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DANIEL INDUSTRIES, INC. ANNOUNCES REVENUES AND EARNINGS

 HOUSTON, May 5 /PRNewswire/ -- Daniel Industries, Inc. (NYSE: DAN) today announced the company's results of operations for its second quarter and six months ended March 31, 1993.
 The company's revenues for the second quarter were $43,112,000 compared to $35,866,000 for the first quarter, up 20 percent, and $52,469,000 a year ago. Net income was $1,194,000, or $.10 per share, compared to a net loss of $338,000, or $.03 per share, for the first quarter, and net income of $2,620,000, or $.22 per share, last year. The increase in revenues and earnings in the second quarter compared to the first quarter of fiscal year 1993, is attributable to an improvement in sales of flow metering products, primarily in the domestic market, and pipeline valves, primarily in the foreign markets.
 The company's revenues for the first six months of fiscal 1993 were $78,978,000 compared to $108,442,000 last year. Net income was $856,000, or $.07 per share, compared to last year's $5,724,000, or $.48 per share.
 The company's backlog remains strong at approximately $51,000,000. As of March 31, 1993, the company's current ratio was 3.2 to 1.0, and working capital was approximately $71,000,000.
 Daniel Industries, Inc. is a major international supplier of fluid measurement products and systems principally for oil and natural gas producers, transporters and refiners. The company also supplies pipeline valves, fasteners including stud bolts, nuts, ring joint gaskets and industrial flanges, and energy recovery products such as steam generators and fabricated production equipment.
 DANIEL INDUSTRIES, INC.
 CONSOLIDATED CONDENSED STATEMENT OF INCOME
 (Unaudited -- $000's omitted except per share data)
 Second Quarter Ended Six Months Ended
 March 31, March 31,
 1993 1992 1993 1992
 Revenues $43,112 $52,469 $78,978 $108,442
 Costs and expenses 41,231 48,158 77,341 99,428
 Income before taxes 1,881 4,311 1,637 9,014
 Income tax expense 687 1,691 781 3,290
 Net income $ 1,194 $ 2,620 $ 856 $ 5,724
 Earnings per share $ .10 $ .22 $ .07 $ .48
 Average number of
 shares outstanding 11,981 11,964 11,976 11,951
 -0- 5/5/93
 /CONTACT: Henry G. Schopfer III, vice president, finance of Daniel Industries, Inc., 713-467-6000/
 (DAN)


CO: Daniel Industries, Inc. ST: Texas IN: OIL SU: ERN

PS -- NY030 -- 4758 05/05/93 09:40 EDT
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Publication:PR Newswire
Date:May 5, 1993
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