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AIR-CURE ENVIRONMENTAL REPORTS YEAR-END RESULTS

 AIR-CURE ENVIRONMENTAL REPORTS YEAR-END RESULTS
 MINNEAPOLIS, June 29 /PRNewswire/ -- Air-Cure Environmental, Inc.


(NASDAQ: AIRE) today reported the results of operations for the fiscal year ended March 31, 1992. Net revenues for the year totaled $7,026,550 compared to $10,664,938 in fiscal 1991. Net income totaled $20,645, or $.01 per share, this year, compared to $569,624, or $.29 per fully diluted share, last fiscal year.
 Net revenues for the fourth quarter in fiscal year 1992 were $2,040,944 as compared to $2,161,132 for the comparable period in 1991. The company had a net loss of $98,614, or $.03 per share versus net income of $150,280, or $.06 per share for the comparable fiscal 1991 quarter.
 The decline in net revenues is primarily attributed to delays and postponements of contract awards beginning in the fourth quarter of calendar 1990. These delays were caused by unstable political and economic conditions resulting from the Persian Gulf War, as well as uncertainty surrounding the timing of implementation of the 1990 Amendments to the Federal Clean Air Act.
 As a percentage of net revenues, gross profit margin increased to 22.5 percent this year, from 16.7l percent last year. The increase in gross profit was primarily due to the lower cost of certain components obtained through Air-Cure's Pipkorn subsidiary, as well as the company's ability to secure favorable subcontract costs.
 Air-Cure's decline in net income was primarily influenced by a decrease in net revenues, combined with an increase in the company's selling, general and administrative expenses. SG & A expenses increased from $818,534 in fiscal 1991 to $1,664,300 in 1992, primarily due to an increased level of operations


atrributable to the company's new subsidiaries, Pipkorn and Interel, as well as additional personnel costs at Air-Cure.
 Kam Tejwani, Air-Cure's chairman and chief executive officer, stated, "Although we are disappointed by fiscal 1992 results which were due to the above mentioned reasons we are optimistic about Air-Cure's future business opportunities and prospects for which we are well positioned."
 Air-Cure Environmental, Inc. designs, manufactures and markets proprietary air pollution control systems and components. These systems limit the emission of particulate and gaseouspollutants into the environment.
 Air-Cure Environmental, Inc. and Subsidiaries
 April 7, 1990
 Year Ended (inception) through
 March 31, 1992 March 31, 1991
 Net revenues $ 7,026,550 $10,644,938
 Cost of revenues 5,443,143 8,869,040
 Gross Profit 1,583,407 1,775,898
 Selling, general &
 administrative expenses 1,664,300 818,534
 Operating profit(loss) (80,893) 957,364
 Other income (expense)
 Interest income 151,818 80,380
 Interest expense (48,139) (71,279)
 Miscellaneous 11,859 159
 115,538 9,260
 Earnings before
 income taxes 34,645 966,624
 Income taxes 14,000 397,000
 NET EARNINGS $20,645 $569,624
 Net earnings per common share:
 Primary $.01 $.30
 Fully diluted $.01 $.29
 Weighted average number
 of common shares and common
 equivalent shares outstanding:
 Primary 2,990,613 1,898,722
 Fully diluted 3,160,580 2,155,039
 Fourth Quarter
 March 31, 1992 March 31, 1991
 Net revenues $2,040,945 $2,161,132
 Cost of revenues 1,694,237 1,657,514
 Gross profit 346,707 503,618
 Selling, general &
 administrative expense 536,454 273,240
 Depreciation/amortization 36,922 9,253
 573,376 282,493
 Operating income (loss) (226,669) 221,125
 Other income (expense)
 Interest income 50,252 65,648
 Interest expense (57) (18,493)
 Miscellaneous 11,859 --
 62,054 47,155
 Income (loss) before taxes 1?64,614) 268,280
 Taxes on income (benefits) (66,000) 118,000
 Net income (loss) (98,614) 150,280
 Net earnings per share:
 Primary $(.03) $.06
 Fully diluted $(.03) $.06
 Weighted average
 Shares outstanding:
 primary 2,990,613 2,476,000
 fully diluted 3,160,580 2,742,667
 -0- 06/28/92
 /CONTACT: Kam Tejwani of Air-Cure Environmental, 612-571-0560; or Tom de Petra or Christopher Sellwood of de Petra & Associates, 612-338-7630 for Air-Cure Environmental/
 (AIRE) CO: Air-Cure Environmental, Inc. ST: Minnesota IN: SU: ERN


AL -- MN002 -- 4616 06/29/92 10:24 EDT
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Date:Jun 29, 1992
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