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FARR CO. REPORTS IMPROVED FIRST QUARTER RESULTS

 EL SEGUNDO, Calif., April 28 /PRNewswire/ -- Farr Co. (NASDAQ: FARC) reported a 119 percent increase in net income on a 10 percent increase in revenues for the first quarter ended April 3, 1993 vs. the same period last year prior to restatement.
 Net income for the first quarter 1993 was $578,000, or 16 cents per share. The results for the first quarter of 1992 have been restated from a net profit of $264,000 to a loss of $236,000 to reflect the adoption of SFAS 109 related to accounting for income taxes, or a 14 cents per share reduction in income.
 First quarter sales were $30,631,000, up from $27,777,000 in the same period of last year. The higher sales were primarily because of an increase in shipments of filter house projects. These projects had originally been scheduled for shipment in 1992 but were rescheduled by our customers for delivery in 1993.
 The increase in first quarter profits resulted from the higher sales and a significant improvement in the U.S. manufacturing operations. Charles Wofford, chairman and president, commented: "We are continuing to make progress toward the achievement of our priorities which are: Improve on-time delivery to our customers; improve manufacturing efficiency as measured by specific indices; and the timely introduction of new products. It is encouraging that the progress resulting from the changes made during the past several months is beginning to be reflected in our financial results.
 "Economic conditions remain uncertain, but we are cautiously optimistic about the outlook for the remainder of the year. Second quarter billings will be favorably impacted by filter house projects delayed from 1992, and we expect continuing improvements in our performance. However, during the second half of the year, we are counting on increased sales from an improving economy to partially offset the lower level of filter house business."
 Farr Co. is a leading producer of filters for particulate, liquid and gaseous filtration systems. The company has eight manufacturing facilities in the United States as well as plants in Canada and England.
 FARR CO. AND SUBSIDIARIES
 Condensed Consolidated Income Statements
 Three Months Ended
 April 3, 1993 March 28, 1992
 Net sales $30,631,000 $27,777,000
 Costs and expenses:
 Cost of sales 23,534,000 21,524,000
 Selling, general and
 administrative 5,469,000 5,120,000
 Interest expense 654,000 574,000
 Total costs and expenses 29,657,000 27,218,000
 Income before income taxes 974,000 559,000
 Income taxes 396,000 295,000
 Income before cumulative
 effect of accounting change 578,000 264,000
 Cumulative effect of
 accounting change --- 500,000
 Net income (loss) $578,000 ($236,000)
 Income (loss) before cumulative
 effect of accounting change
 per common share $0.16 $0.07
 Cumulative effect of accounting
 change per common share --- (0.14)
 Net income (loss) per
 common share (a) $0.16 ($0.07)
 (a) Based upon 3,666,954 and 3,622,965 average shares outstanding in 1993 and 1992, respectively.
 -0- 4/28/93
 /CONTACT: Jack Carr, executive VP-finance of Farr Co., 310-536-6300/
 (FARC)


CO: Farr Co. ST: California IN: SU: ERN

MS-JL -- LA006 -- 1777 04/28/93 08:33 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
Words:532
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