli, chairman and chief executive officer, said, "Bookings of $132.0 million were at a record level in the first quarter, with new orders up significantly in the United States and Europe within the Pump and Seal segment." Backlog at March 31, 1992 was $223.6 million.
 BWIP Holding Inc., is the parent company of BW/IP International Inc., a worldwide supplier of advanced-technology pump, seal and fluid control equipment and services. The Pump and Seal segment produces highly engineered pumps and pumping equipment, precision mechanical seals, seal systems and accessories. The Fluid Controls segment manufactures aerospace control systems for tactical missiles and aircraft.
 BWIP HOLDING INC.
 Condensed Consolidated Statements of Operations
 (Unaudited)
 (Dollar amounts in thousands except share data)
 Three months ended,
 March 31, March 31,
 1992 1991
 Net sales $114,416 $104,530
 Cost of sales 67,127 58,915
 Gross profit 47,289 45,615
 Selling, administrative and
 operating expenses 25,003 23,783
 Operating income 22,286 21,832
 Interest expense, net 3,334 4,755
 Other expenses 655 ---
 Income before income taxes,
 extraordinary item and
 cumulative effect of
 change in accounting
 principle 18,297 17,077
 Provision for income taxes 6,221 6,317
 Income before extraordinary
 item and cumulative effect
 of change in accounting
 principle 12,076 10,760
 Extraordinary loss, net of tax (2,914) ---
 Income before cumulative
 effect of change in
 accounting principle 9,162 10,760
 Cumulative effect of change
 in accounting for income taxes 2,000 ---
 Net income $11,162 $10,760
 Earnings per share:
 Before extraordinary item
 and cumulative effect of
 change in accounting principle $0.50 $0.53
 Extraordinary loss (0.12) ---
 Cumulative effect of change in
 accounting for income taxes 0.08 ---
 Net income per share $0.46 $0.53
 Weighted average number of
 common shares outstanding 24,275,000 20,275,000
 -0- 4/22/92
 /CONTACT: Eugene Cross of BWIP Holding Inc., 213-435-3700/
 (BWIP) CO: BWIP Holding Inc. ST: California IN: ARO SU: ERN


EH-JL -- SD006 -- 1049 04/22/92 08:37 EDT
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Date:Apr 22, 1992
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