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FLOW INTERNATIONAL REPORTS RECORD FOURTH-QUARTER SALES, EARNINGS

 FLOW INTERNATIONAL REPORTS RECORD FOURTH-QUARTER SALES, EARNINGS
 KENT, Wash., June 1 /PRNewswire/ -- Flow International Corp. (NASDAQ: FLOW) today reported record sales for the year ended April 30, 1992, and record fourth-quarter sales and earnings.
 Ronald W. Tarrant, president and chief executive officer, said FLOW's fiscal 1992 sales grew to $48.4 million, up 17 percent from $41.5 million last year. The company earned $3.4 million, or 26 cents per share, versus a loss of $506,000 and 8 cents per share in 1991. Earnings before extraordinary items were a record $3.1 million in fiscal 1992.
 Fourth-quarter revenues increased 38 percent to $13.9 million from $10.0 million a year ago. The company posted net income of $1.1 million, or 9 cents per share, compared with a loss of $2.5 million and 23 cents per share last year. Results for last year's fourth quarter included a $2.3-million charge to cover inventory write downs, bad debts and state taxes.
 "We are pleased that FLOW showed solid revenue growth and a return to profitability in a year with a sluggish worldwide economy. The year's revenue gains were due to continued strong international sales and better domestic sales later in the year," Tarrant said.
 "We're especially pleased with the fourth-quarter revenue increase on the product side of FLOW's business, and that growth balanced some softness in the services business unit."
 Tarrant said the company's tight control on operating expenses and emphasis on improved asset management continued into the fourth quarter, with a $160,000 reduction in operating expenses and a $271,000 reduction in inventories.
 He said FLOW's efforts to strengthen its market presence in fiscal 1992 were producing results. The company introduced three new products under its new, streamlined product development schedule, and added a fourth in May.
 "We expect fiscal 1993 to be a year of continued revenue and earnings growth for FLOW," Tarrant said. "We will build on the improvements made last year and continue our strategic growth efforts.
 "We now have more customer-driven marketing and product development programs in place, and we have been successful in lowering expenses. Our backlog is somewhat lower than a year ago, but that reflects only the timing of our customers' orders.
 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 Year
 Ended April 30: 1992 1991 1992 1991
 Revenues $13,859 $10,023 $48,449 $41,527
 Cost of goods sold 7,939 6,929 26,541 22,576
 Gross margin 5,920 3,094 21,908 18,951
 Expenses 4,677 4,837 17,131 17,659
 Operating income 1,243 (1,743) 4,777 1,292
 Interest and other, net 29 (584) (692) (1,648)
 Income before taxes and
 extraordinary item 1,272 (2,327) 4,085 (356)
 Provision for income taxes 244 (516) 1,000 150
 Income before extraordinary
 item 1,028 (1,811) 3,085 (506)
 Realization of operating loss
 carryforward of Flow Services 84 (695) 285 0
 Net income 1,112 (2,506) 3,370 (506)
 Earnings per common share:
 Income before extraordinary 0.08 (0.17) 0.23 (0.08)
 Extraordinary item 0.01 (0.06) 0.03 (0.00)
 Net income 0.09 (0.23) 0.26 (0.08)
 Average shares outstanding 11,723 10,743 11,487 10,887
 Supplemental Data 1992 1991
 Current assets 28,242 28,538
 Total assets 43,702 40,955
 Current liabilities 12,477 13,240
 Long-term debt 4,642 4,978
 Shareholders' equity 26,583 22,737
 Backlog 7,500 8,700
 -0- 6/1/92
 /CONTACT: Thomas A. Cross 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 ST: Washington IN: SU: ERN


SC-LM -- SE003 -- 5867 06/01/92 16:05 EDT
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Date:Jun 1, 1992
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