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ESTERLINE REPORTS SECOND QUARTER NET EARNINGS OF 7 CENTS PER SHARE; SALES TOTAL $72 MILLION

 BELLEVUE, Wash., June 4 /PRNewswire/ -- Esterline Technologies (NYSE: ESL) today reported fiscal 1993 second quarter (ended April 30) net earnings of $483,000, or 7 cents per share, on sales of $71.6 million. For the same period last year, the company reported net earnings of $1 million, or 15 cents per share, on sales of $77 million.
 (On May 4, the company said that significantly lower second quarter results were anticipated from current operations compared with the same prior-year period.)
 Fiscal 1993 first half net earnings were $814,000, or 12 cents per share, on sales of $138.9 million. In the same year-ago period, net earnings were $1.2 million, or 18 cents per share, on sales of $149.1 million.
 Wendell P. Hurlbut, Esterline chief executive officer, said "...the company's current performance primarily reflects a downturn in our operations serving aerospace and defense markets that was only partially offset by improvements in our Automation Group."
 He also commented on the first half sales decline from the same year-ago period; he said "...somewhat more than half of it resulted from continued soft markets, the remainder reflects the divestiture of Hollis Automation during last year's first half."
 Relative to new orders, Hurlbut said, "...they continue slow and offer little encouragement for near-term strength in our capital goods business."
 In discussing internal operations, Hurlbut said, "...despite depressed sales levels, we continue to maintain reasonable gross margin and expense ratios through our ongoing cost control efforts."
 During the second quarter the company continued its debt paydown, reducing total debt by more than $2.6 million. Interest expense in the quarter totaled $1.6 million vs. $1.8 million in the same year-ago period; first half interest expense was $3.1 million vs. $3.8 million in the same period last year.
 Esterline is a leading manufacturer of automated equipment for the production of printed circuit boards and metal fabrication, instrumentation for quality control, power measurement and process control, and engineered products for the commercial aircraft, aerospace and defense industries
 See following Consolidated Statement of Operations.
 ESTERLINE TECHNOLOGIES AND SUBSIDIARIES
 CONSOLIDATED STATEMENT OF OPERATIONS
 (In thousands, except per-share amounts)
 Three months Six months
 Ended April 30: 1993 1992 1993 1992
 Net sales $ 71,588 $ 77,003 $138,912 $149,087
 Costs and Expenses:
 Cost of sales 44,300 47,801 86,213 93,426
 Selling, general
 and administrative 24,934 25,634 48,224 49,770
 Interest expense, net 1,552 1,833 3,121 3,839
 70,786 75,268 137,558 147,035
 Earnings before
 income taxes 802 1,735 1,354 2,052
 Income tax expense 319 710 540 837
 Net earnings $ 483 $ 1,025 $ 814 $ 1,215
 Net earnings
 per share $ 0.07 $ 0.15 $ 0.12 $ 0.18
 -0- 6/4/93
 /CONTACT: Brian D. Keogh of Esterline Technologies, 206-453-9400/
 (ESL)


CO: Esterline Technologies ST: Washington IN: CPR SU: ERN

LM -- SE001 -- 5318 06/04/93 08:55 EDT
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Date:Jun 4, 1993
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