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WAHLCO ENVIRONMENTAL PROVIDES OUTLOOK ON FOURTH QUARTER

 IRVINE, Calif., Jan. 14 /PRNewswire/ -- Wahlco Environmental Systems Inc. (NYSE: WAL) today provided an outlook for the fourth quarter ended Dec. 31, 1992. The company currently estimates that its fourth quarter revenues will be in the range of $17 to $20 million, with a loss in the range of $4.5 to $5 million. This would represent a decline in fourth quarter revenues in the range of 30 to 35 percent compared to the same period last year. For the fourth quarter ended Dec. 31, 1991, revenues were $27.5 million and net income was $3.7 million. For the nine months ended Sept. 30, 1992, revenues were $64.5 million, with a loss of $7.9 million.
 The company said that the net loss resulted primarily from significantly lower revenues, product redesign costs at Wahlco Engineered Products and additional restructuring costs associated with two activities: continued consolidation into two primary operations -- Process Systems Group and Engineered Products Group; and the relocation of corporate headquarters to the company's Wahlco Inc. subsidiary in Santa Ana, Calif.
 The company noted that it has been experiencing an increase in proposal and order activity for its flue gas conditioning (FGC) products since the beginning of the third quarter. Management believes that with this activity, along with the impact of a series of actions announced during the summer, financial performance will improve in 1993.
 The company anticipates reporting final fourth quarter and year-end results during the week of Feb. 8, 1993.
 Separately, the company announced that Charles F. Wilson has resigned as the company's senior vice president and chief financial officer to pursue other business interests. Wilson joined Wahlco Environmental in October 1991. For the present, his duties will be assumed by Henry N. Huta, president and chief executive officer and Michael J. Lowell, treasurer.
 Wahlco Environmental Systems Inc. designs and manufactures air pollution control and power efficiency equipment and provides related services to electric utilities, cogeneration plants, petrochemical refineries and industrial manufacturers worldwide. More than 50 percent of the company's manufacturing capacity and sales are outside the United States. The company serves customers in more than 62 countries. Wahlco Environmental is 80 percent owned by San Diego Gas & Electric Co.
 -0- 1/14/93
 /CONTACT: Douglas Sherk or Ken Dennard, 415-296-7383, or JoAnn Horne/Miriam Adler, 212-986-5900, all of Morgen-Walke for Wahlco/
 (WAL)


CO: Wahlco Environmental Systems Inc.; San Diego Gas & Electric Co. ST: California IN: SU: ERP PER

GT-SG -- SF009 -- 5014 01/14/93 16:00 EST
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Publication:PR Newswire
Date:Jan 14, 1993
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