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DURIRON POSTS RECORD SALES FOR A THIRD QUARTER AND MATCHES EARNINGS

 DURIRON POSTS RECORD SALES FOR A THIRD QUARTER
 AND MATCHES EARNINGS
 DAYTON, Ohio, Oct. 20 /PRNewswire/ -- The Duriron Company (NASDAQ: DURI) reported today that competitive pricing pressures in the worldwide markets and an unfavorable mix of domestic business combined to squeeze profits despite record third quarter sales and a quarterly record for incoming business. The third quarter ended Sept. 30, 1992 with sales of $73.9 million that resulted in net earnings of $4.0 million, or 31 cents per share. Year ago third quarter sales were $72.5 million with net earnings of $4.0 million, or 31 cents per share.
 Sales for the first nine months of 1992 were $220.4 million with net earnings of $13.4 million, or $1.06 per share. This compares with sales of $220.9 million and net earnings of $14.5 million, or $1.14 per share for the same 1991 period.
 Incoming business for this year's third quarter, which includes a previously announced $10.0 million order booked through the Valtek Incorporated subsidiary, was a record $83.0 million. Without this order, new business increased $2.5 million from 1991's third quarter level, but was marginally lower than the first two quarters of 1992.
 According to William M. Jordan, Duriron's president and chief operating officer, "The worldwide business slump has put pressure on pricing levels. This, coupled with soft global market conditions and a generally less profitable product sales mix, has caused our earnings performance to be flat."


Pointing out the positive effects of

Duriron's ongoing commitment to cellular manufacturing and continuous quality improvement, Jordan stated, "When you analyze our results, it becomes evident these essential programs have helped us protect our profit margins from significant erosion despite the difficult business climate."
 Concerning the future, Jordan noted the recent acquisition of Kammer Ventile GmbH of Essen, Germany, a leading European supplier of automatic control valves, is expected to have a positive impact on the company's performance in 1993 and beyond.
 In other action at its meeting today, the board of directors declared a regular quarterly dividend of 15 cents per share payable Dec. 4, 1992 to shareholders of record as of Nov. 6, 1992. This will complete 57 years of consecutive quarterly dividend payments.
 THE DURIRON COMPANY, INC.
 Consolidated Financial Summary
 (dollars in thousands except per share data)
 3rd Quarter
 September 30, Increase (Decrease)
 FIN. CONDITION 1992 (b) 1991 1992 (b) 1991
 Current
 assets (a) $138,570 $129,206 $ 7,895 $ 3,058
 Current
 liabilities 47,773 41,991 7,063 3,474
 Working capital $ 90,797 $ 87,215 $ 832 $ (416)
 Net property and
 other assets 111,708 78,301 29,729 2,586
 Long term debt due
 after one year 48,200 23,347 28,133 (2,310)
 Def. inc. taxes and
 other def. items 10,139 8,755 895 842
 Shareholders'
 equity $144,166 $133,414 $ 1,533 $ 3,638
 Book value per share
 outstanding $11.45 $10.63 $ 0.12 $ 0.28
 Quarter Ended Nine Months Ended
 September 30, September 30,
 OPERATIONS 1992 1991 1992 1991
 Net sales $ 73,889 $ 72,508 $220,430 $220,865
 Gross profit
 margin $ 26,893 $ 26,625 $ 82,707 $ 83,719
 Selling and
 admin. $ 17,770 $ 16,846 $ 52,960 $ 50,034
 Research, engr.
 and devel.
 expense $ 2,168 $ 3,077 $ 6,646 $ 8,518
 Interest exp. $ 617 $ 736 $ 1,726 $ 2,232
 Other ded., net $ 157 $ (425) $ 396 $ (228)
 Earn. before
 inc. taxes $ 6,181 $ 6,391 $ 20,979 $ 23,163
 Income taxes $ 2,230 $ 2,400 $ 7,550 $ 8,690
 Net earnings $ 3,951 $ 3,991 $ 13,429 $ 14,473
 Gross Inc.
 business $ 83,021 $ 70,448 $233,979 $219,420
 Ending backlog $ 63,866 $ 60,373
 Avg. com. and
 common equiv.
 shares out-
 standing 12,711,404 12,669,366 12,711,404 12,669,366
 Net earnings
 per common
 share $0.31 $0.31 $1.06 $1.14
 Dividends paid
 (on shares
 outstanding) $0.15 $0.14 $0.45 $0.42
 Performance ratios (as a percent of net sales)
 Gross profit
 margin (pct) 36.4 36.7 37.5 37.9
 Selling and
 admin. (pct) 24.0 23.2 24.0 22.7
 Research, engr.
 and devel. (pct) 2.9 4.2 3.0 3.9
 Earnings before
 inc. taxes (pct) 8.4 8.8 9.5 10.5
 Net earnings (pct) 5.3 5.5 6.1 6.6
 (a) Domestic inventories included in current assets as of Sept. 30, 1992 and Sept. 30, 1991, were valued using LIFO. Based on current cost, these inventories would be $30,083,000 and $28,884,000 higher, respectively.
 (b) On Sept. 23, 1992, the company purchased all outstanding stock of Kammer Ventile GmbH in Essen, Germany. The company's balance sheet at Sept. 30, 1992 reflects the consolidation of Kammer and the appropriate adjustments as required by APB No. 16 purchase accounting.
 Interim reports are prepared from company records and are subject to year-end audit by independent certified accountants.
 -0- 10/20/92
 /CONTACT: The Duriron Company, Inc. world headquarters, 513-476-6150/
 (DURI) CO: The Duriron Company ST: Ohio IN: SU: ERN


KK -- CL019 -- 2369 10/20/92 13:57 EDT
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Publication:PR Newswire
Date:Oct 20, 1992
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