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CHARTER POWER SYSTEMS SALES AND EARNINGS APPROACH RECORD LEVELS

 PLYMOUTH MEETING, Pa., Nov. 23 /PRNewswire/ -- Charter Power Systems, Inc. (AMEX: CHP) today reported net earnings of $2,001,000, or 34 cents per share, in the 1994 fiscal third quarter ended Oct. 31, 1993, compared with a loss of $1,262,000, or 22 cents per share, in the 1993 quarter ended Oct. 31, 1992.
 Sales for the third quarter increased 21 percent to $42,173,000 from $34,730,000 in last year's like period.
 The quarterly sales increase reflects the continuing strength of the telecommunications industry, a major market for the company's standby power products. The major factors in the sales gain were: improved business levels in virtually all of the company's standby power markets, including combined higher-than-contracted demand from the company's largest customer; and higher sales in power electronics, principally due to the acquisition of an electronics business in the fourth quarter of fiscal 1993.
 "We are very pleased with the gains our company is making in sales as well as earnings, and we are confident that we're on course for continued improvement," stated Alfred Weber, president and chief executive officer. "The growing success of our advanced valve-regulated Liberty series batteries in both the domestic and international markets reinforces our confidence that Charter Power Systems will become a more dominant factor in satisfying the reserve power needs of the growing telecommunications industry," he concluded.
 For the nine months, net earnings were $4,769,000, or 81 cents per share, compared with a loss of $878,000, or 15 cents per share, in the prior year's nine months. Sales for the latest nine-month period increased 25 percent to $122,849,000 from $98,204,000 in last year's nine months.
 Results for last year's fiscal nine months were restated to reflect 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." Last year's fiscal third quarter and nine months also reflect a charge of $2,048,000 on a pretax basis, or 21 cents a share on an after-tax basis, for the acquisition of an electronics business, and the related rationalization of the company's power electronics business.
 Charter Power Systems is a producer and marketer of batteries and integrated electronic power systems for the standby and motive power markets.
 CHARTER POWER SYSTEMS, INC.
 SUMMARY OF EARNINGS
 (Unaudited; in thousands, except per-share data)
 Three months ended Oct. 31 1993 1992
 Sales $42,173 $34,730
 Operating income (loss) 3,881 (1,714)
 Income (loss) before income taxes 3,327 (2,101)
 Net income (loss) 2,001 (1,262)
 Earnings (loss) per common and common
 equivalent share $.34 $(.22)
 Weighted average common and common
 equivalent shares 5,968 5,823
 Nine months ended Oct. 31 1993 1992
 Sales $122,849 $98,204
 Operating income 9,498 1,449
 Income before income taxes and cumulative
 effect of change in accounting principle 8,018 327
 Net income before cumulative effect of
 change in accounting principle 4,769 196
 Cumulative effect of change in accounting
 principle --- (1,074)
 Net income (loss) 4,769 (878)
 Earnings per common and common equivalent
 share before cumulative effect of change
 in accounting principle $.81 $.03
 Cumulative effect of change in accounting
 principle per common and common
 equivalent share --- (.18)
 Earnings (loss) per common and common
 equivalent share .81 (.15)
 Weighted average common and common
 equivalent shares 5,853 5,863
 /delval/
 -0- 11/23/93
 /CONTACT: Yanis Bibelnieks of Charter Power Systems, 212-949-2295/
 (CHP)


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

MJ-MK -- PH023 -- 7348 11/23/93 15:00 EST
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Publication:PR Newswire
Date:Nov 23, 1993
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