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IONICS REPORTS RECORD THIRD QUARTER AND NINE MONTHS RESULTS

    WATERTOWN, Mass., Oct. 27, /PRNewswire/ --  Ionics, Incorporated (NYSE: ION) today reported record revenues, net income, and earnings per share, for the quarter and nine months ended Sept. 30, 1993. For the quarter, revenues of $42.8 million were up 15.3 percent compared to the third quarter of 1992 while net income of $3.5 million, and earnings per share of $0.50 were up 4.3 percent and 4.2 percent, respectively.
    For the nine-month period, revenues of $129.6 million were up 14.2 percent compared to the first nine months of 1992 while net income of $10.4 million, and earnings per share of $1.48 were up 13.5 percent and 11.3 percent, respectively.  Backlog on Sept. 30th was $110 million, down 10.3 percent from that of one year earlier.
    Commenting on the company's performance, Arthur L. Goldstein, Ionics' chairman and chief executive officer, noted that the third quarter of 1993 represented the twenty-fifth consecutive quarter of improved revenues, net income and earnings per share performance compared to the same quarter in the prior year and that continued strength in the company's "own and operate" and service-based activities helped to offset softness in the capital equipment sector.  He also noted that the strengthening of the U.S. dollar reduced the growth in net earnings for the quarter by $0.07 per share and for the nine month period by $0.12 per share in comparison to the same periods in the prior year.
    Ionics is a separations technology company involved worldwide in the manufacture and sale of membranes and related equipment for the purification of water, in the supply of purified water and water treatment chemicals, and in the sale of bottled water and home water purifiers.
                  CONSOLIDATED STATEMENTS OF OPERATIONS
            (Dollars in thousands, except per share amounts)
                            Three months ended     Nine months ended
                                 Sept. 30,             Sept. 30,
                             1993        1992      1993         1992
    Revenues                $42,791     $37,111  $129,567     $113,422
    Costs and expenses:
      Cost of sales          28,477      23,491    86,262       72,437
      Research and
       development              863         782     2,749        2,271
      Selling, general
        and administrative    9,204       9,012    27,826       27,858
                             38,544      33,285   116,837      102,566
    Inc. from operations      4,247       3,826    12,730       10,856
    Interest income             343         571     1,418        1,434
    Equity income               433         438       709          928
    Inc. before inc. taxes
     and minority interest    5,023       4,835    14,857       13,218
    Provision for
     inc. taxes               1,507       1,450     4,457        3,965
    Income before minority
     interest                 3,516       3,385    10,400        9,253
    Minority interest's share
      of income                 -           (13)      -            (91)
    Net income               $3,516      $3,372   $10,400       $9,162
    Net earnings
     per share              $   .50     $   .48  $   1.48     $   1.33
    Shares used in net
     earnings per share
     calculations             7,033       7,049     7,047        6,873
    Backlog                                      $110,047     $122,708
                      CONSOLIDATED BALANCE SHEETS
                             (in thousands)
                                          Sept. 30,          Dec. 31,
                                            1993             1992
    Current assets:
      Cash and cash equivalents               $ 11,253      $ 13,535
      Short-term investments                    15,723        28,281
      Notes receivable, current                  2,630         3,195
      Accounts receivable                       54,458        43,640
      Receivables from affiliated companies      3,297         4,096
      Inventories                               15,958        12,314
      Other current assets                       1,784         3,696
           Total current assets                105,103       108,757
    Notes receivable, long-term                  4,159        10,156
    Investments in affiliated companies          4,955         4,279
    Property, plant and equipment, net         102,163        97,801
    Other assets                                20,090         3,597
    Total assets                              $236,470      $224,590
    Current liabilities:
      Notes payable and current portion
       of long-term debt                          $360          $975
      Accounts payable                          15,301        12,272
      Other current liabilities                 18,276        16,060
      Taxes on income                            1,028         1,192
           Total current liabilities            34,965        30,499
    Long-term debt and notes payable               118           439
    Deferred income taxes                        1,601         2,777
    Other liabilities                              680           535
    Stockholders' equity                       199,106       190,340
           Total liabilities and
             stockholders' equity             $236,470      $224,590
    -0-             10/27/93
    CONTACT:  T.G. Papastavros or A.T. Coughlin of Ionics, 617-926-2500
    (ION) CO:  IONICS INCORPORATED SU:  ERN ST:  MA


-- NE007 -- X405 10/27/93
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Date:Oct 27, 1993
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