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BWIP HOLDING INC. ANNOUNCES SECOND QUARTER SALES AND EARNINGS RESULTS

 BWIP HOLDING INC. ANNOUNCES
 SECOND QUARTER SALES AND EARNINGS RESULTS
 LONG BEACH, Calif., July 22 /PRNewswire/ -- BWIP Holding Inc. (NASDAQ-NMS: BWIP), the parent company of BW/IP International Inc., announced second quarter 1992 net income of $7.9 million, or $.33 per share, including an extraordinary after-tax loss of approximately $5.3 million, or $.21 per share, related to the prepayment premium on refinancing $87 million in long-term debt. Without this extraordinary loss, BWIP would have reported earnings of $13.2 million, or $.54 per share.
 BWIP's second quarter 1991 net income was $6.5 million, or $.29 per share. Included in 1991's results was approximately $6.1 million, or $.29 per share, in after-tax non-recurring charges related to the company's initial public offering of common stock in May 1991. Without these charges, BWIP would have reported second quarter 1991 earnings of $12.6 million, or $.58 per share.
 Total sales for the quarter were $109.6 million, compared with $115.5 million in the second quarter of 1991, which was a record quarter for the company.
 Peter C. Valli, chairman and chief executive officer, said, "Business in our worldwide petroleum markets remains active, particularly in the Middle East and Pacific Rim. While the recession is affecting orders for capital equipment in the United States, BW/IP continues to benefit from the fact that oil companies are investing in their refineries to meet requirements of the Clean Air Act."
 Valli also said, "Another significant event during the second quarter was the increase in the annual dividend on our common stock from $.15 to $.24 per share, an increase of 60 percent."
 Net income for the first half of the year was $19.1 million, or $.79 a share, which included extraordinary losses on the prepayment of debt in both the first and second quarters and the cumulative effect of a change in accounting principle. Net income in the first half of 1991 was $17.3 million, or $.82 a share, including non- recurring charges.
 Excluding the above-mentioned items and costs associated with the company's secondary offering of common stock in February, earnings for the first half of 1992 would have been $25.7 million, or $1.06 per share. Earnings in the first half of 1991, excluding non- recurring charges, would have been $23.4 million, or $1.11 per share.
 Per-share calculations were affected by an increase in the total weighted average number of common shares outstanding to 24,275,000 in 1992, compared with 21,113,710 in the first half of 1991.
 Six-month sales were $224.0 million, compared with sales of $220.0 million in the first six months of 1991.
 Bookings totaled $245.7 million in the first half of 1992, and backlog at June 30, 1992, stood at $228.2 million.
 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 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.
 Condensed Consolidated Statements of Operations
 (Unaudited; dollar amounts in thousands except share data)
 Three Months Ended Six Months Ended
 June 30, June 30, June 30, June 30,
 1992 1991 1992 1991
 Net Sales $109,595 $115,461 $224,011 $219,991
 Cost of sales 61,817 68,540 128,944 127,455
 Gross profit 47,778 46,921 95,067 92,536
 Selling, administrative
 and operating expenses 24,954 23,734 49,957 47,517
 Operating income 22,824 23,187 45,110 45,019
 Interest expense, net 2,830 4,812 6,164 9,567
 Non-recurring and other
 costs resulting from
 initial public offering --- 8,606 --- 8,606
 Other (income) expenses (9) 40 646 40
 Income before income
 taxes, extraordinary
 items and cumulative
 effect of change in
 accounting principle 20,003 9,729 38,300 26,806
 Provision for income
 taxes 6,801 3,199 13,022 9,516
 Income before extra-
 ordinary items and
 cumulative effect
 of change in
 accounting principle 13,202 6,530 25,278 17,290
 Extraordinary items,
 net of tax (5,272) --- (8,186) ---
 Income before cumulative
 effect of change in
 accounting principle 7,930 6,530 17,092 17,290
 Cumulative effect of
 change in accounting
 for income taxes --- --- 2,000 ---
 Net income $7,930 $6,530 $19,092 $17,290
 Earnings per common
 share:
 Before extraordinary
 items and cumulative
 effect of change in
 accounting principle $0.54 $0.29(b) $1.04(a) $0.82(b)
 Extraordinary items (0.21) --- (0.33) ---
 Cumulative effect of
 change in accounting
 for income taxes --- --- 0.08 ---
 New income per common
 share $0.33 $0.29 $0.79 $0.82
 Weighted average number
 of common shares
 outstanding 24,275,000 21,952,419 24,275,000 21,113,710
 (a) Earnings per common share excluding costs associated with the company's secondary offering of common stock in February would have been $1.06 per share in the first half of 1992.
 (b) Earnings per common share excluding non-recurring and other costs resulting from the initial public offering would have been $0.58 per share for the second quarter of 1991 and $1.11 per share for the first half of 1991.
 -0- 7/22/92
 /CONTACT: Dan Peoples of Peoples and Co., 310-435-3700, ext. 2307, for BWIP Holding/
 (BWIP) CO: BWIP Holding Inc. ST: California IN: ARO
SU ERN


BP-JL -- SD003 -- 1674 07/22/92 08:15 EDT
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