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AMERICAN PACIFIC CORP. REPORTS SECOND QUARTER RESULTS; HALOTRON I LISTED AS APPROVED BY EPA ON PROPOSED SNAP LIST

 LAS VEGAS, May 4 /PRNewswire/ -- American Pacific Corp. (NASDAQ: APFC) today announced unaudited financial results for its second fiscal quarter ended March 31, 1993.
 Net income for the second fiscal quarter was $2.7 million, approximately equal to net income during the same quarter last year. Earnings per share were $.30, compared to $.39 per share last year. The difference in earnings per share reflects the additional shares outstanding resulting from last year's 1.8 million share common stock offering and issuance of warrants connected with a private placement of subordinated notes. Sales were $14.2 million, compared to $15.6 million during the second fiscal quarter of 1992.
 For the six-month period, net income was $5.0 million, or $.55 per share, vs. $5.5 million, or $.83 per share for the first half of 1992. Sales were $26.9 million, compared to $32.2 million for the same period. The difference in total sales is principally a function of the decreasing surcharge on sales of ammonium perchlorate. It also reflects lower real estate sales.
 Fred D. Gibson Jr., president and chief executive officer of American Pacific, said, "Our perchlorates business continues to operate at expected levels. Ammonium perchlorate sales are steady, and progress continues in the development of new perchlorate chemicals and markets. Also, our environmental protection products group contributed sales of $2.2 million during the second quarter. Most of this came from the successful completion of a large odor control system in Kuwait. Backlog for the environmental protection products segment remains strong, currently with $1.4 million in orders expected to be substantially filled during the current fiscal year.
 "We are particularly pleased with two very significant developments related to our Halotron I project, a fire suppression system designed to replace ozone-depleting halon 1211 in streaming applications," Gibson added. "First, President Clinton signed an executive order which mandates that action be taken by every federal agency, including the military, to promote the phase-out of ozone- depleting substances and the phase-in of environmentally acceptable replacements. The second significant event was the Environmental Protection Agency's (EPA) release of the proposed Significant New Alternatives Project (SNAP) List. The SNAP List categorizes all products offered as replacements for ozone-depleting chemicals as acceptable, unacceptable or acceptable with restrictions. Released last week, this long-awaited document lists Halotron I as the only `clean agent' fire-fighting product accepted without restriction which has also been demonstrated and accepted as highly effective in suppressing fires. Both of these documents are highly supportive of our efforts to get Halotron on the market. Additionally, EPA studies and decisions are viewed by an international audience; these results confirm that Halotron I is the global leading replacement for halon 1211.
 "Our international efforts in the development and sales of Halotron I and II continue to be productive and are accelerating in tempo. Feedback from Svenska Skum AB, with whom American Pacific announced a distribution agreement, is very encouraging. Based on this relationship and numerous other negotiations currently underway, we believe our first sales of Halotron products will occur during this third fiscal quarter in Europe.
 "The sodium azide facility is in operation and the product awaiting qualification by automotive airbag manufacturers. Although it is uncertain whether the company will benefit from sales relating to the 1993 car model year, we anticipate product qualification will be completed and purchases commence at least with the 1994 car model year beginning in June and July of 1993."
 American Pacific's principal business activities consist of the production of chlorate and perchlorate chemicals, including chiefly ammonium perchlorate, the oxidizer utilized in composite solid rocket propellants employed in a large number of space and military systems; the design and manufacture of environmental protection products; and industrial commercial real estate development. The company is also at the forefront of two developing specialty chemical markets: the manufacture of sodium azide, principally used in automotive airbag systems, and the production of Halotron as a replacement for ozone- depleting halons in fire extinguishment systems worldwide.
 AMERICAN PACIFIC CORP.
 Condensed Consolidated Financial Information
 (Unaudited) (In 000s, except per share data)
 Three months ended Six months ended
 March 31, March 31,
 1993 1992 1993 1992
 Sales $14,161 $15,617 $26,890 $32,198
 Operating income $5,400 $6,352 $10,056 $12,542
 Net income $2,680 $2,692 $4,970 $5,459
 Net income
 per common share $.30 $.39 $.55 $.83
 Weighted average
 common and common
 equivalent shares 8,941 6,828 9,029 6,580
 Condensed Consolidated Balance Sheets
 (Unaudited)
 March 31, Sept. 30,
 1993 1992
 Assets $242,311,000 $231,089,000
 Shareholders' equity $108,779,000 $102,975,000
 -0- 5/4/93
 /CONTACT: Scott A. Brooks, director of investor relations of American Pacific, 702-735-2200/
 (APFC)


CO: American Pacific Corp. ST: Nevada IN: CHM SU: ERN

LS-JL -- LA017 -- 4133 05/04/93 08:04 EDT
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Date:May 4, 1993
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