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FLUKE REPORTS OPERATING RESULTS FOR FIRST QUARTER 1993

 EVERETT, Wash., Jan. 12 /PRNewswire/ -- John Fluke Mfg. Co. Inc. (AMEX: FKM) announced today a decline in earnings, revenues and orders for its fiscal 1993 first quarter ended Dec. 25, 1992, as compared to results reported for the same period last year.
 Income, before the effect of an accounting change (adopting FASB 109, "Accounting for Income Taxes"), was $1.7 million, or 25 cents per share. This represents a 48.4-percent decline from net income of $3.4 million, or 48 cents per share, for the same period last year. Net income, including the net gain of $1.5 million (21 cents per share) resulting from the change in accounting for income taxes, was $3.2 million (46 cents per share). This represents a 5.9-percent decline from 1992 reported net income.
 As previously disclosed in the press release dated Dec. 17, 1992, "Fluke Updates Expectations for First Quarter 1993," earnings were materially impacted by a short-term production shutdown and rework of the Fluke 80 Series digital multimeters. The problem was resolved and Fluke does not expect it to affect financial performance in subsequent quarters.
 Revenues for the first quarter 1993 declined 9.0 percent to $57.7 million from $63.4 million a year ago. Operating expenses were reduced 4.6 percent to $24.0 million from $25.2 million for the same period a year ago.
 Overall, orders declined 13.1 percent to $59.2 million from a record level of $68.1 million reported in the first quarter of fiscal 1992. The deepest percentage shortfalls were in Japan and Europe. Orders from Japan fell 27.1 percent to $2.2 million in 1993 from $3.0 million in 1992. European orders, through Fluke's alliance partner Philips Electronics N.V., were down 22.1 percent to $7.8 million, as compared to $10.0 million for the same period last year. Orders in the United States declined 12.3 percent to $39.6 million from $44.7 million a year ago.
 The decline in orders was due in part to continuing economic weakness throughout the world. In addition, the discontinuation of non-strategic, older products has not yet been fully offset by orders generated from the introduction of new products aligned with Fluke's new mission. The year-to-year order comparison is also skewed by high levels of distributor stocking orders for new products in the first quarter of 1992.
 "We are disappointed with our first-quarter results and are concerned about the outlook for the remainder of our newly revised fiscal year, ending April 30, 1993," said Bill Parzybok, chairman and chief executive officer. "If major worldwide economies continue to lag, our order rate could be adversely
affected. We will continue to focus on carefully controlling our expenses and furthering our strategic initiatives. We feel strongly that our new strategy and changing product emphasis, coupled with a healthier worldwide economy, provide an opportunity for solid growth over the long-term."
 Fluke's next earnings release is scheduled to run after its seven- month 1993 fiscal year, ending April 30, 1993.
 Fluke's mission is to be the leader in compact, professional electronic test tools. Fluke focuses on customers in service, installation and maintenance and quality functions in a variety of industries. Fluke was founded in 1948 and headquartered in Everett. The company produced revenues of $271.8 million in its most recent fiscal year, ended Sept. 25, 1992.
 JOHN FLUKE MFG. CO. INC.
 FINANCIAL RESULTS
 Dec. 25, Dec. 27,
 Quarter Ended: 1992 1991
 Revenues $57,715,000 $63,401,000
 Pre-tax income $ 2,427,000 $ 4,699,000
 Income before cumulative effect
 of a change in accounting principle $ 1,747,000 $ 3,383,000
 Cumulative effect of a change in
 accounting for income taxes $ 1,479,000(A) --
 Net income $ 3,226,000 $ 3,383,000
 Earnings per share (EPS) before
 cumulative effect of a change
 in accounting principle $ 0.25 $ 0.48
 EPS cumulative effect of a change
 in accounting for income taxes $ 0.21(A) --
 Earnings per share $ 0.46 $ 0.48
 Average shares and common shares
 equivalents outstanding 7,082,274 6,989,166
 Dec. 25, Dec. 27,
 Four Quarters Ended: 1992 1991
 Revenues $266,133,000 $245,606,000
 Pre-tax income $ 18,914,000 $ 4,406,000
 Income before cumulative effect
 of a change in accounting principle $ 13,568,000 $ 4,105,000
 Cumulative effect of a change in
 accounting for income taxes $ 1,479,000(A) --
 Net income $ 15,047,000 $ 4,105,000
 Earnings per share before
 cumulative effect of a change
 in accounting principle $ 1.92 $ 0.59
 EPS cumulative effect of a change
 in accounting for income taxes $ 0.21(A) --
 Earnings per share $ 2.13 $ 0.59
 Average shares and common shares
 equivalents outstanding 7,059,062 6,928,523
 (A) The change in accounting principle is due to the adoption of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes."
 -0- 1/12/93
 /CONTACT: Liane M. Woodward, manager of Investor Relations, of John Fluke Mfg. Co. Inc., 206-356-5566/
 (FKM)


CO: John Fluke Mfg. Co. Inc. ST: Washington IN: CPR SU: ERN

LM-GT -- SE002 -- 3851 01/12/93 09:03 EST
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Date:Jan 12, 1993
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