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BWIP HOLDING INC. TO ADOPT ACCOUNTING CHANGES FOR 1992

 LONG BEACH, Calif., Feb. 2 /PRNewswire/ -- BWIP Holding Inc. (NASDAQ-NMS: BWIP), the parent company of BW/IP International Inc., has announced that it will adopt Financial Accounting Standards Board Statements No. 106, "Employers' Accounting for Postretirement Benefits Other than Pensions," and No. 112 "Employers' Accounting for Postemployment Benefits," retroactive to Jan. 1, 1992.
 The cumulative effect of adopting both new standards will be recognized by restating first quarter 1992 net income to reflect a one-time, non-cash charge of $12.3 million after-tax, or $.51 per share. The adoption of these new standards will also reduce 1992 net income by $1.4 million, or $.06 per share. FASB No. 106 and FASB No. 112 will require the company to accrue annually on an ongoing basis for certain postretirement and postemployment benefits. The company previously recognized these expenses as claims and/or premiums were paid.
 The ongoing annual charges related to the adoption of FASB No. 106 are estimated at $2.3 million, pre-tax, but are subject to change based on any future amendments to the company's postretirement benefit plans. Annual charges related to the adoption of FASB No. 112 are not expected to be material.
 The company expects to report its 1992 earnings results on Feb. 16, and said that earnings per share, excluding the charges discussed above and certain non-recurring items previously reported, should approximate $1.85 per share for 1992. This compares to 1991 earnings, before non-recurring charges, of $1.67 per share.
 According to Peter C. Valli, chairman and chief executive officer, "We had previously planned to adopt FASB 106 in 1993, but with the recent announcement of the additional requirements of FASB 112, we decided to adopt both 106 and 112 retroactively and take all of these charges during the first quarter of 1992."
 BWIP International Inc. is a worldwide supplier of advanced- technology pump, seal and fluid control equipment and services. The company's 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.
 -0- 2/2/93
 /CONTACT: Dan Peoples of Peoples & Co., 310-435-3700, for BWIP Holding/
 (BWIP)


CO: BWIP Holding Inc. ST: California IN: ARO SU:

KJ-JB -- SD002 -- 1660 02/02/93 08:15 EST
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Publication:PR Newswire
Date:Feb 2, 1993
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