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FLOW INTERNATIONAL CORP. REPORTS RECORD FIRST-QUARTER SALES AND EARNINGS

 FLOW INTERNATIONAL CORP. REPORTS RECORD FIRST-QUARTER SALES
 AND EARNINGS
 KENT, Wash., Aug. 26 /PRNewswire/ -- Flow International Corp. (NASDAQ: FLOW), at its annual meeting of shareholders today, reported record sales and earnings for the first quarter of its 1993 fiscal year and outlined its strategy for growth.
 For the quarter ended July 31, 1992, sales grew to $13.2 million, up 15 percent from $11.4 million last year. The company earned a record $1.1 million, or 8 cents per share, up 56 percent from $675,000 and 5 cents per share a year ago.
 "FLOW posted its fifth consecutive quarter of year-over-year revenue increases," said Ronald W. Tarrant, president and chief executive officer, "due to our focused marketing program and the company's commitment to excellent customer service. Strong domestic sales of waterjet systems and replacement parts were key contributors to the quarter's revenue growth."
 "We are keeping a tight control on operating expenses, increasing only marketing and selling expenses in order to enhance our revenue growth," said Thomas A. Cross, vice president and chief financial officer. "Inventories increased approximately $1 million during the quarter, reflecting inventory additions related to new product introductions and to our new 48-hour shipment program for replacement parts. Sales of replacement parts increased 27 percent from last year's level."
 Tarrant told shareholders that FLOW plans to continue building on the progress made in fiscal 1992. The company posted a 17-percent revenue increase to $48.4 million and earned $3.4 million, or 26 cents per share, versus the previous year's revenues of $41.5 million and loss of $506,000 or 8 cents per share.
 "Our goal remains $100 million in revenues and a 10-percent net income within four years," he said. "Key elements in our growth strategy are new products, expanded market penetration, strategic acquisitions and productivity programs."
 Shareholders at the annual meeting elected Kohei Takizawa and reelected James R. Gregath to serve three-year terms on the board of directors. Takizawa is vice president of Okura & Co. Ltd., an international trading company with headquarters in Japan, and Gregath is the former president and chief executive officer of Grace Drilling Co. Okura is FLOW's exclusive distributor in the Japanese market and an investor in the company.
 Flow International Corp. is the world's leading manufacturer of ultrahigh-pressure waterjets for industrial cutting, cleaning and HydroMilling(R) services.
 FLOW INTERNATIONAL CORP.
 Condensed Consolidated Statement of Income
 (Unaudited; in thousands, except per-share data)
 Quarter ended July 31: 1992 1991
 Revenues $13,202 $11,437
 Cost of goods sold 6,940 6,154
 Gross margin 6,262 5,283
 Expenses 4,740 4,143
 Operating income 1,522 1,140
 Interest & other, net 202 262
 Income before taxes and
 extraordinary item 1,320 878
 Provision for income taxes 370 339
 Income before
 extraordinary item 950 539
 Realization of operating loss carry
 forward of Flow Services 106 136
 Net income $ 1,056 $ 675
 Earnings per common share
 Income before extraordinary 0.07 0.04
 Extraordinary item 0.01 0.01
 Net income $ 0.08 $ 0.05
 Average shares outstanding 12,310 11,405
 -0- 8/26/92
 /CONTACT: Thomas A. Cross, vice president of Flow International, 800-645-6992 or 206-872-3286; or Susan McAllister of The Rockey Co., 206-728-1100, for Flow International/
 (FLOW) CO: Flow International Corp. ST: Washington IN: SU: ERN PER


GT-SC -- SE002 -- 3513 08/26/92 13:45 EDT
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Publication:PR Newswire
Date:Aug 26, 1992
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