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ALLIS-CHALMERS REPORTS SECOND QUARTER FINANCIAL RESULTS

 MILWAUKEE, July 30 /PRNewswire/ -- Allis-Chalmers Corporation today reported a net loss of $84,000, or $.09 per common share, in the second quarter of 1993 compared with a net loss of $112,000, or $.11 per share, in the same quarter of 1992.
 The 1993 loss reflected the continued general weakness in markets served by the company and significant administrative expenses associated with the requirements of a publicly held company.
 Sales in the second quarter of 1993 were $2.9 million compared with $2.7 million in the 1992 period. The increase was the result of improved sales in the machine repair and service business.
 Second quarter gross margin, as a percentage of sales, decreased to 29 percent in 1993 from 34 percent in 1992, due primarily to a more price competitive market served by the molded fabric products business.
 For the first six months of 1993 Allis-Chalmers had a net loss of $1.1 million, or $1.05 per share, versus a net loss of $180,000, or $.18 per share, in the first half of 1992. The 1993 loss included a previously reported one-time, non-cash charge of $1,029,000 in the first quarter related to certain postretirement benefits which reflected an accounting change required by Statement of Financial Standards No. 106.
 First half sales were $5.8 million in 1993 and $6.1 million in 1992.
 ALLIS-CHALMERS CORPORATION
 Financial Highlights
 (In thousands, except per share data)
 Periods ended Three Months Six Months
 June 30 1993 1992 1993 1992
 Sales $2,903 $2,741 $5,800 $6,171
 Net (loss) (84) (112) (1,055) (180)
 Average common shares 1,003 1,003 1,003 1,003
 (Loss) per share $(.09) $(.11) $(1.05) (.18)
 -0- 7/30/93
 /CONTACT: Dennis Thisted of Allis Chalmers, 414-475-4038


CO: Allis-Chalmers Corporation ST: Wisconsin IN: SU: ERN

WB-LG -- NY055 -- 7872 07/30/93 15:44 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
Words:314
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