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INDRESCO INC. ANNOUNCES RESULTS

 DALLAS, May 19 /PRNewswire/ -- INDRESCO Inc. (NYSE: ID) today reported earnings of $3.6 million or $0.13 per share for the second quarter ended April 30, 1993, compared to a net loss of $0.5 million or $0.02 per share in the same 1992 period.
 For the six-month period, the company reported a net loss of $0.9 million or $0.03 per share before the cumulative effect of accounting change (SFAS 106) of $40.6 million or $1.49 per share. For the same year earlier period, the company had a net loss of $4.8 million or $0.18 per share before the cumulative effect of accounting change (SFAS 109) of $15.6 million or $0.56 per share.
 According to Ralph W. Ytterberg, chairman and chief executive officer, improved profitability of Mining and Construction Equipment and Minerals and Refractory Products segments more than offset reduced earnings for the Air Equipment segment. He said that a significant factor in the improvement in the second quarter was the contribution of 50 percent-owned partnership -- Komatsu Dresser Company (KDC) -- which showed an improvement of $8.5 million from the year earlier period.
 Consolidated sales revenues showed a mixed pattern in the quarter and six months ended April 30, 1993. Improved revenues from our refractory products were more than offset by weak market conditions in underground mining equipment and European air equipment markets.
 The sales revenues of KDC (50 percent-owned) were up 28 percent for the latest quarter and 23 percent for the first six months to $303 million and $504 million, respectively.
 INDRESCO's consolidated backlog of unshipped orders at April 30, 1993 was $147 million, up from $136 million at the beginning of the fiscal year. KDC's backlog (100 percent) increased 46 percent to $267 million from $183 million in the same period.
 In commenting on the outlook, Ytterberg stated that barring a slow down in domestic economic growth, the second half of the year is expected to show a similar pattern to the first half with modest gains in domestic construction and industrial markets and continuing weakness in underground mining and European industrial markets. However, he said that continuing emphasis on cost reduction and efficiency measures suggests that the last half of our fiscal year will be better than the first six months, particularly as the company continues to implement strategic actions to enhance shareholder wealth.
 INDRESCO provides products essential to basic industrial production and infrastructure development. It is comprised of the former industrial businesses of Dresser Industries, Inc., spun-off to shareholders in August 1992. Pro forma sales revenues exceeded $1 billion in fiscal 1992.
 INDRESCO INC. AND SUBSIDIARIES
 Consolidated Condensed Statements of Earnings
 (In millions, except per share data)
 Three months ended Six months ended
 April 30, April 30,
 1993 1992 1993 1992
 Net sales and service
 revenue $132.9 $137.4 $255.0 $269.6
 Earnings from consolidated
 operations before
 taxes and cumulative
 effect of accounting
 changes 4.9 9.6 7.5 13.4
 Earnings (loss) from
 partnership operations 0.1 (8.4) (6.2) (18.3)
 Income taxes (1.4) (1.7) (2.2) 0.1
 Net earnings (loss)
 before cumulative
 effect of accounting
 changes $ 3.6 $ (0.5) $ (0.9) $ (4.8)
 Cumulative effect of
 accounting changes:
 Accounting for
 income taxes -- -- -- (15.6)
 Accounting for post
 retirement benefits -- -- (40.6) --
 Net earnings (loss) $ 3.6 $ (0.5) $(41.5) $(20.4)
 Earnings per share:
 Earnings (loss) before
 cumulative effect of
 accounting changes $ 0.13 $(0.02) $(0.03) $(0.18)
 Cumulative effect of
 accounting change -- -- (1.49) (0.58)
 Net earnings (loss) $ 0.13 $(0.02) $(1.52) $(0.76)
 Average common shares
 outstanding 27.4 27.0 27.4 26.9
 -0- 5/19/93
 /CONTACT: Gene E. Leeson of INDRESCO Inc., 214-953-4505/
 (ID)


CO: INDRESCO Inc. ST: Texas IN: MNG SU: ERN

PS -- NY052 -- 0276 05/19/93 11:55 EDT
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Publication:PR Newswire
Date:May 19, 1993
Words:650
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