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COMMERCIAL INTERTECH CORP. REPORTS THIRD QUARTER RESULTS

 YOUNGSTOWN, Ohio, Aug. 25 /PRNewswire/ -- Commercial Intertech Corp. (NYSE: TEC) today reported fiscal third quarter sales of $117,252,000 for the quarter ended July 31, 1993, down two percent from the $119,552,000 reported in the same period last year. Net income was $4,156,000, or $0.35 a fully diluted share, versus $4,801,000, or $0.41 a share in 1992, down 13 percent.
 Sales for the nine months to date in 1993 were $330,792,000, up 3.5 percent, compared with $319,527,000 in 1992. Excluding the effect of currency rate changes on overseas operations, sales would have been $5.2 million higher at 1992 exchange rates. Net income in 1993 reached $7,941,000 versus $7,036,000 before an accounting change in 1992. (Including accounting changes for FAS 109 Accounting for Income Taxes, 1992 net income was $10,427,000.) Earnings per share were $0.62 in 1993 and $0.65 in 1992.
 Sales and income continue to improve in the company's U.S. hydraulic divisions reflecting a general upturn in construction equipment and refuse industry markets. Offsetting these improvements in part has been the impact of the European economic decline, particularly affecting the Astron Building Systems Division where year-to-date revenues are down six percent from last year. European hydraulic and fluid purification divisions have been more seriously impacted by the depressed European business environment.
 Paul J. Powers, chairman, president and chief executive officer, stated, "On a year-to-date basis and adjusted for currency differences net bookings overall are four percent ahead of last year. Order intake has been strengthening during the course of this fiscal year with hydraulic orders up 11 percent in the third versus second quarter, U.S. metals up nine percent, but Astron has been flat while fluid purification is down four percent. We believe the outlook for economic stability in the U.S. continues to improve and we are cautiously optimistic that a similar improvement will occur in Europe next year."
 Commercial Intertech Corp. is a leading manufacturer of hydraulic components, fluid purification systems, pre-engineered buildings and stamped metal products.
 COMMERCIAL INTERTECH CORP. AND SUBSIDIARIES
 CONSOLIDATED CONDENSED STATEMENTS OF INCOME
 Nine Months Ended
 (Thousands of dollars) July 31,
 1993 1992
 Net sales $330,792 $319,527
 Less costs and expenses:
 Cost of products sold 236,187 225,544
 Selling, administrative and
 general expense 77,649 75,652
 Non-recurring items 370 500
 Total 314,206 301,696
 Operating income 16,586 17,831
 Non-operating income (expense):
 Interest income 798 1,013
 Interest expense (4,171) (4,537)
 Other 249 (1,083)
 Total (3,124) (4,607)
 Income before income taxes and
 cumulative effect of change
 in accounting 13,462 13,224
 Income taxes 5,521 6,188
 Income before cumulative effect
 of change in accounting for
 income taxes 7,941 7,036
 Cumulative effect of change in
 accounting for income taxes 0 3,391
 Net income $ 7,941 $ 10,427
 Preferred stock dividends and
 adjustments 1,583 3,884
 Net income applicable to common
 stock $ 6,358 $ 6,543
 Earnings per share of common stock:
 Primary:
 Income before cumulative effect
 of change in accounting $.63 $.32
 Net income .63 .66
 Fully diluted:
 Income before cumulative effect
 of change in accounting .62 .32
 Net income .62 .65
 Cash dividends declared $.51 $.51
 Three Months Ended
 (Thousands of dollars) July 31,
 1993 1992
 Net sales $117,252 $119,552
 Less costs and expenses:
 Cost of products sold 82,980 83,613
 Selling, administrative and
 general expense 27,073 26,368
 Non-recurring items 0 0
 Total 110,053 109,981
 Operating income 7,199 9,571
 Non-operating income (expense):
 Interest income 219 310
 Interest expense (1,120) (2,341)
 Other 77 (128)
 Total (824) (2,159)
 Income before income taxes and
 cumulative effect of change
 in accounting 6,375 7,412
 Income taxes 2,219 2,611
 Income before cumulative effect
 of change in accounting for
 income taxes 4,156 4,801
 Cumulative effect of change in
 accounting for income taxes 0 0
 Net income $ 4,156 $ 4,801
 Preferred stock dividends and
 adjustments 526 528
 Net income applicable to common
 stock $ 3,630 $ 4,273
 Earnings per share of common stock:
 Primary:
 Income before cumulative effect
 of change in accounting $.36 $.43
 Net income .36 .43
 Fully diluted:
 Income before cumulative effect
 of change in accounting .35 .41
 Net income .35 .41
 Cash dividends declared $.17 $.17
 COMMERCIAL INTERTECH CORP. AND SUBSIDIARIES
 CONSOLIDATED CONDENSED BALANCE SHEETS
 July 31, Oct. 31,
 (Thousands of dollars) 1993 1992
 ASSETS
 CURRENT ASSETS:
 Cash and cash equivalents $ 16,641 $ 19,396
 Accounts receivable, less allowance
 (1993-$1,793,000; 1992-$1,612,000) 76,445 80,983
 Inventories 49,844 54,028
 Deferred income tax benefits 11,132 11,083
 Prepaid expenses 3,658 3,523
 TOTAL CURRENT ASSETS 157,720 169,013
 PROPERTY, PLANT AND EQUIPMENT 236,721 239,573
 Less allowance for depreciation 119,881 117,424
 Total 116,840 122,149
 INTANGIBLE ASSETS 30,337 32,579
 OTHER ASSETS 29,359 26,258
 TOTAL ASSETS $334,256 $349,999
 LIABILITIES AND SHAREHOLDERS' EQUITY
 CURRENT LIABILITIES
 Accounts and notes payable $ 89,725 $ 93,348
 Accrued income taxes 13,074 15,731
 Dividends payable 2,256 2,213
 TOTAL CURRENT LIABILITIES 105,055 111,292
 NONCURRENT LIABILITIES:
 Long-term debt 77,336 84,392
 Deferred income taxes 16,561 16,674
 Postretirement benefits 16,334 15,792
 TOTAL NONCURRENT LIABILITIES 110,231 116,858
 SHAREHOLDERS' EQUITY
 Preferred stock, no par value:
 Authorized: 10,000,000 shares
 Series A participating preferred
 shares 0 0
 Series B ESOP convertible preferred
 shares
 Issued: 1,064,846 shares 24,758 24,886
 Common stock, $1 par value:
 Authorized: 30,000,000 shares
 Issued: 1993-10,036,978 shares
 (excluding 41,160 in treasury);
 1992-9,909,608 shares (excluding
 42,980 in treasury) 10,037 9,910
 Capital surplus 38,785 37,628
 Retained earnings 71,045 69,199
 Deferred compensation (21,248) (22,495)
 Translation adjustment (4,407) 2,721
 Total 118,970 121,849
 TOTAL LIABILITIES AND SHAREHOLDERS'
 EQUITY $334,256 $349,999
 -0- 8/25/93
 /CONTACT: James C. Cartwright of Commercial Intertech Corp., 216-746-8011/
 (TEC)


CO: Commercial Intertech Corp. ST: Ohio IN: MAC SU: ERN

AR -- CL013 -- 5846 08/25/93 16:13 EDT
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Date:Aug 25, 1993
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