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FLOW INTERNATIONAL CORP. REPORTS RECORD SECOND-QUARTER SALES, EARNINGS

 KENT, Wash., Nov. 30 ~PRNewswire~ Flow International Corp. (NASDAQ: FLOW) today announced record sales and earnings before extraordinary items for the second quarter ended Oct. 31, 1992.
 Second-quarter sales grew to $20.9 million, up 22 percent from $17 million in the year-earlier quarter. The company earned $1.3 million, or 10 cents per share, up from $1.1 million, and 8 cents per share, in the year-earlier period. Last year's figures have been restated to include the results of Spider Staging Corp., which was acquired in a pooling-of-interests transaction on Sept. 30, 1992.
 First-half sales totaled $40.2 million, up 19 percent from $33.7 million in the year-earlier six months. Net income grew to $2.5 million, or 18 cents per share, up 42 percent from $1.8 million, and 13 cents per share, a year earlier.
 "Flow has now posted its sixth consecutive quarter of year-over-year revenue increases and, despite significant transaction expenses related to the Spider acquisition, achieved record earnings before extraordinary items during the quarter," Ronald W. Tarrant, president and chief executive officer, said. "Sales of standard and turn-key waterjet systems and revenues in our services business unit were strong during the quarter."
 "With the soft economy in Europe and Japan and only a slightly improving domestic economy, we're particularly pleased to be reporting a substantial increase in revenues this year," said Thomas A. Cross, vice president and chief financial officer.
 "Our new direct drive Husky(TM) pump is achieving market penetration in the growing industrial cleaning market, and our quiet 20X intensifier pump is gaining momentum in the factory cutting market. Both of these products are beginning to have a significant impact on our operating results," Tarrant said. "The Spider acquisition contributed to our net income during the quarter, and we are implementing strategies that will enhance this contribution in coming quarters.
 "We added to inventories this quarter as we prepare for the move to our new manufacturing and administrative facilities at the end of December," he said. "Plans for the move are proceeding well, and we do not expect any significant disruption in operations for the third quarter." The new leased facility will be located at 23500 64th Ave. South, Kent, Wash., two miles south of the company's current site.
 Flow International Corp. is the world's leading manufacturer of ultrahigh-pressure waterjets for industrial cutting, cleaning and HydroMilling(R) services, and North America's leading supplier of power- driven scaffolding systems.
 FLOW INTERNATIONAL CORP.
 CONDENSED CONSOLIDATED STATEMENT OF INCOME
 (Unaudited, in thousands except per-share data)
 (Restated to include Spider Staging Corp.)
 Quarter Six Months
 Ended Oct. 31: 1992 1991 1992 1991
 Revenues $20,874 $17,050 $40,214 $33,674
 Cost of goods sold 11,409 9,062 21,802 17,966
 Gross margin 9,465 7,988 18,412 15,708
 Expenses 7,289 6,229 14,278 12,460
 Operating income 2,176 1,759 4,134 3,248
 Interest and other, net (458) (519) (958) (1,050)
 Income before taxes and
 extraordinary item 1,718 1,240 3,176 2,198
 Provision for income taxes 551 231 921 588
 Income before extraordinary
 item 1,167 1,009 2,255 1,610
 Realization of operating
 loss carryforward of
 Flow Services 180 49 286 185
 Net income $ 1,347 $ 1,058 $ 2,541 $ 1,795
 Earnings per common share:
 Income before extraordinary 0.09 0.07 0.16 0.11
 Extraordinary item 0.01 0.01 0.02 0.02
 Net income $ 0.10 $ 0.08 $ 0.18 $ 0.13
 Average shares outstanding 13,524 12,465 13,433 12,439
 -0- 11~30~92 R
 ~CONTACT: Thomas A. Cross of Flow International, 800-645-6992, or 206-872-3286; or Monty Dennison of The Rockey Co., 206-728-1100, for Flow International~
 (FLOW)


CO: Flow International ST: Washington IN: SU: ERN

SW -- SE004 -- 4085 11~30~92 10:42 EST
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Date:Nov 30, 1992
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