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COMMERCIAL INTERTECH CORP. REPORTS FIRST QUARTER RESULTS

 YOUNGSTOWN, Ohio, Feb. 24 /PRNewswire/ -- Commercial Intertech Corp. (NYSE: TEC) today reported first quarter results for the period ending Jan. 31, 1993. Net sales were $99,327,000, up four percent from the $95,463,000 reported a year ago. Net income from continuing operations was $627,000 versus $743,000 last year. Results for the first quarter of 1992 included a $3,391,000 credit to net income when the company adopted FAS 109 Accounting for Income Taxes.
 Earnings per share in fiscal 1993 were $0.01 (fully diluted) and $(0.08) negative in 1992 before FAS 109 accounting change but $0.25 (fully diluted) after the change.
 Paul J. Powers, chairman, president and chief executive officer, said, "Although net income did not keep pace with the small sales increase over last year, we have seen positive signs of recovery in the United States. All three operating groups experienced higher incoming order rates than in the first quarter last year. In our overseas markets Hydraulic Components group orders were up 11 percent while the Astron Building Systems Division and the Fluid Purification group were about level with last year. While our competitive position strengthens, we are still dependent upon world economic conditions to return to the high growth levels we enjoyed as recently as two years ago.
 "Nevertheless, we continue to broaden our market penetration around the world as demonstrated by the recent signing of a manufacturing license agreement between the Astron division and Geoyang Development Co., Ltd., a unit of Pohang Iron & Steel Co., Ltd., to produce buildings for the Korean market. Also, export sales from the United States to areas not directly served by affiliated company units continue to increase. Exports to third party customers were up 21 percent in the first quarter over the same period last year."
 Commercial Intertech is a multinational manufacturer and marketer of hydraulic components, fluid purification products, pre-engineered buildings and stamped metal products.
 COMMERCIAL INTERTECH CORP. AND SUBSIDIARIES
 CONSOLIDATED CONDENSED STATEMENTS OF INCOME
 THREE MONTHS ENDED
 (Thousands of dollars) January 31,
 1993 1992
 Net sales $99,327 $95,463
 Less costs and expenses:
 Cost of products sold 72,168 67,544
 Selling, administrative and
 general expense 24,366 24,302
 Non-recurring items 0 500
 Total 96,534 92,346
 Operating income 2,793 3,117
 Non-operating income (expense):
 Interest income 341 378
 Interest expense (1,513) (1,081)
 Other 103 (23)
 Total (1,069) (726)
 Income before income taxes and
 cumulative effect of change
 in accounting 1,724 2,391
 Income taxes 1,097 1,648
 Income before cumulative effect of
 change in accounting for income taxes 627 743
 Cumulative effect of change in
 accounting for income taxes 0 3,391
 Net income $627 $4,134
 Preferred stock dividends and
 adjustments 529 1,574
 Net income applicable to common stock $98 $2,560
 Earnings per share of common stock:
 Primary:
 Income before cumulative effect
 of change in accounting $0.01 $(0.08)
 Net income 0.01 0.26
 Fully diluted:
 Income before cumulative effect
 of change in accounting $0.01 $(0.08)
 Net income 0.01 0.25
 Cash dividends declared $0.17 $0.17
 COMMERCIAL INTERTECH CORP. AND SUBSIDIARIES
 CONSOLIDATED CONDENSED BALANCE SHEETS
 (Thousands of dollars) January 31, October 31,
 1993 1992
 ASSETS
 CURRENT ASSETS:
 Cash and cash equivalents $14,876 $19,396
 Accounts receivable, less
 allowance
 (1993-$1,653,000;
 1992-$1,612,000) 68,223 80,983
 Inventories 53,264 54,028
 Deferred income tax benefits 11,016 11,083
 Prepaid expenses 3,279 3,523
 TOTAL CURRENT ASSETS 150,658 169,013
 PROPERTY, PLANT AND EQUIPMENT 238,726 239,573
 Less allowance for depreciation 119,196 117,424
 Total 119,530 122,149
 INTANGIBLE ASSETS 31,742 32,579
 OTHER ASSETS 26,569 26,258
 TOTAL ASSETS $328,499 $349,999
 LIABILITIES AND SHAREHOLDERS' EQUITY
 CURRENT LIABILITIES:
 Accounts and notes payable $81,749 $93,348
 Accrued income taxes 13,663 15,731
 Dividends payable 2,230 2,213
 TOTAL CURRENT LIABILITIES 97,642 111,292
 NONCURRENT LIABILITIES:
 Long-term debt 78,421 84,392
 Deferred income taxes 16,613 16,674
 Postretirement benefit 16,043 15,792
 TOTAL NONCURRENT LIABILITIES 111,077 116,858
 SHAREHOLDERS' EQUITY:
 Preferred stock, no par value:
 Authorized: 10,000,000 shares
 Series A participating preferred
 shares 0 0
 Series B ESOP convertible preferred
 shares
 Issued: 1,070,353 shares 24,886 24,886
 Common stock, $1 par value:
 Authorized: 30,000,000 shares
 Issued: 1993 - 10,004,850 shares
 (excluding 44,038 in treasury);
 1992 - 9,909,608 shares (excluding
 42,980 in treasury) 10,005 9,910
 Capital surplus 38,107 37,628
 Retained earnings 67,795 69,199
 Deferred compensation (21,248) (22,495)
 Translation adjustment 235 2,721
 Total 119,780 121,849
 TOTAL LIABILITIES AND
 SHAREHOLDERS' EQUITY $328,499 $349,999
 -0- 2/24/93
 /CONTACT: Philip N. Winkelstern of Commercial Intertech Corp., 216-746-8011/
 (TEC)


CO: Commercial Intertech Corp. ST: Ohio IN: MAC SU: ERN

LC -- CL011 -- 0045 02/24/93 15:50 EST
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Date:Feb 24, 1993
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