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FLUKE REPORTS INCREASE IN REVENUES, EARNINGS AND IMPROVED ORDERS FOR FISCAL YEAR 1992

 FLUKE REPORTS INCREASE IN REVENUES, EARNINGS AND IMPROVED ORDERS
 FOR FISCAL YEAR 1992
 EVERETT, Wash., Oct. 20 /PRNewswire/ -- John Fluke Mfg. Co. Inc. (AMEX: FKM; PSE) announced today, Oct. 20, 1992, operating results for its 1992 fourth quarter and fiscal year ended Sept. 25, 1992.
 Net income for the year was $15.2 million, or $2.16 per share, on 7 million shares and share equivalents outstanding, compared to fiscal 1991 income of $3.2 million, or 46 cents per share, on 6.9 million shares and share equivalents outstanding. The 1991 net income reflected a pre-tax restructuring charge against earnings of $10.8 million. Excluding the restructuring charge, adjusted 1991 income would have been $10.2 million, or $1.46 per share. Fiscal 1992 earnings were 48 percent above the 1991 earnings, as adjusted to exclude the 1991 restructuring. The substantial growth in earnings was driven by the increase in revenue of 13.4 percent accompanied by tightly controlled operating expenses which grew less than 5 percent.
 Revenues for fiscal 1992 rose to $271.8 million, as compared to $239.7 million reported for fiscal 1991. Fourth-quarter fiscal 1992 revenues were $68.6 million, up 11.2 percent compared to $61.7 million in last year's final quarter.
 Orders for the year, at $257.4 million, were up approximately 2 percent over last year's levels of $253.1 million. Fourth-quarter 1992 orders were $64.5 million, an increase of 7.2 percent over third-quarter 1992 order results of $60.2 million. Fourth-quarter 1992 orders declined 3.9 percent as compared to $67.1 million in the fourth quarter of 1991.
 This modest growth was primarily due to an increase in orders from international customers (excluding Europe) which rose 7.8 percent to $53.7 million in 1992 from $49.8 million in 1991. Orders in the United States at $164.2 million were little changed from last year's $164.7 million and European orders through alliance partner N.V. Philips, at $39.5 million increased 2.5 percent over 1991 results of $38.6 million.
 "We continue to be pleased with both our earnings and revenue growth, especially in light of the weak economic conditions throughout the world and more specifically, the poor revenue results reported by the test and measurement industry during the past year," said Bill Parzybok, chairman and chief executive officer. "Our performance this year is a tribute to our employees and to the performance of products aligned with our new mission 'to be the leader in compact, professional electronic test tools.' The combination of these factors enabled us to out-perform the industry."
 Parzybok noted the success of Fluke's recent product introductions including ScopeMeter, introduced in the fourth quarter of 1991, and the Series 10 handheld digital multimeters, introduced in first quarter of 1992. "These introductions are welcome additions to a growing list of products that fit our mission.
 "In 1993 we will continue to focus on the strategic initiatives of expanding into new markets, reducing our time-to-market with new products, carefully controlling our expenses, improving quality at all levels and working to complete the Philips T&M acquisition," Parzybok added. (NOTE TO EDITORS: See press release dated Aug. 26, 1992, "Fluke and Philips Intend to Merge Allied Test & Measurement Businesses.")
 Fluke's mission is to be the leader in compact, professional electronic test tools. Fluke focuses on customers in service, manufacturing test, and quality functions in a variety of industries. Founded in 1948 and headquartered in Everett, Fluke employs more than 2,100 people worldwide.
 Fluke is a publicly held company, traded under the symbol "FKM" on the American Stock Exchange.
 JOHN FLUKE MFG. CO. INC.
 FISCAL YEAR FISCAL YEAR
 ENDED 9/25/92 ENDED 9/27/91
 Revenues $271,819,000 $239,651,000
 Pre-tax income $ 21,186,000 $ 3,441,000(A)
 Net income $ 15,204,000 $ 3,205,000(A)
 Earnings per share $ 2.16 $ 0.46(A)
 Average shares and
 common shares equivalents
 outstanding 7,033,695 6,943,941
 QUARTER QUARTER
 ENDED 9/25/92 ENDED 9/27/91
 Revenues $ 68,651,000 $ 61,722,000
 Pre-tax income $ 5,333,000 ($ 7,907,000)(A)
 Net income $ 3,790,000 ($ 4,852,000)(A)
 Earnings per share $ 0.54 ($ 0.70)(A)
 Average shares and
 common shares equivalents
 outstanding 7,054,827 6,940,771
 (A) The fourth quarter of fiscal 1991 included a pre-tax restructuring charge against earnings of $10.8 million. Excluding this charge, net income would have been $10.2 million, or $1.46 per share, for fiscal year 1991 and $2.1 million, or 30 cents per share, in the fourth quarter of 1991.
 -0- 10//20/92
 /CONTACT: Liane M. Woodward, investor relations of John Fluke Mfg., 206-356-5566/
 (FKM) CO: John Fluke Mfg. Co. Inc. ST: Washington IN: CPR SU: ERN


JH -- SE006 -- 2033 10/20/92 09:07 EDT
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Date:Oct 20, 1992
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