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AMERICAN PRECISION INDUSTRIES REPORTS ANNUAL EARNINGS

 BUFFALO, N.Y., Feb. 17 /PRNewswire/ -- American Precision Industries (NYSE: APR) reported today consolidated revenues and net earnings for 1992 of $51,295,000 and $2,387,000, respectively, as compared to $51,453,000 and $3,635,000, respectively, in 1991. Earnings per share were $.34 in 1992 and $.50 in 1991.
 "Although the overall 1992 results did not meet our expectations, the initiatives the company has taken in connection with its new growth strategy provide encouraging signs for the future as evidenced by recent growth in sales and bookings," said Chief Executive Officer Kurt Wiedenhaupt. "The costs and expenses incurred in the second half of 1992 to develop and begin implementation of our new strategy, nonrecurring costs associated with the transition to a new CEO, reduced investment income from lower interest rates, and management's election in the fourth quarter to accelerate the amortization of certain deferred expenses have combined to significantly impact our earnings performance. Nevertheless, as a result of the investments we have made in our future, we are entering 1993 with a focused commitment to growth, an enthusiastic dedication to the achievement of our plans, and a strong momentum in the areas of product and market development. From a financial standpoint, the company is uniquely situated to pursue its growth strategy with almost $10,000,000 in marketable securities and investments and a debt to equity ratio of only 0.28 to 1.0."
 American Precision Industries is a diversified manufacturing company which produces high quality products for the heat transfer, electronic components, and motion control industries.
 Consolidated Statement of Earnings
 Year Ended
 1992 1991
 Net Sales $50,631,000 $50,621,000
 Investment Income 664,000 832,000
 Revenues 51,295,000 51,453,000
 Costs and Expenses
 Cost of products sold 33,864,000 33,548,000
 Selling and administrative 13,427,000 11,984,000
 Interest and debt expense 293,000 399,000
 Total 47,584,000 45,931,000
 Earnings Before Income Taxes 3,711,000 5,522,000
 Federal and State Income Taxes 1,324,000 1,887,000
 Net Earnings $ 2,387,000 $ 3,635,000
 Net Earnings Per Share $0.34 $0.50
 Average Shares Outstanding 7,104,000 7,251,000
 Consolidated Statement of Earnings (Unaudited)
 Fourth Quarter (unaudited)
 1992 1991
 Net Sales $12,886,000 $11,798,000
 Investment Income 123,000 225,000
 Revenues 13,009,000 12,023,000
 Costs and Expenses
 Cost of products sold 8,942,000 7,467,000
 Selling and administrative 3,907,000 3,203,000
 Interest and debt expense 65,000 96,000
 Total 12,914,000 10,766,000
 Earnings Before Income Taxes 95,000 1,257,000
 Federal and State Income Taxes 37,000 440,000
 Net Earnings $ 58,000 $ 817,000
 Net Earnings Per Share $0.01 $0.11
 Average Shares Outstanding 7,064,000 7,160,000
 -0- 2/17/93
 /CONTACT: John M. Murray, vice president-finance and treasurer of American Precision Industries, 716-684-9700, ext. 260/
 (APR)


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

KK -- CL004 -- 7203 02/17/93 10:09 EST
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Date:Feb 17, 1993
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