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BWIP HOLDING INC. ANNOUNCES FIRST QUARTER EARNINGS AND SALES

 LONG BEACH, Calif., April 21 /PRNewswire/ -- BWIP Holding Inc. (NASDAQ-NMS: BWIP), the parent company for BW/IP International Inc., announced first quarter 1993 net income of $6.9 million, or $.29 per share.
 This compares with first quarter 1992 earnings of $11.7 million, or $.49 per share, before non-recurring items.
 Including these items -- an extraordinary loss on the prepayment of certain indebtedness and the effects of accounting changes -- the company recorded a net loss of $1.5 million, or $.06 per share, in the first quarter of 1992.
 Total sales for the first quarter were $108.3 million, compared with sales of $114.4 million in the first quarter of 1992.
 Peter C. Valli, chairman and chief executive officer, said, "We experienced an 84 percent uplift in original equipment bookings in 1992 compared to 1991, which produced a major shift in our product mix and lowered our operating margins. In addition, orders for aftermarket products and services continue to be deferred. We are also encountering delays in shipments as our plants make the adjustment to producing a higher volume of large, highly engineered original equipment products, which require much longer lead times than aftermarket products."
 Original equipment comprised 44 percent of the company's Pump and Seal segment sales in the first quarter of 1993, compared with 35 percent last year.
 Valli noted that the company's backlog, including backlog added from an acquisition made during the fourth quarter, increased from $223.6 million, on March 31, 1992, to $239.4 million, on March 31, 1993.
 He added that aftermarket sales are critical to BWIP's profitability, and that aftermarket orders from important markets such as the U.S. petroleum industry, utilities, especially nuclear customers, and countries in the Middle East remain below comparable levels in the first quarter of 1992.
 "As we explained previously," Valli said, "results for 1993 are dependent on increases in aftermarket shipments. While we continue to anticipate strong top line growth this year as a result of increased original equipment sales, our ability to meet or exceed last year's earnings will depend on improving bookings of parts, repairs and services."
 The company said total bookings in the first quarter were $95.7 million, compared with record bookings of $132.0 million in the first quarter of last year.
 BWIP Holding Inc. is the parent company of BW/IP International Inc., a worldwide supplier of advanced-technology pump, seal and fluid control equipment and services. The company's Pump and Seal segment produces highly engineered pumps and pumping equipment, precision mechanical seals, seal systems and accessories. The Fluid Controls segment manufactures aerospace control systems for tactical missiles and aircraft.
 BWIP HOLDING INC.
 Consolidated Statements of Operations
 For the Three Months Ended March 31, 1993 and 1992
 (Dollar amounts in thousands except share and per share data)
 1993 1992
 Net sales $108,293 $114,416
 Cost of sales 67,159 67,467
 Gross profit 41,134 46,949
 Selling, administrative and operating
 expenses 28,533 25,238
 Operating income 12,601 21,711
 Interest expense, net 1,310 3,334
 Other expenses 288 655
 Income before income taxes, extraordinary
 items and cumulative effects of
 accounting changes 11,003 17,722
 Provision for income taxes 4,071 6,025
 Income before extraordinary items and
 cumulative effects of accounting changes 6,932 11,697
 Extraordinary items, net --- (2,914)
 Income before cumulative effects of
 accounting changes 6,932 8,783
 Cumulative effects of accounting changes:
 Income taxes --- 2,000
 Postretirement health care benefits, net --- (11,200)
 Postemployment benefits, net --- (1,080)
 Net income (loss) $6,932 ($1,497)
 Earnings (loss) per common share:
 Before extraordinary items and cumulative
 effects of accounting changes $.29 $.49
 Extraordinary items --- (.12)
 Cumulative effects of accounting changes:
 Inco Postemployment benefits --- (.05)
 Net income (loss) per common share $.29 ($.06)
 Dividends per common share $.06 $.0375
 Weighted average number of common
 shares outstanding 24,275,000 24,275,000
 BWIP HOLDING INC.
 Segment Data
 (Unaudited; dollars amounts in millions)
 Three Months Ended March 31,
 Aftermarket
 $ $ Pct Pct
 1993 1992 1993 1992
 Pump & Seal Segment:
 Sales $99.2 $106.4 56 pct 65 pct
 Operating income 12.2 21.9 --- ---
 Bookings 93.3 129.2 60 58
 Backlog 204.2 178.6 28 44
 -0- 4/21/93
 /CONTACT: Dan Peoples of Peoples & Co., 310-435-3700, or 619-552-1456, for BWIP Holding/
 (BWIP)


CO: BWIP Holding Inc.; BW/IP International Inc. ST: California IN: ARO SU: ERN

KJ-BP -- SD002 -- 8474 04/21/93 08:16 EDT
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Date:Apr 21, 1993
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