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FLOW INTERNATIONAL CORP. REPORTS RECORD SECOND QUARTER SALES, EARNINGS

 KENT, Wash., Nov. 29 /PRNewswire/ -- Flow International Corp. (NASDAQ: FLOW) today announced record sales and earnings for the second quarter ended Oct. 31, 1993.
 Second quarter sales grew to $24.6 million, up 18 percent from $20.9 million in the year-earlier quarter. The company earned $1.8 million or 13 cents per share, up 34 percent from $1.3 million and 10 cents per share in the year earlier period.
 First half sales totaled $43.9 million, up 9 percent from $40.2 million in the year-earlier six months. Net income grew to $3.3 million or 23 cents per share, up 30 percent from $2.5 million and 18 cents per share a year earlier.
 "FLOW has now posted its 10th consecutive quarter of year-over-year revenue increases, and its eighth consecutive quarter of year-over-year earnings increases," Ronald W. Tarrant, president and chief executive officer said. "We are extremely pleased to be returning to historical levels of revenue increases despite a continuing soft economy in Europe and Japan. Sales were bolstered this quarter by strong revenue performance in the construction services part of our business.
 "As we enter the third quarter of our fiscal year -- traditionally the softest quarter -- there are a number of encouraging signs," Tarrant said. "Our backlog for systems and services projects remains strong, while we are seeing signs of improving domestic demand for our products. We will also be continuing work on number of HydroMilling(R) projects through the winter.
 "We have now completed the first year since the acquisition of Spider Staging Corp. and are very pleased with the results. Scaffolding sales and profitability are an increasingly strong contributor to our overall performance. Sales of permanent exterior maintenance systems were significantly up over last year's levels."
 Flow International Corp. is the world's leading provider of ultrahigh- pressure waterjet material separation systems and related products and services for the industrial cutting, cleaning and construction services markets.
 FLOW INTERNATIONAL CORP.
 CONDENSED CONSOLIDATED STATEMENT OF INCOME
 (Unaudited; In thousands except per share data)
 Quarter Six Months
 Ended Oct. 31, 1993 1992 1993 1993
 Revenues $24,591 $20,874 $43,946 $40,214
 Cost of goods sold 14,385 11,409 24,931 21,802
 Gross margin 10,206 9,465 19,015 18,412
 Expenses 7,654 7,289 15,169 14,278
 Operating income 2,552 2,176 3,846 4,134
 Interest & other, net (300) (458) (207) (958)
 Income before taxes and
 extraordinary item 2,252 1,718 3,639 3,176
 Provision for income taxes 450 551 728 921
 Income before extraordinary
 item 1,802 1,167 2,911 2,255
 Change in accounting principle -- -- 401 --
 Realization of operating loss carry
 forward of Flow Services -- 180 -- 286
 Net income $ 1,802 $ 1,347 $ 3,312 $ 2,541
 Earnings per common share
 Income before extraordinary 0.13 0.09 0.20 0.16
 Extraordinary item 0.00 0.01 0.03 0.02
 Net income $ 0.13 $ 0.10 $ 0.23 $ 0.18
 Average shares outstanding 14,277 13,524 13,992 13,433
 -0- 11/29/93
 /CONTACT: Ronald W. Tarrant of Flow International, 800-645-6992 or 206-813-3286/
 (FLOW)


CO: Flow International Corp. ST: Washington IN: SU: ERN

IC-JH -- SE001 -- 8160 11/29/93 09:30 EST
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Date:Nov 29, 1993
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