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ATCHISON CASTING REPORTS FIRST QUARTER FISCAL 1994 RESULTS

 ATCHISON, Kan., Nov. 9 /PRNewswire/ -- Atchison Casting Corp. (NASDAQ-NMS: ACCX) a manufacturer of large steel castings, today announced unaudited results for the first quarter ended Sept. 30, 1993 of 13 cents per share versus 25 cents per share for the first quarter last year. This is the company's first announcement of financial results since completing a public offering of 2,150,000 shares of common stock on Oct. 4, 1993.
 First quarter revenues decreased 13.0 percent to $14,865,368 from $17,095,187 in the comparable period last year. Net income decreased to $395,543 or 13 cents per share compared to $737,319 or 25 cents per share in the first quarter of fiscal 1993. This first quarter was completed prior to the company's public offering. The pro forma net income per share for the first quarter ended Sept. 30, 1993, after giving effect to the number of shares associated with the public offering, was 7 cents.
 Foundry operations, which were halted for four weeks in July due to the flood, resumed in August and are back to normal.
 Operating income of $1,238,733 in the first quarter, although hurt by the flood, was higher than anticipated.
 Had the public offering occurred on July 1, 1993, the net income per share for the first quarter ended Sept. 30, 1993 would have been 16 cents. This net income per share takes into consideration the repayment of substantially all of the company's interest-bearing indebtedness (excluding an extraordinary charge to income in the amount of $1,451,000, net of income tax benefit, related to the prepayment of debt) using net proceeds from the public offering and assumes 5,301,737 weighted average shares to be outstanding.
 Atchison Casting manufactures and machines large, complex steel castings, which range in size up to 40 tons. The company serves customers in the locomotive, mass transit, mining and construction equipment, military, turbine, compressor, valve and pump industries.
 ATCHISON CASTING CORP. AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF OPERATIONS
 First Quarter
 FY 1994 FY 1993(a)
 Net sales $14,865,368 $17,095,187
 Cost of goods sold 12,057,464 12,814,358
 Amortization of intangibles 59,527 787,495
 Gross profit 2,748,377 3,493,334
 Operating expenses:
 Selling, general and
 administrative 1,223,839 1,461,682
 Amortization of intangibles 285,805 285,805
 Total operating expenses 1,509,644 1,747,487
 Operating income 1,238,733 1,745,847
 Interest expense 687,190 1,008,528
 Income before taxes 551,543 737,319
 Income taxes 156,000 ---
 Net income $395,543 $737,319
 Net income per common and
 equivalent shares: (b)
 Historical $0.13 $0.25
 Pro forma $0.07 $0.15
 Weighted average number of common
 and equivalent shares outstanding:
 Historical 3,151,737 2,909,040
 Pro forma 5,301,737 5,059,040
 (a) The company, while privately held, closed the first through third quarters on the Friday before the calendar month end for fiscal 1993. As a result, the fiscal 1993 first quarter had three fewer working days than the similar quarter in fiscal 1994.
 (b) Had the public offering occurred on July 1, 1993, the net income per share for the first quarter ended Sept. 30, 1993 would have been 16 cents. This net income per share takes into consideration the repayment of substantially all of the company's interest-bearing indebtedness (excluding an extraordinary charge to income in the amount of $1,451,000, net of income tax benefit, related to the prepayment of debt) using net proceeds from the public offering and assumes 5,301,737 weighted average shares to be outstanding.
 -0- 11/9/93
 /CONTACT: Hugh H. Aiken of Atchison Casting, 913-367-2121/
 (ACCX)


CO: Atchison Casting Corp. ST: Kansas IN: SU: ERN

MC -- DV007 -- 2209 11/09/93 10:59 EST
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Publication:PR Newswire
Date:Nov 9, 1993
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