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COMMERCIAL INTERTECH REPORTS SECOND QUARTER RESULTS

 COMMERCIAL INTERTECH REPORTS SECOND QUARTER RESULTS
 YOUNGSTOWN, Ohio, May 21 /PRNewswire/ -- Commercial Intertech Corp. (NYSE: TEC) reported sale of $104,512,000 in its second fiscal quarter ending April 30, 1992, down 4 percent from the $108,464,000 in the same period last year.
 Second quarter net income was $1,492,000 versus $2,468,000 in 1991. Per-share income, after accounting for preferred dividends, was a negative $0.01 per share for the quarter versus $0.09 per share a year ago. Future dilution of per-share earnings will be significantly reduced by the company's redemption of Series C Senior Cumulative Preferred Shares announced April 16.
 Sales for the six months were $199,975,000 compared with $212,054,000 last year, a decline of 6 percent. Net income was $5,626,000 ($0.23 a share) including the positive effect of an accounting change for income taxes of $3,391,000 ($0.34 a share) reported in the first fiscal quarter ending Jan. 31, 1992. Net income in the first half of fiscal 1991 was $1,094,000 (a negative $0.21 a share after dilution), but also included the negative effect of an accounting change for post retirement benefits of $9,015,000 ($0.91 a share) in the first quarter of that year. Fiscal 1991 was favorably affected by nonrecurring gains of $0.51 a share while 1992 results contain a charge of $0.08 a share for restructuring costs primarily for the Fluid Purification Group.
 The company's operating units continue to be affected by the economic recessions in their respective industries and geographic markets through lower volume, pricing and margin pressure. Operating profit contributions by each of the three Groups have been lower than last year.
 Paul J. Powers, chairman, president and CEO said, "Orders in the second quarter have begun to revive. Bookings, indicative of future sales strength, were up 17 percent over the first quarter of this year and are 11 percent stronger than the second quarter of 1991. This encouraging sign reinforces our expectation of a turnaround in the latter part of the fiscal year. Also, the backlog of unfilled orders was $146,600,000 at April 30, 1992, up 12 percent since the start of the fiscal year (11/1/91)."
 Commercial Intertech is a leading manufacturer of hydraulic components, fluid purification products, pre-engineered metal buildings and stamped metal products.
 COMMERCIAL INTERTECH CORP. AND SUBSIDIARIES
 CONSOLIDATED CONDENSED STATEMENTS OF INCOME
 SIX MONTHS ENDED
 (Thousands of dollars) April 30,
 1992 1991
 Net sales $199,975 $212,054
 Less costs and expenses:
 Cost of products sold 141,931 148,367
 Selling, administrative and
 general expense 49,284 48,553
 Non-recurring items 500 (466)
 Total 191,715 196,454
 Operating income 8,260 15,600
 Non-operating income (expense):
 Interest income 703 671
 Interest expense (2,196) (3,336)
 Gain on insurance settlement 0 2,411
 Translation gain on liquidation
 of foreign investment 0 3,213
 Other (955) (1,595)
 Total (2,448) 1,364
 Income before income taxes 5,812 16,964
 Income taxes 3,577 6,855
 Income before accounting change 2,235 10,109
 Cumulative effect of change in
 accounting:
 Accounting for postretirement
 benefits 0 (9,015)
 Accounting for income taxes 3,391 0
 Net income $ 5,626 $ 1,094
 Preferred stock dividends and
 adjustments 3,357 3,149
 Net income (loss) applicable to
 common stock $ 2,269 $(2,055)
 Per share of common stock:
 Primary:
 (Loss) income before accounting
 change $(.11) $ .70
 Net income (loss) .23 (.21)
 Fully diluted:
 (Loss) income before accounting
 change (.11) .66
 Net income (loss) .23 (.21)
 Cash dividends declared $ .34 $ .34
 Three Months Ended
 April 30,
 1992 1991
 Net sales $104,512 $108,464
 Less costs and expenses:
 Cost of products sold 74,387 76,333
 Selling, administrative and
 general expenses 24,982 24,293
 Non-recurring items 0 0
 Total 99,369 100,626
 Operating income 5,143 7,838
 Non-operating income (expense):
 Interest income 325 267
 Interest expense (1,115) (1,603)
 Gain on insurance settlement 0 0
 Translation gain on liquidation of
 foreign investment 0 0
 Other (932) (941)
 Total (1,722) (2,277)
 Income before income taxes 3,421 5,561
 Income taxes 1,929 3,093
 Income before accounting change 1,492 2,468
 Cumulative effect of change in
 accounting:
 Accounting for postretirement
 benefits 0 0
 Accounting for income taxes 0 0
 Net income 1,492 2,468
 Preferred stock dividends and
 adjustments 1,581 1,574
 Net income (loss) applicable to
 common stock $ (89) $ 894
 Per share of common stock:
 Primary:
 (Loss) income before accounting
 change $(.01) $ .09
 Net income (loss) $(.01) $ .09
 Fully diluted:
 (Loss) income before accounting
 change $(.01) .09
 Net income (loss) $(.01) $.09
 Cash dividends declared $.17 $.17
 -0- 5/21/92
 /CONTACT: P.N. Winkelstern of Commercial Intertech Corp., 216-746-8011/
 (CTEK) CO: Commercial Intertech, Inc. ST: Ohio IN: MAC SU: ERN


CG -- CL016 -- 3105 05/21/92 17:58 EDT
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