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AMERICAN PRECISION INDUSTRIES ANNOUNCES 1ST QTR RESULTS

 BUFFALO, N.Y., April 23 /PRNewswire/ -- In the first quarter of 1993, American Precision Industries, Inc. (NYSE: APR) consolidated revenues increased by 4.1 percent over the same period last year, while net earnings declined by 36.6 percent. However, net earnings still reflect a return on sales of 4.2 percent. The decline in earnings results from a modest reduction in the Company's gross profit percentage, a sharp decrease in investment income due to low interest rates, and a 7.9 percent increase in selling and administrative expenses which largely results from continuing investments in expanding served markets and new product development.
 As a result of continuing reduced demand in the Company's traditional markets which could not be totally offset by the current actions to expand products and penetrate new markets, bookings are down 2 percent in the first quarter this year as compared to last year.
 Today, the Board of Directors declared a regular quarterly cash dividend of $.06 per share payable July 14, 1993 to shareholders of record on June 25, 1993. This dividend represents a 9.1 percent increase in the quarterly dividend rate. Not only is 1993 the 21st consecutive year the Company has paid dividends, but also the 16th consecutive year that the dividend has increased.
 AMERICAN PRECISION INDUSTRIES INC.
 Consolidated Statement of Earnings (Unaudited)
 First Quarter Ended
 1993 1992
 March March
 Net Sales $ 13,095,000 $ 12,501,000
 Investment Income 110,000 178,000
 Revenues 13,205,000 12,679,000
 Costs and Expenses:
 Cost of products sold 8,928,000 8,166,000
 Selling and administrative 3,374,000 3,127,000
 Interest and debt expense 66,000 81,000
 12,368,000 11,374,000
 Earnings before Income Taxes 837,000 1,305,000
 Federal and State Income Taxes 292,000 446,000
 Net Earnings $ 545,000 $ 859,000
 Net Earnings per Share $0.08 $0.12
 Average Shares Outstanding 7,055,000 7,118,000
 -0- 4/23/93
 /CONTACT: John M. Murray, Vice President-Finance & Treasurer, American Precision Industries, 716-684-9700/
 (APR)


CO: American Precision Industries, Inc. ST: New York IN: MAC SU: ERN

LC -- CL012 -- 9934 04/23/93 09:56 EDT
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Publication:PR Newswire
Date:Apr 23, 1993
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