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FARR CO. ANNOUNCES THIRD QUARTER RESULTS

 FARR CO. ANNOUNCES THIRD QUARTER RESULTS
 EL SEGUNDO, Calif., Oct. 23 /PRNewswire/ -- Farr Co.'s


(NASDAQ: FARC) third quarter net income was $33,000, equal to 1 cent per share, compared with $100,000, or 3 cents per share, in 1991. Sales for the period were $28,536,000, unchanged from the prior year.
 For the nine months, net income totaled $390,000, equal to 11 cents per share, vs. a net loss of $1,444,000, equal to 40 cents per share, in the year-earlier period. The prior-year result included costs totaling 90 cents per share related to the company's April 1991 acquisition of Cambridge Filter Corp. Sales for the period were $85,118,000, compared with $82,580,000 last year.
 Charles Wofford, chairman and president, said: "The economic environment for the business continues to be challenging in both North America and Europe. While overall sales were level with the prior year, sales in some product lines and market segments continue to be soft. On the positive side, profit for the first nine months reflect a positive swing of over $1.8 million from the prior year.
 "Improving customer service and manufacturing efficiency throughout the company continue to be our short-term top priorities, and we are encouraged by the progress we've made in these areas. In addition, we continue to strengthen the balance sheet. The company's overall bank debt was reduced by $1.3 million in the quarter.
 "Looking ahead, we anticipate that the fourth quarter will be an even more challenging period for Farr. It's likely that sales will be less than in the third quarter as a reflection of the economic climate. While our 1993 backlog of large gas turbine jobs is very strong, the weak economy has resulted in our customers delaying several projects until next year. Also demand in the commercial and industrial markets has continued to soften.
 "For the longer term, however, we expect our programs to improve Farr's sales and profits will produce positive results."
 Farr Co. is a leading producer of filters for particulate, liquid and gaseous filtration systems. The company has 10 manufacturing facilities in the United States as well as plants in Canada and England.
 FARR CO. AND SUBSIDIARIES
 Condensed Consolidated Income Statements
 (Unaudited)
 (000s Omitted Except Per Share Data)
 Three Months Ended Year-to-Date
 Sept. 26, Sept. 28, Sept. 26, Sept. 28,
 1992 1991 1992 1991
 Net sales $2,536 $28,536 $85,118 $82,580
 Costs and expenses:
 Cost of sales $22,423 $22,442 $65,949 $62,067
 Selling,
 general and
 administrative 5,433 5,181 16,555 16,522
 Interest expense 589 674 1,836 1,639
 Restructuring
 costs --- 0 --- 4,743
 Total costs and
 expenses $28,445 $28,297 $84,340 $84,971
 Income (loss)
 before income
 taxes $91 $239 $778 ($2,391)
 Income taxes $58 $139 $388 ($947)
 Net income (loss) $33 $100 $390 ($1,444)
 Earnings (loss) per
 common share(a) $0.01 $0.03 $0.11 ($.40)
 (a) Based upon 3,648,362 and 3,607,944 average shares outstanding in 1992 and 1991, respectively.
 -0- 10/23/92
 /CONTACT: Jack Carr, executive VP-finance of Farr, 310-536-6300/
 (FARC) CO: Farr Co. ST: California IN: SU: ERN


LS-JL -- LA003 -- 3990 10/23/92 08:31 EDT
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Date:Oct 23, 1992
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