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DONALDSON COMPANY ANNOUNCES FIRST-QUARTER RESULTS

 MINNEAPOLIS, Nov. 20 ~PRNewswire~ -- Donaldson Company, Inc. (NYSE: DCI) today reported first-quarter results for the period ended Oct. 31, 1992. Sales of $125.7 million were up 11 percent from prior- year sales of $113.1 million. Net earnings were $6.3 million, or 45 cents per share, up almost 5 percent on an earnings-per-share basis from prior-year earnings of $6.1 million, or 43 cents per share.
 "The record first quarter sales resulted from strong sales increases in our diesel engine markets, both for production and replacement parts, and in our dust collection business," said William A. Hodder, Chairman and Chief Executive Officer. "These markets have, in the past, been early indicators of a market recovery. The above increases more than offset declines in our defense and aerospace, gas turbine filtration and high purity products businesses.
 "Compared to last year's first-quarter, gross margins improved from 28.1 percent to 28.8 percent. The improvement was entirely attributable to industrial products, in which all product lines reported improved margins.
 "Operating expenses, as a percentage of sales, increased from 19.4 percent to 20.1 percent in the quarter. This year's first quarter was negatively impacted by increased expenses related to the diesel particulate trap.
 "Our financial results were also negatively impacted by the realignment of the European Monetary System as we reported foreign exchange transaction losses of almost $1.1 million in the quarter."
 Total backlogs of $136.9 million were up 8 percent from the same period last year, and 5 percent from prior year end. Hard order backlogs -- goods scheduled for delivery within 90 days -- of $91.7 million were up 12 percent and 2 percent relative to the same periods last year.
 Donaldson Company, Inc. is a worldwide manufacturer of filtration products. The Company's product mix includes air and liquid filters and exhaust and emission control products for heavy duty mobile equipment; in-plant air cleaning systems; air intake systems and exhaust products for industrial gas turbines; and specialized filters for such diverse applications as computer disk drives, clean rooms, and personal respirators. Products are produced at nine U.S. plants, nine other plants around the world, and two joint ventures. The Company's shares are traded on the New York Stock Exchange under the symbol DCI.
 DONALDSON COMPANY, INC.
 Consolidated Statements of Earnings
 (Thousands of dollars except per share amounts)
 Three Months Ended Oct. 31
 1992 1991
 Net Sales $125,678 $113,089
 Cost of Sales 89,478 81,263
 Gross Margin 36,200 31,826
 Operating Expenses 25,243 21,978
 Other Expense (Income) 147 (847)
 Interest Expense 786 651
 Earnings Before Income Taxes 10,024 10,044
 Income Taxes 3,729 3,917
 Net Earnings $6,295 $6,127
 Earnings Per Share $.45 $.43
 Weighted Average Numbers of Shares
 and Equivalents Outstanding 13,959,109 14,100,894
 -0- 11~20~92
 ~CONTACT: John R. Schweers of Donaldson Company, 612-887-3014 or John Mackay of Padilla Speer Beardsley, 612-871-8877, for Donaldson~
 (DCI)


CO: Donaldson Company, Inc. ST: Minnesota IN: SU: ERN

DS -- MN003 -- 3357 11~20~92 12:17 EST
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Date:Nov 20, 1992
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