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PENTAIR REPORTS RECORD 1992 INCOME

 ST. PAUL, Minn., Feb. 1 /PRNewswire/ -- Pentair, Inc. (NASDAQ-NMS: PNTA), the St. Paul-based manufacturer of industrial products and paper, today reported record income before cumulative effects of accounting changes of $42.8 million, or $3.05 per fully diluted share for the year ended Dec. 31, 1992. This represents a 4 percent gain over $41.1 million, or $3.02 per fully diluted share in 1991. Net sales for the year were $1.239 billion, an increase of 6 percent over 1991 net sales of $1.169 billion.
 The fourth quarter of 1992 resulted in net income of $14.9 million or $1.07 per share on a fully diluted basis compared to $13.6 million or $1.00 per fully diluted share in 1991. Fourth quarter 1992 net sales were $321.0 million compared to $295.5 million in 1991.
 The company adopted two new accounting standards applicable to medical and other post-retirement benefits and income taxes required by the Financial Accounting Standards Board resulting in a one-time after- tax charge to earnings of $41.6 million.
 "Our 1992 performance benefited from successful product development, distribution and capital investment strategies at our industrial product and specialty paper businesses," said Chairman and Chief Executive Officer Winslow H. Buxton. "Pentair's diversification into industrial product businesses has greatly reduced the impact of paper market cycles on the company's performance. The industrial businesses contributed about 70 percent of Pentair's 1992 sales and operating income."
 According to Buxton, gains in the industrial and specialty paper businesses were partially offset by the impact of much lower than expected selling prices for publication paper made by Niagara of Wisconsin Paper Corporation and the Lake Superior Paper Industries (LSPI) joint venture. Though publication paper pricing was weak, demand for paper made from recycled fiber continued strong.
 "We're confident we will see continued gains from on-going internal development efforts in 1993," Buxton said. "If weak paper pricing has hit bottom and markets recover in the second half of the year, we may see additional growth in total Pentair sales and earnings."
 Pentair, Inc. is a St. Paul-based company comprised of 10 businesses which manufacture woodworking equipment, power tools, sporting ammunition, electrical enclosures, automotive service equipment, industrial lubrication systems, material dispensing equipment, pumps and paper. Pentair common stock is quoted on the NASDAQ National Market System under the symbol: PNTA.
 PENTAIR, INC.
 Consolidated Statement of Income
 ($000)
 Unaudited
 Year Ended Three Months Ended
 Dec. 31 Dec. 31
 1992 1991 1992 1991
 Net sales $1,238,724 $1,169,082 $320,960 $295,560
 Operating costs 1,146,367 1,081,511 289,901 266,831
 Operating income before
 joint venture 92,357 87,571 31,059 28,729
 Equity in joint venture
 income 1,682 7,498 1,379 2,289
 Operating income 94,039 95,069 32,438 31,018
 Interest expense -- net 21,339 20,969 5,616 5,137
 Income before income taxes
 and cumulative effects of
 accounting changes 72,700 74,100 26,822 25,881
 Provision for income taxes 29,900 33,000 11,900 12,230
 Income before cumulative
 effects of accounting
 changes 42,800 41,100 14,922 13,651
 Cumulative effects of
 accounting changes (41,625) --- --- ---
 Net income $1,175 $41,100 $14,922 $13,651
 Preferred dividend
 requirements -- net of
 taxes in 1991 8,545 6,358 2,113 1,591
 Earnings (loss) applicable
 to common stock $(7,370) $34,742 $12,809 $12,060
 Primary earnings per share:
 Earnings before cumulative
 effects of accounting
 changes $3.22 $3.30 $1.20 $1.14
 Cumulative effects of
 accounting changes (3.92) --- --- ---
 Net earnings (loss) $(.70) $3.30 $1.20 $1.14
 Diluted earnings per share:
 Earnings before cumulative
 effects of accounting
 changes $3.05 $3.02 $1.07 $1.00
 Weighted average common
 and common equivalent
 shares:
 Primary 10,624 10,519 10,632 10,565
 Diluted 13,878 13,845 13,876 13,826
 -0- 2/1/93
 /CONTACT: Mark Cain of Pentair, 612-636-7920/
 (PNTA)


CO: Pentair, Inc. ST: Minnesota IN: PAP SU: ERN

MP -- MN015 -- 1387 02/01/93 12:44 EST
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Publication:PR Newswire
Date:Feb 1, 1993
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