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UNITED DOMINION INDUSTRIES REPORTS IMPROVED RESULTS

 CHARLOTTE, N.C., Feb. 1 /PRNewswire/ -- United Dominion Industries Limited (TSE & NYSE: UDI) today reported fourth-quarter net income of $10.7 million, or 26 cents per common share after preferred dividends of $1.3 million. This compared with a net loss of $3.4 million, or a loss of 17 cents per common share after preferred dividends of $1.5 million in the 1991 final quarter.
 Sales in the latest fourth quarter were up 39 percent to $461.8 million compared with $333.2 million in 1991, primarily reflecting acquisitions completed early in 1992 and increased sales by the company's engineering services segment.
 William R. Holland, chairman and chief executive officer, said the company's improved results were achieved despite a slow economic recovery in North American construction markets.
 For the year ended Dec. 31, the company earned $25.7 million or 61 cents per common share, including a pre-tax gain of $2.1 million on the sale of a small industrial product line. This compared with net income a year earlier of $37 million or 79 cents per common share, which included a $35 million pre-tax gain on the sale of the company's packaging machinery business.
 Sales for the year totaled $1.71 billion, up about 27 percent from the $1.35 billion reported in 1991 with the majority of the increase due to 1992 acquisitions. The company ended 1992 with a backlog of $883 million, a decrease from the prior year record level of $1.1 billion primarily reflecting substantial completion of a major contract.
 After preferred dividends, and excluding the one-time gains in both periods, earnings per common share for the year would have been 55 cents, compared with a loss of 23 cents a share in 1991. Average common shares outstanding in 1992 were 33.2 million compared with 29.3 million a year earlier.
 Mr. Holland said the company also benefitted from its strong balance sheet, lower borrowing costs and operating cash flow of approximately $100 million during the year.
 "Following the usual seasonal factors which typically depress our first-quarter results, we anticipate further earnings improvement in 1993 from a strengthening North American economy, the company's diverse markets, increased governmental spending on infrastructure needs and continuing benefits from our cost containment efforts," Mr. Holland said.
 United Dominion is a manufacturing, engineering and construction company serving industrial equipment, energy and construction markets worldwide. The company has more than 50 primary operating facilities and approximately 10,700 employees.
 Following is a tabulation of the company's unaudited results (in thousands, except per share data):
 QUARTER ENDED DECEMBER 31 1992 1991
 Sales $ 461,789 $ 333,184
 Income (loss) from continuing
 operations before income taxes 13,282 (3,766)
 income tax provision 5,048 (2,160)
 Income (loss) from continuing operations 8,234 (1,606)
 Income (loss) from discontinued operations -
 Tax effect of loss carryforward 2,512 (1,801)
 Net income (loss) 10,746 (3,407)
 Preferred share dividends (1,272) (1,474)
 Earnings (loss) applicable to common shares 9,474 (4,881)
 Per common share data:
 Continuing operations $ 0.19 $(0.11)
 Discontinued operations 0.07 (0.06)
 Net earnings (loss) $ 0.26 $(0.17)
 Average common shares outstanding
 (in thousands) 35,826 29,325
 YEAR ENDED DECEMBER 31 1992 1991
 Sales $1,710,655 $1,350,339
 Income from continuing operations
 before gain on sale and income taxes 31,857 9,415
 Gain on sale of business 2,100 35,000
 Income tax provision 11,594 9,349
 Income from continuing operations 22,363 35,066
 Income from discontinued operations -
 Tax effect of loss carryforward 3,321 1,944
 Net income 25,684 37,010
 Preferred share dividends (5,423) (13,840)
 Earnings applicable to common shares 20,261 23,170
 Per common share data:
 Continuing operations $ 0.51 $ 0.72
 Discontinued operations 0.10 0.07
 Net earnings $ 0.61 $ 0.79
 Average common shares outstanding
 (in thousands) 33,233 29,325
 Note: All funds are stated in U.S. dollars.
 -0- 2/1/93
 /CONTACT: Robert L. Shaffer of United Dominion at 704-347-6875/
 (UDI)


CO: United Dominion Industries, Inc. ST: North Carolina IN: CST SU: ERN

CM -- CH001 -- 1192 02/01/93 09:07 EST
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Publication:PR Newswire
Date:Feb 1, 1993
Words:698
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