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AMERICAN PACIFIC CORP. REPORTS THIRD QUARTER RESULTS

 LAS VEGAS, July 29 /PRNewswire/ -- American Pacific Corp. (NASDAQ: APFC) today announced unaudited financial results for its third fiscal quarter ended June 30, 1993.
 Net income for the third fiscal quarter was $2.4 million, compared to $3.0 million for the same quarter last year. Earnings per share were $.27 vs. $.35 per share last year. Sales were $15.2 million, compared to $16.6 million during the third fiscal quarter of 1992.
 For the nine-month period, net income was $7.3 million, or $.80 per share, vs. $8.5 million, or $1.18 per share, for the like period one year earlier. Sales were $42.1 million, compared to $48.8 million for the same period last year. The lower total sales reflect a decreasing surcharge and price of ammonium perchlorate. As the company has previously emphasized, the surcharge declines as the principal balance on the ammonium perchlorate facility debt is reduced. The company recorded environmental protection equipment sales during the first three quarters of the current fiscal year totaling $1.5 million less than in the comparable 1992 period. The company has not yet recorded any real estate sales during the current fiscal year.
 Fred D. Gibson Jr., president and chief executive officer, commented, "The situation involving our Perchlorates Products Division and Thiokol has improved since the declaratory relief lawsuit was dismissed. We are continuing our efforts to resolve the outstanding issues on terms satisfactory to the company and our shareholders. In the meantime, we continue to supply ammonium perchlorate to Thiokol and other customers.
 "We have shipped our initial lot of Halotron I to Atlas-Agrimex for Hungary, and expect follow-on shipments to occur as contemplated by our distribution agreement with Atlas. Additionally, McDonnell Douglas, a leader in the aircraft and defense industries, placed its initial Halotron I order for use in its manufacturing facilities.
 "Although a good deal of work remains to be done before a steady stream of Halotron sales will be generated, we are encouraged by the increasing levels of interest shown in our Halotron I and II products, which are designed as replacements for the ozone-depleting fire suppression agents halon 1211 and 1301. Testing and approval of Halotron products by military and commercial users and distributors continues.
 "The company's sodium azide manufacturing facility is nearly complete. Testing and qualification of product samples by the two major customers continues."
 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 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 Nine months ended
 June 30, June 30,
 1993 1992 1993 1992
 Sales $15,225 $16,618 $42,115 $48,816
 Operating income $4,787 $6,702 $14,843 $19,244
 Net income $2,356 $3,001 $7,326 $8,460
 Net income per
 common share $.27 $.35 $.80 $1.18
 Weighted average
 common and common
 equivalent shares 8,764 8,663 9,170 7,192
 AMERICAN PACIFIC CORP.
 Condensed Consolidated Balance Sheets
 (Unaudited)
 June 30, 1993 Sept. 30, 1992
 Assets $237,207,000 $231,089,000
 Shareholders' equity $111,750,000 $102,975,000
 -0- 7/29/93
 /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

EH-JL -- LA014 -- 7135 07/29/93 09:05 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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