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AMERICAN PACIFIC'S SECOND QUARTER NET RISES 30.5 PERCENT AS SALES INCREASE 16 PERCENT FROM THE PRIOR YEAR

 AMERICAN PACIFIC'S SECOND QUARTER NET RISES 30.5 PERCENT
 AS SALES INCREASE 16 PERCENT FROM THE PRIOR YEAR
 LAS VEGAS, April 29 /PRNewswire/ -- American Pacific Corp. (NASDAQ: APFC) recorded strong gains in sales and profits for both the second quarter and first half of its fiscal year, Fred D. Gibson Jr., chairman, president and chief executive officer, announced today.
 For the three months ended March 31, 1992, sales rose 16 percent to $15,617,000 from $13,492,000 the year before. Net income advanced 30.5 percent to $2,692,000 from $2,062,000 a year ago. Net income per share amounted to 39 cents vs. 40 cents last year, which reflects the 31 percent increase in common and common equivalent shares outstanding in the current period.
 The increase in shares reflected the company's 1 million share common stock offering in April of 1991, plus the issuance of warrants in February in conjunction with the company's $40 million offering of subordinated notes. Weighted average shares outstanding in the period were 6,828,000 and 5,213,000 in the prior-year period.
 First-half sales totaled $32,198,000, an increase of 12 percent from $28,823,000. Net income for the period was $5,459,000, up 38 percent from $3,967,000 in the previous fiscal year. Net income per share was 83 cents, 8 percent above 77 cents per share, one year earlier.
 Weighted average shares outstanding were 6,580,000 in the first half this year, 27 percent greater than 5,165,000 in the prior year, reflecting the previously mentioned financings.
 Gibson commented: "The company's ammonium perchlorate business recorded a strong quarter. We continue to be pleased by the effective performance of the major ammonium perchlorate facility operated by our WECCO subsidiary in Iron County, Utah. As one of two American suppliers of this specialty chemical which is essential to U.S. space and defense programs, WECCO provides a stable foundation for the company's growth programs. Results for the year-to-date period have also benefited from the higher revenues generated by our pollution abatement activities, reflecting the installation of a major odor control system at a composting facility in Akron, Ohio, under a contract valued at $5.8 million.
 "The company has been extremely active in pressing forward with the
broadening and diversification of its specialty chemical business. In the past three months, two financings have raised net proceeds of $89.9 million to support our planned growth. These included the previously mentioned offering of subordinated notes as well as the sale of 1,812,500 common shares in an underwritten public offering.
 "As anticipated, work recommenced in March on construction of the company's sodium azide facility on our land in Iron County, Utah, and the project is on schedule. All earth work has been completed, and concrete is currently being poured. Initial production of sodium azide for qualification and testing purposes is expected to occur this summer. It is anticipated that the plant will be mechanically complete and capable of full production at the 2,000 metric ton level in late 1992.
 "Sodium azide is the principal chemical used to inflate automotive airbag safety systems. Based on market growth and the strong consumer preference for such systems, the company believes that demand for sodium azide in North America, and worldwide, will substantially exceed existing capacity and announced expansions or new facilities.
 "During the quarter, the company exercised its option to acquire the exclusive worldwide rights to manufacture and sell Halotron as a replacement for ozone depleting halons in fire fighting and fire safety systems. Product development is proceeding on a fast track basis, and product testing of Halotron I has been extensive and successful. Work is under way on the construction of our 2,000 metric ton Halotron facility in Iron County.
 "We are pleased with the company's rapid progress and look forward to the further development of these high potential new activities."
 American Pacific's principal business activities include the production of ammonium perchlorate, the oxidizer utilized in composite solid rocket propellants in a large number of space/defense systems. The company is also involved in the manufacture of pollution abatement systems and industrial/commercial real estate development. New activities include the planned production of sodium azide for use in automotive airbag systems and Halotron for the halon replacement market.
 AMERICAN PACIFIC CORP.
 Condensed Consolidated Financial Information
 (In thousands, except per share data)
 (Unaudited)
 Quarter Ended Six Months Ended
 March 31, March 31,
 1992 1991 1992 1991
 Sales $15,617 $13,492 $32,198 $28,823
 Operating income $6,352 $5,753 $12,542 $11,457
 Net income $2,692 $2,062 $5,459 $3,967
 Net income per
 common share $0.39 $0.40 $0.83 $0.77
 Weighted average
 common and
 common
 equivalent
 shares 6,828,000 5,213,000 6,580,000 5,165,000
 AMERICAN PACIFIC CORP.
 Condensed Consolidated Balance Sheet Information
 (Unaudited)
 March 31, 1992 Sept. 30, 1991
 Assets $200,320,000 $147,135,000
 Shareholders' equity $51,023,000 $43,818,000
 -0- 4/29/92
 /CONTACT: C. Keith Rooker, executive VP of American Pacific, 702-735-2200/
 (APFC) CO: American Pacific Corp. ST: Nevada IN: CHM SU: ERN


KJ-AL -- LA019 -- 4466 04/29/92 14:18 EDT
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