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FARREL CORPORATION REPORTS SECOND QUARTER EARNINGS

 ANSONIA, Conn., Aug. 16 /PRNewswire/ -- Farrel Corporation (NASDAQ: FARL) today reported net earnings of $0.8 million for the quarter ended July 4, 1993, equivalent to $0.14 per share, on sales revenue of $21.0 million. In the comparable quarter a year ago, net earnings were $0.1 million, or $0.01 per share, on sales of $23.1 million.
 At the end of the second quarter 1993, firm order backlog was $43.8 million. As of today, backlog is reported to be approximately $46 million, representing a 44 percent increase since the end of 1992. The improvement in order intake is largely the result of the company's marketing activities in Asia, which the company considers to be its major growth area for the remainder of the decade, and improved market conditions in the U.S. and Mexico.
 Earnings for the six months ended July 4 were $0.5 million, or $0.09 per share, on sales revenue of $36.5 million. For the comparable six months period in 1992, the company incurred a loss of $0.3 million, or $0.04 per share, on sales of $42.2 million.
 Earnings in the prior year periods were reduced by $0.23 per share due to a mandated non-recurring charge of $1.4 million after-tax to establish a post-retirement medical benefits reserve required by a new accounting standard (FAS 106).
 Farrel attributes its improved earnings, compared to a loss in the first quarter of 1993, to the continuing effects of its restructuring activities in its U.S. operations, while results in its European operations are still depressed due to recessions in Western and Eastern Europe.
 The company announced that it had recently been active in acquiring company shares under its Stock Repurchase Program, which it considers to be an excellent investment at this time in light of the favorable trend in order intake and profitability.
 Farrel Corporation
 Financial Highlights
 For the three months ended 7/4/93 6/28/92
 Net sales $21,017,000 $23,076,000
 Net income 848,000 66,000
 Net income per share $0.14 $0.01
 For the six months ended 7/4/93 6/28/92
 Net sales $36,510,000 $42,215,000
 Net income 542,000 (264,000)
 Net income (loss) per share $0.09 ($0.04)
 -0- 8/16/93
 /CONTACT: Joseph R. Carvalko Jr. of Farrel Corporation, 203-736-5514/
 (FARL)


CO: Farrel Corporation ST: Connecticut IN: SU: ERN

WB-SH -- NY046 -- 3004 08/16/93 10:58 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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