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LIBERTY TECHNOLOGIES, INC. REPORTS 1993 SECOND QUARTER AND FIRST-HALF FINANCIAL RESULTS

 CONSHOHOCKEN, Pa., July 20 /PRNewswire/ -- Liberty Technologies, Inc. (NASDAQ: LIBT) today reported record financial results for the second quarter ended June 30, 1993, and the first six months of 1993.
 For the second quarter 1993, revenues increased 33 percent to $4,741,000 from $3,552,000 in the second quarter of 1992. Service revenues rose to $1,836,000 from $275,000 in the prior year's period reflecting the acquisition in February 1993 of MOV Services, which provides valve testing and repair services and personnel training to nuclear power plants. Product revenues were $2,905,000, down 11 percent from the prior year's $3,277,000. Sales of new products did not offset anticipated lower sales from the existing VOTES(R) (Valve Operation Test & Evaluation System) product line.
 Net income for the second quarter of 1993 was $673,000 compared to $147,000 in the second quarter of 1992. The 1992 period contained a special charge of approximately $316,000 (after tax), or $.09 per share, to terminate a product licensing agreement. Excluding that special charge, net income in the 1993 quarter rose 45 percent over the prior year's quarter. Quarterly earnings per share were $.14 in 1993 compared to $.04 in the second quarter of 1992. There were 39 percent more shares outstanding in the 1993 second quarter as a result of Liberty's initial public offering of 2.07 million shares (including the overallotment) on March 31, 1993.
 Revenues for the six months ended June 30, 1993 rose 21 percent to $8,568,000 from $7,075,000 in the first six months of 1992. For the same periods, service revenues were $2,340,000 compared to $470,000 and product revenues were $6,228,000 compared to $6,605,000. Net income for the first half of 1993 was $1,280,000, or $.29 per share, and included a $.02 per share gain from the adoption of FASB 109 (accounting for income taxes). For the first half of 1992, net income was $535,000, or $.15 per share, including the $.09 charge described above. Shares outstanding in the 1993 period were 21 percent higher than the 1992 period.
 Commenting on the quarter, Mr. R. Nim Evatt, president and chief executive officer, said, "In the services segment, revenue comparisons were buoyed by the acquisition of MOV Services in February. An increase in training services revenues boosted profit margins, but was unable to offset intense price competition in field services. In the products segment, profit margins were stronger than expected, but growth in the sales of newer products only partially offset lower revenues from the existing VOTES product line.
 Evatt continued, "Liberty's growth strategy calls for sales of predictive maintenance products and services for the nuclear power and industrial markets based on existing technologies, sales outside of the U.S., and selected alliances and acquisitions. We are progressing according to plan on all fronts. While revenues for the full year may be less than plan, an improved mix of products and services will continue to support Liberty's profitability.
 "During the second quarter, Liberty achieved several important strategic milestones in the development of growth markets for our technologies. The Motor Power Monitor(TM) and the Packing'nForcer(TM), predictive maintenance products for motors and valves, were released. Initial interest and inquiry from the nuclear power and industrial markets has been very encouraging," Evatt said.
 Evatt added, "In addition, as previously announced, two agreements were signed in the quarter to accelerate the development of markets outside the U.S. First, GE Nuclear Services was licensed to offer Liberty's motor operated valve (VOTES) and check valve (QUICKCHECK(TM)) diagnostic systems and services to the international market. Second, we signed a joint cooperation agreement with Electricite de France, the largest operator of nuclear power plants in the world, for the development and commercialization of Liberty's STARS(R) Acoustic Blade Monitor (ABM). The ABM provides on-line monitoring of blades in low pressure steam turbines."
 Liberty provides diagnostic testing systems and services for the maintenance and detection of incipient failures of critical and safety- related valves, motors, and turbines. The systems consist of proprietary and patented sensors, signal processors, and software. Liberty's VOTES System is the leading system for testing motor operated valves in the U.S. nuclear power industry.
 /delval/
 -0- 7/20/93
 /CONTACT: Martin Thorner, chief financial officer of Liberty Technologies, 215-834-0330/
 (LIBT)


CO: Liberty Technologies, Inc. ST: Pennsylvania IN: SU: ERN

JM-MJ -- PH037 -- 3653 07/20/93 18:27 EDT
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Date:Jul 20, 1993
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