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FLOW INTERNATIONAL REPORTS HIGHER SECOND-QUARTER SALES

 FLOW INTERNATIONAL REPORTS HIGHER SECOND-QUARTER SALES
 KENT, Wash., Dec. 2 /PRNewswire/ -- Flow International Corp. (NASDAQ: FLOW) today reported higher sales for the second quarter of its 1992 fiscal year.
 For the quarter ending Oct. 31, 1991, revenues grew to $11.6 million from $10.7 million in last year's second quarter and $11.4 million in the first quarter of this year.
 Income before extraordinary items increased slightly to $765,000, or 6 cents per share, from $761,000, and 6 cents per share, a year ago. At the same time, net income declined to $814,000, or 6 cents per share, versus $1.1 million, and 9 cents per share, last year. A lower tax loss carryforward reduced net income for the 1992 quarter.
 Operating income increased $87,000 and net income increased $139,000 from the first quarter ended July 31, 1991.
 "We're pleased to see an overall 9-percent revenue increase," said Ronald W. Tarrant, Flow's president and chief executive officer. "Higher sales of systems and parts offset lower sales in our Hydromilling(R) services unit, which should improve now that the federal highway bill has passed. Sales in Asia continue to be strong," he said.
 Tarrant said gross margins were down from the previous year quarter due to lower volume in the Hydromilling services unit and reduced margins in Europe.
 For the six months, Flow posted revenues of $23 million, versus $21.4 million for the comparable period last year. The company earned $1.5 million, or 11 cents per share, compared with $2 million, and 16 cents per share, for the first half of fiscal 1991. The company's income before extraordinary items was higher than in the year-ago period, but a reduced tax loss carryforward, amounting to 7 cents per share, lowered net income.
 "We made significant progress in the second quarter toward re- shaping Flow into an aggressive, marketing-oriented organization. We are positioned with a strong backlog and good business outlook as we enter the third quarter," Tarrant said. He also said the company continued to reduce both operating expenses and bank debt.
 Bank debt declined $3 million during the quarter, resulting in a debt-to-equity ratio of .6 versus .8 at the beginning of the fiscal year. Inventories decreased by $800,000 during the quarter.
 Flow International Corp. is the world's leading manufacturer of ultrahigh-pressure waterjets for industrial cutting, cleaning and HydroMilling services.
 FLOW INTERNATIONAL CORP.
 CONDENSED CONSOLIDATED STATEMENT OF INCOME
 (Unaudited, in thousands, except per-share data)
 Quarter Six Months
 Ended Oct. 31: 1991 1990 1991 1990
 Revenues 11,592 10,658 23,029 21,435
 Cost of goods sold 6,272 5,065 12,426 10,385
 Gross profit 5,320 5,593 10,603 11,050
 Expenses 4,093 4,154 8,236 8,667
 Operating income 1,227 1,439 2,367 2,383
 Interest and other, net 252 304 514 585
 Income before taxes and
 extraordinary item 975 1,135 1,853 1,798
 Provision for income taxes 210 374 549 593
 Income before extraordinary 765 761 1,304 1,205
 Extraordinary item:
 Realization of operating loss
 carryforwards of Flow Services 49 345 185 780
 Net income 814 1,106 1,489 1,985
 Earnings per common share:
 Income before extraordinary 0.06 0.06 0.10 0.09
 Extraordinary item 0.00 0.03 0.01 0.07
 Net income 0.06 0.09 0.11 0.16
 Average shares outstanding 11,457 11,530 11,431 11,464
 -0- 12/2/91
 /CONTACT: Thomas A. Cross of Flow International, 800-645-6992; or Monty Dennison of The Rockey Co., 206-728-1100, for Flow International/
 (FLOW) CO: Flow International ST: Washington IN: SU: ERN


SC-LM -- SE006 -- 8210 12/02/91 09:03 EST
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Date:Dec 2, 1991
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