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COMMERCIAL INTERTECH CORP. REPORTS RECORD SECOND QUARTER SALES

 YOUNGSTOWN, Ohio, May 26 /PRNewswire/ -- Commercial Intertech Corp. (NYSE: TEC) today reported record second quarter sales of $114,213,000 for the quarter ending April 30, 1993, an increase of nine percent over fiscal second quarter 1992 sales of $104,512,000. Second quarter net income was $3,158,000, or $0.25 a fully diluted share, up 111 percent over the $1,492,000, or a negative $0.01 a share, reported last year. Per-share income in 1992 was adversely affected by preferred dividend charges. This dilution no longer occurs following the company's redemption of the Series C shares in April 1992.
 Sales for the 1993 six month period were $213,540,000, up seven percent from the same period last year when sales were $199,975,000. Net income for the first half was $3,785,000, or $0.27 a share, compared with $2,235,000 before an accounting change for income taxes in 1992. With the 1992 accounting change total net income was $5,626,000, or $0.23 a share, last year.
 The company indicated that each of its three operating groups reported higher sales in the second quarter than a year ago, led by the domestic U.S. hydraulic divisions which posted a 27 percent increase. However, sales in much of Europe and the United Kingdom were depressed, primarily the result of persistent poor economic conditions in that part of the world.
 The Astron Building Systems Division in Europe reported a six percent sales increase over last year's second quarter while the level of sales activity of the Fluid Purification Group was virtually unchanged from a year ago. Both Astron and Fluid Purification experienced some profit erosion in the 1993 second quarter as overseas market conditions were extremely competitive.
 Paul J. Powers, chairman, president and chief executive officer, said, "We reported at the end of our last fiscal quarter that January orders had begun to increase. This trend has continued especially in the U.S. for all product lines. Our European markets remain very weak and uncertain. Because of the uncertainty of when such recovery may occur, our most immediate goal is to maintain stringent cost controls."
 Commercial Intertech Corp. is a leading manufacturer of hydraulic components, fluid purification products, pre-engineered buildings and stamped metal products.
 -0- 5/26/93
 /CONTACT: Philip N. Winkelstern of Commercial Intertech Corp., 216-746-8011/
 (TEC)


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

AR -- CL010 -- 2381 05/26/93 10:41 EDT
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Publication:PR Newswire
Date:May 26, 1993
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