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AMERICAN PACIFIC HAS HIGHER NET INCOME IN THE THIRD QUARTER AND FIRST NINE MONTHS OF ITS FISCAL YEAR

 AMERICAN PACIFIC HAS HIGHER NET INCOME IN THE
 THIRD QUARTER AND FIRST NINE MONTHS OF ITS FISCAL YEAR
 LAS VEGAS, July 28 /PRNewswire/ -- American Pacific Corp. (NASDAQ: APFC) posted a 23 percent increase in net income for the third quarter ended June 30, 1992.
 Net income for the quarter totaled $3,001,000, up from $2,430,000 in the prior year. Reflecting a 44 percent increase in weighted average common and common equivalent shares outstanding in the current period, net income per common share was 35 cents, compared with 41 cents a year ago. Weighted average common and common equivalent shares were 8,663,000 in fiscal 1992 and 5,998,000 in fiscal 1991.
 Third quarter revenues amounted to $16,618,000, compared with $16,979,000 one year earlier.
 For the nine months, net income increased 32 percent to $8,460,000 from $6,397,000 in the corresponding period last year. As a result of the substantial increase in common and common equivalent shares in the current period, net income per share amounted to $1.18 in both periods. Weighted average common and common equivalent shares outstanding were 7,192,000 in the current period and 5,440,000 in the prior year.
 Revenues for the nine months were $48,816,000, compared with $45,802,000 a year ago.
 The increase in shares reflected the company's 1,812,500 common stock offering in April of 1992, plus the issuance of warrants in February of this year in conjunction with the company's $40 million offering of subordinated notes.
 Fred D. Gibson Jr., chairman, president and chief executive officer, said: "The company continued to record outstanding results in the third quarter. Net income reached the highest level for any quarter in the company's history, and we also set a new record for the nine months. In terms of earnings per share, our progress was masked by the increased number of common and common equivalent shares outstanding as a result of the successful completion of two large and important financings which support the company's strategic growth programs.
 "Current results reflected increased pollution abatement revenues from our installation of a major odor control system at a composting facility in Akron, Ohio under a contract valued at $5.8 million. We are pleased to have successfully completed this important project which will showcase our leading capabilities in the control of odors from such facilities. Start-up is scheduled during the early part of August.
 "At the same time, we are pleased to announce the resumption of work on our important project in Kuwait for the development and installation of an odor control system. Work had been delayed due to hostilities in the Persian Gulf. The company's Pepcon Systems Inc. subsidiary has entered into a new contract valued at $1.9 million, with work to commence immediately and scheduled for completion over an eight-month period.
 "Third quarter shipments of ammonium perchlorate, our core product, were less in pounds than in the prior year. However, our long-term contract with a major customer resulted in prices that enabled the company to maintain its performance and profitability."
 He continued: "The development and construction of the 2,000 tons-per-year sodium azide plant owned by the company's American Azide Corp. subsidiary in Iron County, Utah, remains on schedule. We are currently involved in the testing and verification of critical processes and systems. Initial production of sodium azide for product and process verification is moving forward as planned. We intend to support the deployment of automotive airbag safety systems in model years 1993 and 1994. It's expected that our first sodium azide production line will become operational in December with the second line in January 1993.
 "Our Halotron project is also making excellent progress. A series of demonstrations, to be conducted by the U.S. Navy with the participation of other military departments and government agencies, is now scheduled for August. We believe that Halotron 1 will be the only system and substance involved in these demonstrations. A meeting to finalize the protocol for the demonstrations is planned for this week. Although the timing of these demonstrations remains tentative, we are working closely with cognizant officials to optimize their utility. We are confident that the demonstrations as planned will yield excellent results.
 "Halotron is designed to replace ozone depleting halons in critical fire fighting applications on a worldwide basis. We expect our Halotron business will shortly be a major contributor to future revenues and profits."
 In addition to its Halotron and sodium azide projects, the company'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 pollution control systems and industrial and commercial real estate development.
 AMERICAN PACIFIC CORP.
 Selected Consolidated Financial Information
 (Unaudited)
 For The Three Months Ended For The Nine Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Sales and
 operating
 revenues $16,618,000 $16,979,000 $48,816,000 $45,802,000
 Operating
 income 6,702,000 6,456,000 19,244,000 17,913,000
 Net income $3,001,000 $2,430,000 $8,460,000 $6,397,000
 Net income per
 common share $.35 $.41 $1.18 $1.18
 Weighted
 average
 common and
 common
 equivalent
 shares
 outstanding 8,663,000 5,998,000 7,192,000 5,440,000
 AMERICAN PACIFIC CORP.
 Condensed Consolidated Balance Sheet Information
 (Unaudited)
 June 30, 1992 Sept. 30, 1991
 Total assets $246,681,000 $147,135,000
 Shareholders' Equity $106,234,000 $43,818,000
 Long-term debt $92,053,000 $61,342,000
 -0- 7/28/92 R
 /CONTACT: C. Keith Rooker, executive VP of American Pacific, 702-735-2200/
 (APFC) CO: American Pacific Corp. ST: Nevada IN: CHM SU: ERN


KJ-EH -- LA007 -- 4013 07/28/92 10:59 EDT
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