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AMERICAN PRECISION INDUSTRIES INC. ANNOUNCES 1ST QUARTER RESULTS

AMERICAN PRECISION INDUSTRIES INC. ANNOUNCES 1ST QUARTER RESULTS
 BUFFALO, N.Y., April 24 /PRNewswire/ -- American Precision Industries Inc. (NYSE: APR) announces the following:
 Consolidated Statement of Earnings (Unaudited)
 First Quarter Ended
 1992 1991
 March March
 Net Sales $12,501,000 $13,726,000
 Investment Income 178,000 195,000
 Revenues 12,679,000 13,921,000
 Costs and Expenses:
 Cost of products sold 8,166,000 9,268,000
 Selling and administrative 3,127,000 2,936,000
 Interest and debt expense 81,000 104,000
 Total 11,374,000 12,308,000
 Earnings before Income Taxes 1,305,000 1,613,000
 Federal and State Income Taxes 446,000 548,000
 Net Earnings $ 859,000 $ 1,065,000
 Net Earnings per Share $0.12 $0.15
 Average Shares Outstanding 7,118,000 7,344,000
 Consolidated revenues and net earnings declined 8.9 pct and 19.3 pct, respectively, during the first quarter of 1992 as compared to the same period in 1991. Although revenues and net earnings are down from the record levels of a year ago, they have increased 5.5 pct and 5.1 pct respectively, as compared to the fourth quarter of 1991. After reflecting a declining trend during each of the four quarters of 1991, the Company's backlogs have increased 5.0 pct since the beginning of the year.
 Earnings of the Industrial Process Equipment segment in the first quarter increased 4.7 pct over last year on a 5.7 pct reduction in sales. The earnings improvement is the result of a reduction in raw material costs and improved efficiencies at the Air Technologies Division.
 The Electronic Products segment incurred a 12.0 pct decline in sales and a 53.5 pct drop in earnings in the first quarter compared to last year. However, first quarter earnings of this segment were more than double the earnings in the fourth quarter of 1991 on a 15 pct increase in sales.
 On April 15, 1992, the Company announced that Kurt Wiedenhaupt, president and chief executive officer of AEG Corporation, will become President and CEO of American Precision Industries upon Mr. Fierle's retirement on or about June 30, 1992. Mr. Fierle will remain Chairman of the Board and will provide services and advice to the Company as requested by the Board of Directors.
 Today, the board of directors declared a regular quarterly cash dividend of $.055 per share, payable July 15, 1992 to shareholders of record as of June 26, 1992. This dividend represents a 10 pct increase in the quarterly dividend rate, marking the 15th consecutive year of cash dividend increases.
 -0- 4/24/92
 /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 -- CL006 -- 2361 04/24/92 10:35 EDT
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Publication:PR Newswire
Date:Apr 24, 1992
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