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HARMON ANNOUNCES STRONG THIRD QUARTER

 BLUE SPRINGS, Mo., Nov. 1 /PRNewswire/ -- Harmon Industries Inc. (NASDAQ: HRMN), a leading supplier of signal and train control products to railroads throughout North America and the world, today announced results for the third quarter ended Sept. 30, 1993.
 For the three months ended Sept. 30, sales increased 18 percent from $23.1 million in 1992 to $27.1 million in 1993. Year-to-date sales increased 22 percent from $58.1 million in 1992 to $70.6 million in 1993.
 Net earnings for the quarter increased 28 percent from $1.7 million in 1992 to $2.2 million in 1993, and earnings per share for the quarter increased from 33 cents per share in 1992 to 34 cents per share in 1993. Year-to-date net earnings increased 36 percent from $3.6 million or 69 cents per share in 1992 to $4.9 million or 80 cents per share in 1993. Earnings per share comparisons are impacted by an approximate 20 percent increase in the number of shares outstanding, resulting from the successful secondary offering completed earlier this year.
 Harmon continues to reinforce its Class One and Short Line business, while developing its transit business. Bookings for third quarter increased 69 percent to $30.7 million over $18.2 million in third quarter 1992. Year-to-date bookings increased 48 percent to $92.5 million over $62.3 million in 1992. Contributing to this increase in bookings were two new transit contracts Harmon won in the third quarter to supply products to the New York City Transit Authority and to Denver's new light rail system, the Metro Area Connection.
 "This quarter demonstrates our continued success in cultivating our existing business with the Class One and Short Line railroads, while applying our expertise to grow our transit business," said Bjorn E. Olsson, Harmon's president and chief operating officer.
 Harmon Industries trades on the Nasdaq Stock Market under the symbol "HRMN." For further information, contact Charles M. Foudree, executive vice president - finance and chief financial officer, Harmon Industries Inc., 1300 Jefferson Court, Blue Springs, MO 64015. The telephone number is 816-229-3345.
 HARMON INDUSTRIES INC.
 Consolidated Statements of Operations
 For Periods Ended Sept. 30, 1993 and 1992
 In thousands of dollars
 (Unaudited)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Net sales $27,134 $23,050 $70,605 $58,081
 Other cost of sales 18,185 15,132 46,546 38,129
 Research and development
 expenditures 864 856 2,518 2,706
 Gross profit 8,085 7,062 21,541 17,246
 Selling, general and
 administrative expenses 4,508 4,075 13,299 11,073
 Amortization of cost in
 excess of fair value of
 net assets of subsidiary
 acquired 33 33 100 100
 Miscellaneous (income)
 expense-net (5) 4 (35) (70)
 Operating income 3,549 2,950 8,177 6,143
 Interest expense (45) (285) (404) (1,173)
 Investment income 2 8 24 81
 Earnings from continuing
 operations before
 income taxes 3,506 2,673 7,797 5,051
 Income tax expense (benefit):
 Current 1,307 1,063 2,886 2,177
 Deferred 2 (105) 5 (307)
 1,309 958 2,891 1,870
 Earnings from continuing
 operations 2,197 1,715 4,906 3,181
 Discontinued operations:
 Estimated gain on disposal,
 less applicable income tax
 expense of $85,000 --- --- --- 165
 Earnings before
 extraordinary item 2,197 1,715 4,906 3,346
 Extraordinary item:
 Income tax benefits from
 utilization of net operating
 loss carryforward --- --- --- 273
 Net earnings $2,197 $1,715 $4,906 $3,619
 Earnings per common share:
 Continuing operations $0.34 $0.33 $0.80 $0.61
 Discontinued operations --- --- --- 0.03
 Extraordinary item --- --- --- 0.05
 Total earnings per
 common share $0.34 $0.33 $0.80 $0.69
 Weighed average
 outstanding shares 6,532,649 5,308,286 6,100,964 5,249,820
 -0- 11/1/93
 /CONTACT: Charles M. Foudree of Harmon Industries, 816-229-3345/
 (HRMN)


CO: Harmon Industries Inc. ST: Missouri IN: TRN SU: ERN

BB -- DV006 -- 9309 11/01/93 16:36 EST
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Publication:PR Newswire
Date:Nov 1, 1993
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