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CHARTER POWER SYSTEMS SALES AND EARNINGS RISE

 PLYMOUTH MEETING, Pa., Aug. 26 /PRNewswire/ -- Charter Power Systems, Inc. (AMEX: CHP) announced today net earnings increased 129 percent to $1,765,000, or 30 cents per share, in the 1994 fiscal second quarter ended July 31, 1993, from $771,000, or 13 cents per share, in the 1993 like quarter. Sales for the period increased 29 percent to $41,389,000, from $32,154,000 in last year's second quarter.
 Most of the sales increase came in the company's standby power sector. The sales gain was accounted for by continued higher-than- contracted demand from the company's largest customer; higher sales in power electronics due to an acquisition late in fiscal 1993; the delivery of the final portion of a new battery system to the Puerto Rico Electric Power Authority; and improved business levels in most key product lines. Sales in the company's motive power sector remained virtually unchanged from the prior year.
 For the six months, net earnings rose 621 percent to $2,768,000, or 47 cents per share, from $384,000, or 7 cents per share in the prior year's first half. The restated 1993 first half included an after-tax charge of $1,074,000, or 18 cents per share, related to the implementation of SFAS 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions." Prior to the accounting change, earnings in the 1993 first half were $1,458,000, or 25 cents per share. Sales for the latest six-month period increased 27 percent to $80,676,000 from $63,474,000 in last year's first half.
 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 July 31 1993 1992
 Sales $41,389 $32,154
 Operating income 3,485 1,688
 Income before income taxes 2,990 1,284
 Net income 1,765 771
 Earnings per common and common
 equivalent share $.30 $.13
 Weighted average common and common
 equivalent shares 5,854 5,878
 Six months ended July 31 1993 1992
 Sales $80,676 $63,474
 Operating income 5,617 3,163
 Income before income taxes
 and cumulative effect of change
 in accounting principle 4,691 2,428
 Net income before cumulative effect
 of change in accounting principle 2,768 1,458
 Cumulative effect of change in
 accounting principle --- (1,074)
 Net income $2,768 $384
 Earnings per common and common
 equivalent share before cumulative
 effect of change in
 accounting principle $.47 $.25
 Cumulative effect of change in
 accounting principle per common and
 common equivalent share --- (.18)
 Earnings per common and common
 equivalent share .47 .07
 Weighted average common and common
 equivalent shares 5,835 5,883
 /delval/
 -0- 8/26/93
 /CONTACT: Yanis Bibelnieks of Charter Power Systems, 212-949-2295/
 (CHP)


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

MJ-JJ -- PH012 -- 6164 08/26/93 12:56 EDT
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Publication:PR Newswire
Date:Aug 26, 1993
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