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HARMON ANNOUNCES SECOND QUARTER RESULTS

 BLUE SPRINGS, Mo., July 29 /PRNewswire/ -- Harmon Industries Inc. (NASDAQ: HRMN), a leading supplier of signal and train control products to railroads throughout North America and the world, today announced record sales and backlog for the second quarter ended June 30, 1993.
 For the three months ended June 30, sales increased 24 percent from $18.4 million for 1992 to $22.9 million for 1993. Earnings from continuing operations increased 39 percent from $1.2 million for 1992 to $1.7 million for 1993. Earnings per share from continuing operations for the period increased from 24 cents for 1992 to 28 cents for 1993.
 For the six months ended June 30, sales increased 24 percent from $35 million in 1992 to $43.5 million in 1993. Earnings from continuing operations increased 85 percent from $1.5 million in 1992 to $2.7 million in 1993. Earnings per share from continuing operations for the six month period increased from 28 cents in 1992 to 46 cents in 1993.
 Net earnings were $1.7 million or 28 cents per share for the second quarter and $2.7 million or 46 cents per share for the six months ended June 30, 1993.
 Orders increased significantly in the second quarter, mostly due to Harmon's successful entry into the mass transit market. Orders for the six-month period were up 40 percent compared with last year to $62 million, resulting in a backlog for the second quarter of just over $40 million. This record backlog represents a 40 percent increase over the first quarter of 1993 and a 56 percent increase over the second quarter of 1992.
 Harmon recently celebrated the grand opening of its first mass transit project, the St. Louis MetroLink. According to Bjorn Olsson, president and chief operating officer, the St. Louis project is the first complete transit control system which employs 100 percent microprocessor based technologies. The MetroLink system will serve as an excellent example of the operational, maintenance and cost advantages of deploying proven microprocessor control systems. Recently, the company has landed other transit contracts and continues to compete successfully for additional business.
 "In addition to very good orders from our freight railroad business, the transit orders received in 1993 are confirmation of the viability of our strategy to expand our business into the transit segment by utilizing our core products and technologies," Olsson said.
 Harmon Industries trades on the Nasdaq Stock Market under the symbol "HRMN." For further information, contact Charles M. Foudree, executive vice president - finance and chief financial officer, Harmon Industries Inc. 1300 Jefferson Court, Blue Springs, MO 64015. The telephone number is 816-229-3345.
 HARMON INDUSTRIES INC.
 Consolidated Statements of Operations
 For Periods Ended June 30, 1993 and 1992
 In thousands of dollars
 (Unaudited)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Net sales $22,852 $18,391 $43,471 $35,031
 Other cost of sales 14,791 11,601 28,362 22,998
 Research & development
 expenditures 845 891 1,653 1,849
 Gross profit 7,216 5,899 13,456 10,184
 Selling, general and
 administrative expenses 4,329 3,553 8,791 6,998
 Amortization of cost in
 excess of fair value of
 net assets of subsidiaries
 acquired 34 34 67 67
 Miscellaneous (income)
 expense-net (56) 4 (28) (74)
 Operating income 2,909 2,308 4,626 3,193
 Interest expense (207) (392) (358) (829)
 Investment income 20 2 22 14
 Earnings from continuing
 operations before
 income taxes 2,722 1,918 4,290 2,378
 Income tax expense (benefit):
 Current 990 780 1,578 1,114
 Deferred 2 (107) 3 (202)
 992 673 1,581 912
 Earnings from continuing
 operations 1,730 1,245 2,709 1,466
 Discontinued operations:
 Estimated gain on disposal
 including provision for
 operating losses through
 disposal date, less applicable
 income tax expense of
 $85,000 --- --- --- 165
 Earnings before extraordinary
 item 1,730 1,245 2,709 1,631
 Extraordinary item:
 Income tax benefits from
 utilization of net operating
 loss carryforward --- 32 --- 273
 Net earnings $1,730 $1,277 $2,709 $1,904
 Earnings per common share:
 Continuing operations $0.28 $0.24 $0.46 $0.28
 Discontinued operations --- --- --- 0.03
 Extraordinary item --- 0.01 --- 0.05
 Total earnings per
 common share $0.28 $0.25 $0.46 $0.36
 Weighted average
 outstanding shares 6,146,910 5,265,042 5,885,122 5,230,366
 -0- 7/29/93
 /CONTACT: Charles M. Foudree of Harmon Industries, 816-229-3345/
 (HRMN)


CO: Harmon Industries Inc. ST: Missouri IN: TRN SU: ERN

MC -- DV006 -- 7442 07/29/93 16:58 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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