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PEERLESS ANNOUNCES FINANCIAL RESULTS

 DALLAS, Jan. 27 /PRNewswire/ -- Peerless Mfg. Co. (NASDAQ-NMS: PMFG), Dallas, manufacturer of separators and filters used in the petroleum and chemical processing industries, and environmental protection equipment, announce sales and earnings for its fiscal 1993 second quarter. Earnings for the period were $117,402 or 8 cents per share compared to $269,333 or 19 cents per share in 1992's second quarter. Six months earnings for fiscal 1993 were $125,840 or 9 cents per share compared to $469,137 or 33 cents per share in the comparable period in 1992.
 Lower earnings in the quarter on higher volume was caused by a predominance of lower margin product mix shipments in the most recent quarter, by more competitive conditions in our markets and by losses in our British subsidiary, Britain being in deep recession. New order entry has been very slow recently amounting to $4,800,000 and $4,849,000 in the two most recent quarters ending Dec. 31, 1992 but has rebounded nicely to $4,921,000 of orders and letters of intent received between Jan. 1 and Jan. 22 of 1993.
 PEERLESS MFG. CO.
 (Unaudited)
 Three months ended Dec. 31, 1992 1991
 Sales $ 7,357,923 $ 5,110,792
 Net earnings $ 117,402 $ 269,333
 Earnings per common share $ 0.08 $ 0.19
 Weighted average shares
 outstanding 1,435,867 1,435,200
 Six months ended Dec. 31, 1992 1991
 Sales $13,601,714 $10,798,458
 Net earnings $ 125,840 $ 469,137
 Earnings per common share $ 0.09 $ 0.33
 Weighted average shares
 outstanding 1,435,867 1,435,033
 -0- 1/27/93
 /CONTACT: Don Sillers Jr., chairman and CEO, or D.H. Newman, corporate secretary, 214-357-6181, both of Peerless Mfg. Co./
 (PMFG)


CO: Peerless Mfg. Co. ST: Texas IN: SU: ERN

SM -- NY126 -- 9946 01/27/93 17:46 EST
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Date:Jan 27, 1993
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