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ESCO ELECTRONICS CORPORATION ANNOUNCES FISCAL YEAR 1992 SECOND QUARTER RESULTS

 ESCO ELECTRONICS CORPORATION ANNOUNCES
 FISCAL YEAR 1992 SECOND QUARTER RESULTS
 ST. LOUIS, May 4 /PRNewswire/ -- ESCO Electronics Corp. (NYSE: ESE) announced today the operating results for the second quarter and first six months ended March 31, 1992. Net earnings for the quarter were $234,000, or $.02 per share, compared with net earnings of $208,000, or $.02 per share, for the second quarter of the prior year. Net sales for the second quarter were $92,711,000 compared with $126,782,000 a year ago. The decline in sales resulted from the reduced level of new orders recorded in fiscal 1991.
 Net sales for the first six months of fiscal 1992 were $189,102,000 compared with $251,241,000 for the first half of the prior year. Net earnings for the first half were $767,000, or $.07 per share, versus $674,000, or $.06 per share, for the first half of the prior year.
 The strong order flow that was evident in the first quarter of fiscal 1992 continued, as the company recorded $116 million in new orders in the second quarter, an increase of 87.4 percent over the prior year period. New orders for the first six months totaled $192 million, reflecting a 70.8 percent increase over the same period last year. The company's backlog of firm orders at March 31, 1992 was $528.5 million, compared with $555.3 million at March 31, 1991 and $505.2 million at Dec. 31, 1991. Included in the backlog are fixed-price development contracts of approximately $108 million compared with $130 million in the first quarter. During the second quarter, the company entered additional orders associated with these contracts. These orders are existing contract additions for spare parts and certain test equipment which will improve the profitability of the company's fixed-price development backlog.
 The company ended the second quarter with cash and cash equivalents of $22 million with no short-term borrowings, compared with cash and cash equivalents of $20 million at Dec. 31, 1991. The $22 million of cash and cash equivalents at March 31, 1992 improved significantly compared with March 31 a year ago, when the company ended the quarter with cash and cash equivalents of $7 million and short-term borrowings of $20 million.
 ESCO Electronics Corp., headquartered in St. Louis, is principally a manufacturer of defense systems and products. Its common stock trust receipts are listed on the NYSE under the symbol ESE.
 ESCO Electronics Corporation and Subsidiaries
 Consolidated Operating Results
 (Dollars in thousands, except per share amounts)
 Three Months Ended
 March 31,
 1992 1991
 Net sales $ 92,711 $126,782
 Earnings before income taxes 475 1,346
 Income taxes 241 1,138
 Net earnings 234 208
 Earnings per common share .02 .02
 Six Months Ended
 March 31,
 1992 1991
 Net sales $189,102 $251,241
 Earnings before income taxes 1,117 3,269
 Income taxes 350 2,595
 Net earnings 767 674
 Earnings per common share .07 .06
 -0- 5/4/92
 /CONTACT: Timothy J. Beecher or James R. Orso, 314-982-1700, for ESCO Electronics/
 (ESE) CO: ESCO Electronics ST: Missouri IN: CPR SU: ERN


RM -- SF013 -- 6288 05/04/92 18:32 EDT
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Publication:PR Newswire
Date:May 4, 1992
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