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FISCHER & PORTER REPORTS THIRD QUARTER EARNINGS

 WARMINSTER, Pa., Nov. 1 /PRNewswire/ -- Fischer & Porter Company (AMEX: FP) today reported earnings per share of $.11 for the three months ended Sept. 30, 1993, on net income of $617,000. For the third quarter of 1992, earnings per share were also $.11 with net income of $611,000.
 Sales were $53,995,000 in the current quarter, a decrease of $10,668,000 compared to the prior year quarter. Approximately $6,700,000 of the decrease in reported sales was due to differences in currency exchange rates for the company's international units' sales. The balance was due to lower volume, primarily in the United States. During the quarter, the company sold a small research operation to a third party. The net proceeds of $1,200,000 have been offset against research and development costs in the statements of income for the three- and nine-month periods ended Sept. 30, 1993. Foreign exchange losses were $81,000 in 1993 and $286,000 in 1992.
 Net income for the first nine months of 1993 was $1,425,000 or $.26 per share while in 1992, net income was $1,267,000 or $.22 per share. Sales in the first nine months of the current year were $167,032,000 compared to sales of $174,452,000 for the comparable period in 1992, or a decrease of 4.3 percent. At comparable exchange rates with 1992, the reported sales would have increased approximately $4,200,000, or 2.4 percent. Sales in the United States were $6,700,000 less than the prior year, of which $2,100,000 was sales by the specialty glass business that was sold in the fourth quarter of 1992. In the first nine months of 1993, foreign exchange losses of $377,000 were incurred while foreign exchange gains of $23,000 were reported for the same period in 1992. The variation in currency gains and losses results from the strength of the U.S dollar vs. European currencies in 1993 compared to 1992 when the U.S. dollar weakened against those same currencies.
 Orders received through Sept. 30, 1993, totaled $163,500,000 as compared to $181,500,000 for the same period in 1992. Orders in the United States were $5,900,000 higher than the previous year, while orders at the international units were $10 million lower; the balance of the reduction in orders was due to different currency exchange rates. The orders for the third quarter of 1993 totaled $51,500,000 as compared to $60,500,000 in the third quarter of 1992 and $56,500,000 in the second quarter of 1993. At comparable exchange rates with 1992, orders in the third quarter of 1993 would have been $58,500,000.
 E. Joseph Hochreiter, Fischer & Porter's president and chief operating officer, stated, "We are pleased to report another quarter of earnings, our seventh consecutive quarter of earnings. However, the weak economy in Europe continues to be a major concern. We are continuing our efforts to sustain our earnings momentum by proper cost management." Company Chairman and Chief Executive Officer Jay H. Tolson added, "Orders have declined at our international units; this will make the remainder of 1993 and the first half of 1994 difficult periods to achieve growth. We are monitoring our operations closely and managing for cash."
 Fischer & Porter Company is a world leader in measurement and control technologies. The company's products include flowmeters, transmitters, process controllers, microcomputers, distributed control


systems, analytical instruments and disinfection equipment. Throughout the world, Fischer & Porter instruments and systems are an integral part of such varied enterprises as chemical plants, pharmaceutical plants, food and beverage processing facilities, pulp and paper mills, mines, metal refineries and municipal and industrial water and wastewater treatment plants.
 FISCHER & PORTER COMPANY
 Consolidated Statements of Income
 (Unaudited; 000s omitted)
 Periods ended Three months Nine months
 Sept. 30 1993 1992 1993 1992
 Net sales $53,995 $64,663 $167,032 $174,452
 Costs and expenses:
 Cost of sales 33,279 41,361 103,723 107,940
 Research & development 1,871 3,233 7,982 9,306
 Selling, general &
 administrative expenses 16,615 17,207 49,564 50,562
 Total 51,765 61,801 161,269 167,808
 Income from operations 2,230 2,862 5,763 6,644
 Interest expense 712 770 2,324 2,171
 Foreign exchange losses (gains) 81 286 377 (23)
 Income before provision
 for income taxes 1,437 1,806 3,062 4,496
 Provision for income taxes 820 1,195 1,637 3,229
 Net income 617 611 1,425 1,267
 Earnings per share $.11 $.11 $.26 $.22
 Average shares 5,248 5,222 5,263 5,222
 Orders received and backlog:
 Orders received $51,500 $60,500 $163,500 $181,500
 Backlog of unfilled orders 55,000 67,000 55,000 67,000
 FISCHER & PORTER COMPANY
 Consolidated Balance Sheets
 (000s omitted)
 Sept. 30, 1993 Dec. 31, 1992
 (Unaudited)
 Assets:
 Cash $4,586 $6,565
 Receivables 47,892 37,737
 Inventories 41,098 40,109
 Prepaid expenses 1,958 1,767
 Total current assets 95,534 86,178
 Property, plant & equipment, net 38,001 39,963
 Other assets 6,934 6,828
 Total 140,469 132,969
 Liabilities and shareholders' equity:
 Current portion of long-term debt $1,830 $1,456
 Notes payable 10,268 5,065
 Accounts payable and accrued expenses 36,180 33,653
 Total current liabilities 48,278 40,174
 Long-term debt 17,657 19,176
 Other noncurrent liabilities 31,592 30,923
 Preferred stock 710 710
 Shareholders' equity:
 Common stock 5,224 4,657
 Class B Capital stock --- 564
 Paid in surplus 61,242 61,233
 Accumulated deficit (22,883) (24,260)
 Cumulative translation adjustments (1,351) (208)
 Total 42,232 41,986
 Total 140,469 132,969
 /delval/
 -0- 11/1/93
 /CONTACT: Laurence P. Finnegan Jr. of Fischer & Porter, 215-674-6102/
 (FP)


CO: Fischer & Porter Company ST: Pennsylvania IN: CPR SU: ERN

MK-LJ -- PH013 -- 9072 11/01/93 10:48 EST
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Publication:PR Newswire
Date:Nov 1, 1993
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