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CHARTER POWER SYSTEMS REPORTS FIRST QUARTER EARNINGS

 PLYMOUTH MEETING, Pa., June 3 /PRNewswire/ -- Charter Power Systems, Inc. (AMEX: CHP) announced today net earnings of $1,003,000, or 17 cents per share, in the 1994 fiscal first quarter ended April 30, 1993, compared with a net loss of $387,000, or 7 cents per share, in the 1993 fiscal first quarter.
 The restated 1993 first quarter included an after-tax charge of $1,074,000, or 18 cents a share, related to the implementation of SFAS 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions." Prior to this accounting change, earnings for the 1993 first quarter were $687,000, or 12 cents per share. Sales for the 1994 fiscal first quarter increased 25 percent to $39,287,000 from $31,320,000 in last year's first quarter.
 Sales increased in both the motive and standby power sectors of the company's business. The most significant gains were reported in sales of power electronics, due to the purchase of the Ratelco Electronics business at the end of the third quarter of fiscal 1993, and sales of standby batteries, principally a short-term increased demand from the company's largest customer, and the delivery of a significant portion of a new spinning reserve battery system to the Puerto Rico Electric Power Authority.
 "Demand has firmed in a number of our key markets and sales of our new products, such as the Liberty 2000 batteries, continue to increase," stated Alfred Weber, the company's president and chief executive officer. "The repositioning of our power electronics business is proceeding on schedule and our production facilities are demonstrating better operating efficiencies. Based on these facts, we remain cautiously optimistic about the outlook for the rest of the year," he concluded.
 Charter Power Systems is a producer and marketer of batteries and integrated power systems for the standby and motive power markets.
 CHARTER POWER SYSTEMS, INC.
 Summary of Earnings
 (Unaudited; in thousands, except earnings per-share data)
 Three months ended April 30 1993 1992
 Sales $39,287 $31,320
 Operating income 2,132 1,475
 Income before income taxes
 and cumulative effect of change
 in accounting principle 1,701 1,144
 Net income before cumulative
 effect of change in
 accounting principle 1,003 687
 Cumulative effect of change in
 accounting principle --- (1,074)
 Net income (loss) $1,003 $(387)
 Earnings per common and common
 equivalent share before cumulative
 effect of change in
 accounting principle $.17 $.11
 Cumulative effect of change in
 accounting principle --- (.18)
 Earnings (loss) per common and common
 equivalent share .17 (.07)
 Weighted average common and common
 equivalent shares 5,836 5,887
 /delval/
 -0- 6/3/93
 /CONTACT: Yanis Bibelnieks of Charter Power Systems, 212-949-2295/
 (CHP)


CO: Charter Power Systems, Inc. ST: Pennsylvania IN: SU: ERN

MK-CC -- PH026 -- 5035 06/03/93 13:43 EDT
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Publication:PR Newswire
Date:Jun 3, 1993
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