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FLUKE REPORTS OPERATING RESULTS FOR FIRST QUARTER 1994

 EVERETT, Wash., Aug. 25 /PRNewswire/ -- Fluke Corp. (AMEX: FLK; PSE) announced operating results for its 1994 first quarter, ended July 30, 1993. The results have been significantly impacted by the acquisition of the test and measurement business of Philips N.V. (NYSE: PGH), effective May 1, 1993.
 Net income for the first quarter 1994 was $1.4 million, down 39 percent from $2.3 million for the first quarter ended July 31, 1992. Earnings per share were 18 cents per share for first quarter 1994 compared with 33 cents per share for the comparable quarter last year. The 1994 earnings per share figure reflects an additional one million shares issued to Philips N.V. as partial consideration for the acquisition. The lower earnings results were primarily attributable to continuing weakness in various economies worldwide, particularly Europe.
 Revenues for the first quarter increased 27 percent to $84.7 million versus $66.8 million for the same period a year ago. Total orders for the first quarter were $86.0 million, up 66 percent from $51.8 million for the same period a year ago. In the United States, orders increased 19 percent to $37.9 million versus $31.9 million a year ago. European orders increased 363 percent to $32.4 million from $7.0 million for the like period a year ago. Orders from Intercontinental countries (excluding Europe and the United States) were $15.7 million, up 22 percent from $12.9 million a year ago.
 The forgoing increases in revenues and orders in Europe and the Intercontinental countries are due to the business added as a result of the Philips acquisition. European orders, on a combined-company basis, declined approximately 15 percent to $32.4 million for first quarter 1994 from about $39 million for the like period a year ago. The 1993 figures are based on estimates supplied to Fluke by Philips N.V.
 Bill Parzybok, chairman and chief executive officer said, "While earnings were in line with our expectations and were slightly above the previous four-month fiscal period, they are still being adversely affected by economic softness in Europe and other regions of the world." He added, "We are continuing to make headway on integrating the newly acquired business and we are also making excellent progress on our quality goals as evidenced by our receiving ISO 9001 registration for all of our North American facilities."
 Parzybok continued, "We previously reported that we would be maintaining a high level of R&D investment during FY '94 with the expectation of significant new product offerings during this fiscal year and beyond. We are delighted to announce that six new products started shipping to customers in the first quarter and we expect to introduce several additional new products over the next nine months."
 FLUKE CORP.
 QUARTER ENDED QUARTER ENDED
 7/30/93 7/31/92 PCT. CHANGE
 REVENUES $84,687,000 $66,776,000 26.8 pct.
 PRETAX INCOME $ 2,271,000 $ 3,220,000 -29.5 pct.
 NET INCOME $ 1,420,000 $ 2,319,000 -38.8 pct.
 EARNINGS PER SHARE $0.18 $0.33 -45.5 pct.
 AVERAGE SHARES &
 SHARE EQUIVALENTS 8,014,112 7,058,467
 NET INCOME AS
 PERCENT OF REVENUES 1.68 pct. 3.47 pct.
 ORDERS $85,959,000 $51,763,000 66.1 pct.
 Fluke's business focus is on new and growing markets for compact, professional electronic test tools. Fluke products are used in service, manufacturing test and quality functions in a variety of industries throughout the world. In August, Fluke officially changed its name from John Fluke Mfg. Co., Inc. to Fluke Corp.. The company also changed its stock symbol from "FKM" to "FLK." Fluke was founded in 1948, has over 2,700 employees worldwide and is headquartered in Everett, Wash., USA.
 -0- 8/25/93
 /CONTACT: Liane M. Woodward, manager, Investor Relations and Public Affairs, of Fluke Corp., 206-356-5566/
 (FLK PGH)


CO: Fluke Corp. ST: Washington IN: CPR SU: ERN

JH -- SE001 -- 5709 08/25/93 08:55 EDT
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Date:Aug 25, 1993
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