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COMMERCIAL INTERTECH REPORTS YEAR-END AND FOURTH QUARTER RESULTS

 YOUNGSTOWN, Ohio, Dec. 16 /PRNewswire/ -- Commercial Intertech Corp. (NYSE: TEC) today reported sales of $450,608,000 for the fiscal year ended Oct. 31, 1992, an increase of 3.1 percent over fiscal 1991. Net income from continuing operations was $14,045,000, or $0.95 per share (fully diluted), down 30 percent from 1991 when $20,118,000, or $1.31 a share, was earned. Net income in 1992, after accounting adjustments for FAS-109 Accounting for Income Taxes, was $17,436,000, or $1.26 a share, while in 1991, after adjusting for FAS-106 Accounting for Post- Retirement Benefits, net income was $11,103,000, or $0.48 a share. Earnings per share were affected favorably by $0.14 a share in 1992, due to the early redemption of the Series C preferred shares in April.
 Fiscal 1992 fourth quarter sales were a quarterly record $131,081,000, up 12.5 percent from last year's sales of $116,467,000. Income from continuing operations was $7,009,000, or $0.61 a share (fully diluted), up 24 percent from 1991 income of $5,646,000, or $0.39 a share. There were no fourth quarter accounting adjustments.
 The company said that the strong finish in 1992 was primarily the result of record deliveries by the Astron Building Systems Division in Europe and improved Hydraulic Components Group sales and profit performance. Fluid Purification Group sales and income, however, continued to trail last year.
 Paul J. Powers, Commercial Intertech chairman, president and chief executive officer, said, "We are pleased with the substantial increases in sales and income in the closing months of this year. Nevertheless, we are still faced with the depressed conditions of the European economy. Incoming order rates have declined recently for most product lines in that part of the world. We are hopeful that slowly improving economic conditions in the United States will offset the reduced level of business activity in many European countries."
 Commercial Intertech is a leading manufacturer of hydraulic components, fluid purification products, pre-engineered buildings and stamped metal products.
 -0- 12/16/92
 /CONTACT: Philip N. Winkelstern of Commercial Intertech Corp., 216-746-8011/
 (TEC)


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

KK -- CL010 -- 7686 12/16/92 11:50 EST
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Publication:PR Newswire
Date:Dec 16, 1992
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