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AMERICAN PRECISION ANNOUNCES 2ND QUARTER EARNINGS

 AMERICAN PRECISION ANNOUNCES 2ND QUARTER EARNINGS
 BUFFALO, N.Y., July 21 /PRNewswire/ -- American Precision


Industries Inc. (NYSE: APR) announces the following:
 Consolidated Statement of Earnings (Unaudited)
 Second Quarter Ended
 1992 1991
 June June
 Net Sales $12,331,000 $13,177,000
 Investment Income 182,000 203,000
 Revenues 12,513,000 13,380,000
 Costs and Expenses
 Cost of products sold 8,265,000 8,903,000
 Selling and administrative 3,072,000 2,990,000
 Interest and debt expense 77,000 99,000
 11,414,000 11,992,000
 Earnings Before Income Taxes 1,099,000 1,388,000
 Federal and State Income Taxes 399,000 479,000
 Net Earnings $ 700,000 $ 909,000
 Net Earnings Per Share $0.10 $0.12
 Average Shares Outstanding 7,119,000 7,284,000
 Six Months Ended
 1992 1991
 June June
 Net Sales $24,832,000 $26,903,000
 Investment Income 360,000 398,000
 Revenues 25,192,000 27,301,000
 Costs and Expenses
 Cost of products sold 16,431,000 18,171,000
 Selling and administrative 6,199,000 5,926,000
 Interest and debt expense 158,000 203,000
 22,788,000 24,300,000
 Earnings Before Income Taxes 2,404,000 3,001,000
 Federal and State Income Taxes 845,000 1,027,000
 Net Earnings $ 1,559,000 $ 1,974,000
 Net Earnings Per Share $0.22 $0.27
 Average Shares Outstanding 7,119,000 7,314,000
 Consolidated revenues are down 6.5 percent in the second quarter and 7.7 percent for the first six months as compared to 1991. The lower sales this year are a result of the current economic climate and the corresponding softness in some of our served markets. As a result of the lower sales, our net earnings are below last year's levels by 23 percent in the second quarter and 21 percent for the first six months.
 As of June 30, our consolidated backlogs were slightly ahead of levels at the beginning of the year; however, they were 12 percent lower than at the same time last year. The increased inquiry level over the last few months encourages us to look forward to an improved second half of the year.
 The positive expectations for the future growth of API are realistically based on the strong balance of API which will allow us to pursue aggressively new product development and major strategic acquisitions.
 On July 1, 1992, Kurt Wiedenhaupt became President and Chief Executive Officer of the Company. In addition, he was elected to the Board of Directors. Mr. Wiedenhaupt was previously President and Chief Executive Officer of AEG Corporation. Robert J. Fierle has retired as President and CEO, but remains Chairman of the Board.
 -0- 7/21/92
 /CONTACT: John M. Murray, vice president-finance & treasurer of American Precision Industries Inc., 716-684-9700/
 (APR) CO: American Precision Industries Inc. ST: New York IN: MAC SU: ERN


SM -- CL011 -- 1159 07/21/92 09:35 EDT
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Publication:PR Newswire
Date:Jul 21, 1992
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