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 LAS VEGAS, Dec. 13 /PRNewswire/ -- American Pacific Corp. (NASDAQ: APFC) today reported preliminary, unaudited financial results for the fiscal year and fourth quarter ended Sept. 30, 1993.
 Sales for the year were $57.2 million, compared to $63.1 million during fiscal year 1992. As anticipated, the decrease was primarily the result of a decreasing surcharge on the price of ammonium perchlorate, lower sales in the environmental division of approximately $2.0 million, and no sales of real estate.
 Earnings per share were $1.26, compared to $.71 per share last year. Net income was $10.4 million, compared to last year's $5.4 million for the same period. (Last year's earnings were subject to a one-time fourth quarter charge of $5.4 million after tax, or $.72 per share, for the settlement of litigation resulting from the company's 1988 plant incident.) Average shares outstanding were 8,288,000 this year, compared to 7,619,000 last year.
 Sales were $15.1 million in the current fourth quarter, compared to $14.3 million in the same quarter last year. Net income was $3,109,000, compared to a loss of $3,042,000 in last year's fourth quarter. Earnings per share for the fourth quarter were $.38, compared to a loss per share of $.34 in the same quarter a year ago. Average shares outstanding were 8,254,000 during the fourth quarter of fiscal 1993, compared to 8,944,000 average shares outstanding for the comparable period of the prior year. During the 1993 fourth quarter, the company invoiced a customer for approximately $5.5 million owed in accordance with existing agreements. An audit is currently being conducted by the customer relating to the applicable contract year. Although the company believes that the $5.5 million receivable will be collected, there is uncertainty regarding the amount of the invoice because the audit is not complete and the company has not been advised of the customer's position relative to the invoice.
 American Pacific is a specialty chemical company that produces perchlorates, including chiefly ammonium perchlorate -- the oxidizer component of solid rocket propellants employed in space flight and defense systems; sodium azide -- the principal inflation chemical in automotive airbag safety systems; and Halotron(TM) fire suppression agents -- replacements for ozone-depleting halons in fire extinguishment systems. The company also designs and manufactures environmental protection products and is involved in real estate development.
 Condensed Financial Information
 (In 000s, except per share data)
 Operating Information
 Year Ended Quarter Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Revenues $57,215 $63,075 $15,100 $14,259
 Operating profit $20,672 $24,560 $5,829 $5,316
 Non-recurring item(a) --- $8,135 --- $8,135
 Net income (loss) $10,435 $5,418 $3,109 ($3,042)
 Net income (loss) per
 common share:
 Before non-recurring item n/a $1.43 n/a $.27
 After non-recurring item $1.26 $.71 $.38 ($.34)
 Weighted average common
 and common equivalent
 shares 8,288 7,619 8,254 8,944
 (a) Settlement of litigation, pre-tax
 Sept. 30, 1993 Sept. 30, 1992
 Assets $231,138,000 $231,089,000
 Shareholders' equity $114,253,000 $102,975,000
 -0- 12/13/93
 /CONTACT: C. Keith Rooker of American Pacific, 702-735-2200; or John Foley of The Foristall Co., 213-626-4524/

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

EH-JL -- LA002 -- 3002 12/13/93 08:31 EST
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Publication:PR Newswire
Date:Dec 13, 1993

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