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ZURN ANNOUNCES THIRD QUARTER EARNINGS

 ERIE, Pa., Jan. 21 /PRNewswire/ -- Zurn Industries, Inc. (NYSE: ZRN), a leading designer and manufacturer of power systems and equipment, and water control products for environmental applications, announced today that net income for the quarter ended Dec. 31, 1992, was $6,845,000 ($.55 per share) compared to last year's $6,242,000 ($.49 per share).
 Sales for the quarter were $191,043,000, compared to last year's $176,122,000.
 For the first nine months, net income was $18,714,000 ($1.50 per share) compared to last year's $18,907,000 ($1.49 per share) before accounting changes and net income after accounting changes of $2,173,000 ($.16 per share). Revenues were $511,807,000, up from $444,555,000 in last year's first nine months.
 During the third quarter, the favorable settlement of a long- standing state income tax dispute increased net income $4,667,000 ($.37 per share). Substantially offsetting this favorable impact were increased provisions for ongoing litigation to recover unpaid power plant construction costs and related claims as well as costs associated with businesses previously sold.
 Orders backlog at Dec. 31, 1992, was a record high of $658 million, surpassing the previous high by 28 percent, and up from $464 million at the end of the second quarter and $359 million a year ago. Power Systems orders backlog at Dec. 31 was $484 million compared to $196 million a year earlier, and is at a record level for the second consecutive quarter. Two orders for power plant projects totaling $260 million were received during the quarter, including one for $200 million. Water Control orders backlog was $149 million at quarter end compared to $134 million a year earlier.
 Chairman George H. Schofield commented that, "Third quarter earnings were on target with our internal forecast and we expect a strong fourth quarter, led by Lynx Golf. Looking forward," he added, "the Power Systems backlog is particularly encouraging, not only in validating our strategic direction for this major business segment, but also in providing the company momentum for the next fiscal year."
 ZURN INDUSTRIES, INC.
 Condensed Statements of Consolidated Operations
 (Thousands, except per share amounts)
 Period Ended Three Months Nine Months
 Dec. 31 1992 1991 1992 1991
 Net sales
 Environmental technologies
 Power systems $114,224 $100,532 $269,826 $196,617
 Water control 57,784 57,109 180,195 196,932
 Other technologies
 Lynx Golf 5,181 6,250 26,345 15,547
 Others 13,854 12,231 35,441 35,459
 191,043 176,122 511,807 444,555
 Income before income taxes 8,065 10,262 26,904 30,967
 Provision for income taxes 1,220 4,020 8,190 12,060
 Income before accounting
 changes 6,845 6,242 18,714 18,907
 Accounting changes -- -- -- (16,734)
 Net income 6,845 6,242 18,714 2,173
 Earnings per share
 Income before accounting
 changes $.55 $.49 $1.50 $1.49
 Accounting changes -- -- -- $(1.33)
 Net income $.55 $.49 $1.50 $.16
 Average shares outstanding 12,476 12,602 12,522 12,593
 The 1992 quarter includes $.37 per share from the favorable settlement of prior year state income tax assessments and $.27 per share for the cost of legal proceedings to recover unpaid power plant construction costs and related claims. The 1991 quarter includes a $.13 per share unusual provision for doubtful accounts.
 The methods of accounting for postretirement benefits other than pensions and income taxes were changed effective April 1, 1991.
 -0- 1/21/93
 /CONTACT: Steve Adams of Zurn Industries, 814-452-2111/
 (ZRN)


CO: Zurn Industries, Inc. ST: Pennsylvania IN: OIL SU: ERN

CD-CC -- PG021 -- 7640 01/21/93 17:03 EST
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Date:Jan 21, 1993
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