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ESTERLINE REPORTS SMALL EARNINGS INCREASE ON REDUCED FIRST-QUARTER SALES; COMPANY NETS 5 CENTS PER SHARE ON $67.3 MILLION SALES

 BELLEVUE, Wash., Feb. 19 /PRNewswire/ -- Esterline Technologies (NYSE: ESL) reported today at its annual shareholders' meeting a small earnings increase on a 7-percent sales decline in the first quarter (ended Jan. 31), compared with the same year-ago period.
 Net earnings were $331,000, or 5 cents per share, on sales of $67.3 million. This compares with $190,000, or 3 cents per share, on sales of $72.1 million in last year's first quarter.
 Wendell P. Hurlbut, Esterline's chairman, president and chief executive officer, attributed the fiscal 1993 quarter's reduced sales to the combination of "...stretched-out orders from our aerospace and defense markets and lower-than-anticipated sales in some of our other operations." Hurlbut also noted that last year's first quarter included sales from Hollis Automation, an Esterline company sold in March 1992.
 The company's debt paydown and lower interest rates over the past year resulted in reduced first-quarter net interest expense -- $1.6 million, compared with just over $2 million in the same period last year.
 In discussing Esterline's operations, Hurlbut said the company's Aerospace and Defense Group "...has not been immune from the accelerating commercial aerospace downturn. The group's strong market niche positions have helped minimize the effect on its business, but going forward, this picture is changing." Commenting on the current state of the aerospace industry, Hurlbut cited such major "...cutbacks as those recently announced by Boeing, Pratt & Whitney and McDonnell Douglas."
 According to Hurlbut, Esterline's other two groups, Automation and Instrumentation, have been impacted by reductions in capital spending, but he said that "...in our just-completed first quarter, Automation Group performance was stronger than a year ago."
 Hurlbut commented on "...one very important bright spot for the longer term. Specifically, the success of our extensive cost-reduction efforts has positioned us for additions to overhead or equipment." He added that this "...presents good opportunity for stronger earnings on increased sales as our markets recover."
 During the meeting, shareholders elected three director nominees to its nine-member board for three-year terms: E. John Finn, chairman and partner, Dorr-Oliver Inc.; Robert F. Goldhammer, partner, Concord International Investments Group L.P.; and Jerome J. Meyer, chairman and chief executive officer, Tektronix Inc.
 The meeting also marked the previously announced retirement of Carroll M. Martenson from Esterline's board of directors. Martenson, who will reach the mandatory retirement age for Esterline board members this year, served as the company's chairman and chief executive officer from the Fall of 1987 until early 1989; then as chairman until the end of 1992.
 Esterline is a leading manufacturer of automation 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 attached Consolidated Statement of Operations.
 ESTERLINE TECHNOLOGIES AND SUBSIDIARIES
 CONSOLIDATED STATEMENT OF OPERATIONS
 (In thousands, except per-share amounts)
 Three Months Ended Jan. 31: 1993 1992
 Net sales $ 67,324 $ 72,084
 Costs and expenses:
 Cost of sales 41,913 45,625
 Selling, general and administrative 23,290 24,136
 Interest expense, net 1,569 2,006
 Total 66,772 71,767
 Earnings before income taxes 552 317
 Income tax expense 221 127
 Net earnings $ 331 $ 190
 Net earnings per share $ 0.05 $ 0.03
 -0- 2/19/93
 /CONTACT: Brian D. Keogh of Esterline Technologies, 206-453-9400/
 (ESL)


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

LM -- SE002 -- 8420 02/19/93 13:26 EST
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Date:Feb 19, 1993
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