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AUTOCLAVE ENGINEERS, INC. REPORTS FISCAL YEAR RESULTS

 ERIE, Pa., July 16 /PRNewswire/ -- Autoclave Engineers, Inc. (NASDAQ: ACLV) today announced results for the fourth quarter and fiscal year ended May 31, 1993.
 Net income in the fourth quarter of this year was $508,000, or $0.12 per share compared to $393,000 or $0.09 per share last year. Sales in this year's fourth quarter were $21,098,000 vs. the $21,917,000 level attained in 1992.
 Net income for fiscal 1993 was $104,000 or $0.02 per share on sales of $77,269,000. Fiscal 1992 net income was $1,275,000 or $0.30 per share on sales of $80,246,000.
 The comparative numbers for fiscal 1992 provided in this release have been restated to reflect a fourth quarter 1993 change in accounting principles. The company implemented a change in accounting for inventory converting from a LIFO to a FIFO basis. This change, which applied to the approximately 20 percent of inventory not already on FIFO, had no significant effect on 1993 results; 1992 earnings were reduced.
 Commenting on these results, William F. Schilling, president and chief executive officer, said, "Operating results in the fourth quarter improved at both the Autoclave Engineers Group and Burton Corblin, while Unit Instruments lost money as expected. An unusually high effective tax rate, resulting from the inability to offset earnings and losses among the U.S. and foreign tax jurisdictions, acted to dampen net income in both the fourth quarter and the year."
 Schilling went on to say, "The restructuring which was implemented early in fiscal '93 allowed Burton Corblin to operate profitably at lower volume levels. We do not expect improvement in the European market until late this year. Thus, Burton Corblin's low level of activity will continue through much of fiscal '94. The Autoclave Engineers Group realized a modest profit in 1993 despite tight market conditions. We expect similar conditions in fiscal '94. Unit Instruments, on the other hand, should see improvement in both sales and profit in 1994. Early 1994 results indicate significant progress has been made in dealing with the operating problems Unit endured in the second half of fiscal '93. In addition, the semiconductor equipment market which Unit serves has strengthened appreciably in the last several months."
 Autoclave Engineers, Inc., headquartered in Erie, with subsidiaries in Erie; Yorba Linda, Calif.; and Nogent, France, is a recognized leader in providing high quality, engineered products for chemical research and related industrial process markets worldwide.
 AUTOCLAVE ENGINEERS, INC.
 (NASDAQ: ACLV)
 Fiscal 1993 Results
 Consolidated Statement of Earnings
 Period Ended Fiscal Year
 May 31 1993 1992
 (see note)
 Net sales $77,269,000 $80,246,000
 Net income 104,000 1,275,000
 Net income per share $0.02 $0.30
 Average weighted number of common
 shares outstanding 4,233,489 4,242,936
 Period Ended Fourth Quarter
 May 31 1993 1992
 (see note)
 Net sales $21,098,000 $21,917,000
 Net income 508,000 393,000
 Net income per share $0.12 $0.09
 Average weighted number of common
 shares outstanding 4,273,580 4,271,916
 Note: Results for fiscal year ended May 31, 1992, have been restated for the effect of a change in accounting for inventory.
 /delval/
 -0- 7/16/93
 /CONTACT: Thomas C. Guelcher, chief financial officer of Autoclave Engineers, 814-838-5804/
 (ACLV)


CO: Autoclave Engineers, Inc. ST: Pennsylvania IN: CHM SU: ERN

CD-KC -- PG003 -- 2397 07/16/93 10:33 EDT
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Date:Jul 16, 1993
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