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FARR CO. REPORTS SHARPLY IMPROVED EARNINGS

 EL SEGUNDO, Calif., July 29 /PRNewswire/ -- Farr Co. (NASDAQ: FARC) reported a 443 percent increase in net income on a 3 percent increase in revenues for the second quarter ended July 3, 1993, compared to the same period last year.
 Net income for the second quarter 1993, was $505,000, or 14 cents per share against net income of $93,000, or 3 cents per share in the second quarter of last year. Sales for the period were $29,652,000, up $847,000 from the corresponding quarter a year ago.
 The increase in second quarter profit resulted from higher sales and the continuing improvement in the U.S. manufacturing operations, resulting from the organizational and operating changes that have been implemented.
 First-half sales increased to $60,283,000, from $56,582,000 a year earlier. Net income for the first half was $1,083,000, or 30 cents per share, vs. $357,000 reported for the same period last year prior to the restatement of income associated with the adoption of SFAS No. 109, which relates to the accounting for income taxes. The results for the first half of 1992 have been restated from a net profit of $357,000, or 10 cents per share, to a loss of $143,000, to reflect the adoption of SFAS No. 109, related to accounting for income taxes, or a 14 cents per share reduction in income.
 Charles Wofford, chairman and president, commented: "During the second quarter we completed the announced consolidation of our U.S. manufacturing operations. This, along with the full conversion to our new computer system, is expected to result in continuing improvement in our U.S. manufacturing operations during the last half of the year.
 "We are making progress toward achievement of our goals, but much work remains to be done. Sales during the first half of the year were favorably impacted by Filter House projects delayed from 1992. We are counting on increased sales from an improving economy and new products introduced earlier this year to partially offset the lower level of Filter House business in the last half of the year."
 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
 (Unaudited)
 Three Months Ended Six Months Ended
 July 3, June 27, July 3, June 27,
 1993 1992 1993 1992
 Net sales $29,652,000 $28,805,000 $60,283,000 $56,582,000
 Costs and expenses:
 Cost of sales 22,605,000 22,479,000 46,139,000 43,526,000
 Selling, general
 and administrative 5,581,000 5,525,000 11,050,000 11,122,000
 Interest expense 676,000 673,000 1,330,000 1,247,000
 Total costs and
 expenses 28,862,000 28,677,000 58,519,000 55,895,000
 Income before
 income taxes 790,000 128,000 1,764,000 687,000
 Income taxes 285,000 35,000 681,000 330,000
 Income before
 cumulative effect
 of accounting change $505,000 $93,000 $1,083,000 $357,000
 Cumulative effect of
 accounting change --- --- --- 500,000
 Net income (loss) $505,000 $93,000 $1,083,000 ($143,000)
 Income before
 cumulative effect of
 accounting change per
 common share $.14 $.03 $.30 $.10
 Cumulative effect of
 accounting change per
 common share --- --- --- (.14)
 Earnings (loss) per
 common share(a) $.14 $.03 $.30 ($.04)
 (a) Based upon 3,667,871 and 3,639,802 average shares outstanding in 1993 and 1992, respectively.
 -0- 7/29/93
 /CONTACT: Kenneth W. Gerstner, VP-Finance and Administration of Farr Co., 310-536-6300/
 (FARC)


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

BP-EH -- LA006 -- 7110 07/29/93 08:32 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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