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MOORCO ANNOUNCES CONTRACT AWARDS AND COMMON STOCK REPURCHASE PROGRAM

 HOUSTON, Jan. 19 /PRNewswire/ -- Moorco International Inc. (NYSE: MRC) today announced that its Smith Meter Inc. subsidiary has been awarded contracts which will total approximately $12,500,000 in sales for metering systems in connection with the refurbishment and expansion of a major petroleum export facility in the Middle East.
 George A. Ciotti, president and chief executive officer, stated "The company is pleased that it was the supplier of choice for this project. Since we are midway through our third fiscal quarter, these contract awards will not have a significant impact on sales and earnings for the company's fiscal year ending May 31, 1993. Major systems contracts of this type generally have significantly longer lead times than the balance of our business."
 The company also announced that its board of directors authorized the repurchase of up to 750,000 shares of its outstanding common stock. The repurchase program contemplates that the company may buy back shares in the open market, from time to time, depending on the price of its stock. The funds for the repurchase program would come principally from internally generated cash, supplemented from existing bank lines, if required. Moorco has approximately 12.2 million shares of common stock outstanding.
 George A. Ciotti, president and chief executive officer, stated "Although the company's earnings for its fiscal year ending May 31, 1993 will be below its 1992 fiscal year earnings, the board of directors remains optimistic regarding the company's longer term prospects and believes that Moorco's common stock at recent trading levels is a good investment for the company."
 Moorco International Inc., headquartered in Houston, is a leading supplier of fluid measurement and pressure control products for the petroleum, industrial process and electric power generation industries.
 -0- 1/19/93
 /CONTACT: James J. Nelson, vice president of Moorco International Inc., 713-993-0999/
 (MRC)


CO: Moorco International Inc.; Smith Meter Inc. ST: Texas IN: SU: CON

WB -- NY098 -- 6591 01/19/93 17:28 EST
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Publication:PR Newswire
Date:Jan 19, 1993
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