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WAHLCO ENVIRONMENTAL SYSTEMS ANNOUNCES FIRST QUARTER FINANCIAL RESULTS

WAHLCO ENVIRONMENTAL SYSTEMS ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
 IRVINE, Calif., May 8 /PRNewswire/ -- Wahlco Environmental Systems Inc. (NYSE: WAL) today announced results for the first quarter ended March 31, 1992. Revenues for the quarter were $21.5 million versus $15.8 million for the same period in 1991. First quarter 1992 net loss was $1.1 million, or $0.06 per share, versus net income of $899,000, or $0.05 per share, in the first quarter of 1991.
 "The lack of new flue gas conditioning system (FGC) orders and lower activity in the company's other North American operations are the primary reasons for the first quarter loss," said Henry Huta, president and chief executive officer. "Also, increased sensitivity to the costs of Clean Air Act compliance has lengthened utilities' evaluation processes, in part due to the consideration of low cost, less proven technologies as alternatives. We believe that Wahlco's FGC systems continue to be the most cost-effective and reliable solution for our customers."
 The results for the first quarter of 1992 were also impacted by an increase of approximately $3 million in selling, general and administrative expenses over the same quarter in 1991. Approximately half of this increase was due to the addition of the European acquisitions in the third and fourth quarters of 1991. The remainder was due to the additional investment in the domestic and international sales and marketing organization, communications and advertising, and certain other corporate functions.
 "Wahlco is a leader in many different areas of the air pollution control marketplace and we continue to expand our product offerings to meet the various needs of this market," stated Huta. "Even though the results for the first quarter were not favorable, we remain confident that our products and services are strategically positioned for future growth.
 "On May 5, 1992, we announced the purchase of the technologies, assets, and related liabilities of Field Services Associates Inc. (FSA) of Shelton, Connecticut," continued Huta. "In addition to its precipitator rehabilitation and construction business, FSA has a new patented, low-cost FGC system which complements Wahlco's product line. This new alternative FGC technology satisfies certain applications for a selected segment of the FGC market and, through the acquisition, expands Wahlco's flue gas conditioning (FGC) range of products."
 Wahlco Environmental Systems Inc., designs and manufactures air pollution control and power efficiency equipment, and provides related services to electric utilities and industrial manufacturers worldwide. The company's products assist in compliance with air pollution control regulations and improve power plant and boiler efficiency. Over 50 percent of the company's sales and manufacturing capacity are outside of the United States. The company has operations in the United States, Canada, Australia, United Kingdom, Germany, Italy, India, and Malaysia. A NYSE company, Wahlco Environmental is 80 percent owned by San Diego Gas & Electric Co.
 WAHLCO ENVIRONMENTAL SYSTEMS INC.
 (Dollars in thousands, except per share amounts)
 (Unaudited)
 1st Quarter 1st Quarter
 1992 1991
 Revenues $ 21,455 $ 15,847
 Costs and Expenses $ 23,143 $ 14,729
 Income (Loss) Before Income Taxes $ (1,614) $ 1,242
 Net Income (Loss) $ (1,130) $ 899
 Average Common Shares
 Outstanding (000) 17,649 17,649
 Earnings (Loss) Per Common Share $ (0.06) $ 0.05
 -0- 5/8/92
 /CONTACT: Doug Sherk or Ken Dennard, 415-296-7383; or David Walke or Miriam Adler, 212-986-5900, all of Morgen-Walke Associates for Wahlco Environmental/
 (WAL) CO: Wahlco Environmental Systems Inc. ST: California IN: SU: ERN


MC-DG -- SF001 -- 7925 05/08/92 07:30 EDT
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Publication:PR Newswire
Date:May 8, 1992
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