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DURIRON BUILDING MOMENTUM WITH RECORD FIRST QUARTER SALES AND STRONG INCOMING BUSINESS; DIRECTORS ELECTED; DIVIDEND ANNOUNCED

 DURIRON BUILDING MOMENTUM WITH RECORD FIRST QUARTER SALES AND
 STRONG INCOMING BUSINESS; DIRECTORS ELECTED; DIVIDEND ANNOUNCED
 DAYTON, Ohio, April 21 /PRNewswire/ -- Duriron Company, Inc. (NASDAQ: DURI) shareholders were told today at the Company's Annual Meeting in Dayton, Ohio that record first quarter sales and strengthening incoming business tend to support management's predictions for quarter-to-quarter improvement in operating results as the year progresses.
 For the quarter ended March 31, 1992 sales were $73.7 million with net earnings of $4.8 million, or $0.38 per share. This compares with 1991 first quarter sales of $72.2 million and net earnings of $5.3 million, or $0.42 per share, the Company's best ever first quarter earnings.
 During the quarter, incoming business improved to $75.3 million, the highest level since the second quarter of 1991. Backlog of $55.0 million remained virtually unchanged from the $54.8 million reported at 1991 year-end.
 In discussing first quarter results, Bruce E. Hines, Senior Vice President and Chief Administrative Officer, remarked that, "We see some positive signs that momentum is building." More specifically, Hines noted that, "Despite the worldwide recession, Duriron's European operations recorded their best new business bookings in the last five quarters while Asia Pacific incoming business remained strong. Valtek and Automax continue to demonstrate significant growth in the automation and control valve business segments."
 Addressing first quarter earnings, Hines said, "As we entered this year, we did not expect to exceed the 1991 first quarter record. Last year's gross operating margin was unusually favorable because of abnormally high operating rates that helped absorb overhead as well as a particularly profitable product mix." He pointed out the Company has done well in controlling first quarter "selling, general and administrative" expense, despite continued investment in marketing and sales programs. It was also noted that "research, engineering and development" costs declined relative to last year when expenses to develop new products such as the Guardian magnetic drive pump, new generation Automax actuators and Valtek computerized control valve technology were at their highest.
 In other action at the Annual Meeting, shareholders elected Charles L. Bates, Jr., Ernest Green, James F. Schorr and Harry A. Shaw III, to serve as Directors for three-year terms expiring in 1995. Steven C. Mason was elected to a one-year term expiring in 1993. Ernst & Young was reappointed as Duriron's independent auditors.
 The Board of Directors declared a regular quarterly dividend of $0.15 per share payable June 5, 1992 to shareholders of record as of May 8, 1992. This will be the Company's 226th consecutive quarterly dividend payment.
 THE DURIRON COMPANY, INC.
 Consolidated Financial Summary
 (dollars in thousands except per share data)
 1st Quarter
 March 31, Increase (Decrease)
 FIN. CONDI. 1992 1991 1992 1991
 Current
 assets (a) $131,196 $127,589 $ (1,942) $ (3,951)
 Current
 liabilities 43,864 42,035 (2,427) (4,579)
 Working
 capital $ 87,332 $ 85,554 $ 485 $ 628
 Net property
 and other
 assets 80,065 75,777 (182) 922
 Long term
 liab. and
 deferrals 29,003 34,200 (1,355) (1,898)
 Shareholders'
 equity $138,394 $127,131 $ 1,658 $ 3,448
 Book value per
 share out-
 standing $11.01 $10.14 $ 0.12 $ 0.20
 Quarter Ended Twelve Months Ended
 March 31, December 31,
 OPERATIONS 1992 1991 1991 1990
 Net sales $ 73,733 $ 72,231 $296,489 $296,787
 Gross profit
 margin $ 27,749 $ 28,297 $112,491 $114,470
 Selling and
 admin. $ 17,537 $ 16,322 $ 67,370 $ 63,836
 Research, engr.
 and devel.
 expense $ 2,174 $ 2,743 $ 11,025 $ 10,231
 Interest exp. $ 569 $ 810 $ 2,946 $ 3,498
 Other ded.,
 net $ 1 $ (15) $ 49 $ 3,525
 Earn. before
 inc. taxes $ 7,468 $ 8,437 $ 31,101 $ 33,380
 Income taxes $ 2,690 $ 3,160 $ 11,500 $ 12,470
 Net earnings $ 4,778 $ 5,277 $ 19,601 $ 20,910
 Inc. business $ 75,320 $ 71,906 $290,746 $307,157
 End. backlog $ 55,001 $ 66,831 $ 54,817 $ 68,912
 Avg. com. share
 and common
 equiv. out-
 standing 12,702,768 12,638,811 12,669,018 12,535,206
 Net earnings
 per common
 share $0.38 $0.42 $1.55 $1.67
 Dividends paid
 (on shares
 outstanding) $0.15 $0.14 $0.56 $0.50
 Performance ratios (as a percent of net sales)
 Gross profit
 margin 37.6 39.2 37.9 38.6
 Selling and
 admin. 23.8 22.6 22.7 21.5
 Research, engr.
 and devel. 2.9 3.8 3.7 3.5
 Earnings
 before
 inc. taxes 10.1 11.7 10.5 11.2
 Net earnings 6.5 7.3 6.6 7.0
 (a) Domestic inventories included in current assets as of March 31, 1992 and March 31, 1991, were valued using LIFO. Based on current cost, these inventories would be $29,729,000 and $28,691,000 higher, respectively.
 Interim reports are prepared from company records and are subject to year-end audit by independent certified public accountants.
 -0- 4/21/92
 /CONTACT: The Duriron Company, Inc., World Headquarters, 513-476-6150/
 (DURI) CO: The Duririon Company ST: Ohio IN: MNG SU: ERN


CG -- CL018 -- 0725 04/21/92 13:46 EDT
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Date:Apr 21, 1992
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