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HARNISCHFEGER INDUSTRIES, INC. REPORTS SECOND QUARTER

 MILWAUKEE, May 24 /PRNewswire/ -- Harnischfeger Industries, Inc. (NYSE: HPH) today reported lower sales and earnings for the second quarter ended April 30 but the level of new orders booked improved over the same period last year.
 Sales for the quarter were $321.1 million versus $367.9 million a year ago. Net income of $3.7 million, or 13 cents per share, was off from the $13.8 million, or 47 cents per share, earned in the same quarter of 1992.
 Company Chairman and CEO Jefery T. Grade said that, while major customers continue to defer final decisions on large capital projects, the company's bookings level in the second quarter rose to $284.6 million, compared to new orders of $274.5 million last year. Higher booking levels were anticipated, but several customers of the company's two largest subsidiaries, Beloit Corporation and Harnischfeger Corporation, continued to defer final contract awards for new equipment pending further improvement in their market outlooks. "In many cases we have the verbal commitment, but the final orders have proven elusive," Grade said. "In spite of that, Beloit's bookings have shown improvement now for five consecutive quarters."
 Comparing the six months ended April 30, 1993 and 1992, sales were $603.1 million versus $693.9 million; net income was $4.2 million, or 15 cents a share, compared to $24.4 million, or 83 cents per share and bookings were $549.2 million compared to $608.6 million a year ago.
 The company's current backlog stands at $1.1 billion, similar to the level at the beginning of the fiscal year.
 Harnischfeger Industries is a diversified international holding company that operates four subsidiaries involved in: papermaking machinery manufacturing (Beloit Corporation); surface mining and overhead material handling equipment manufacturing (Harnischfeger Corporation); and systems integration services (Harnischfeger Engineers, Inc. and Syscon Corporation).
 HARNISCHFEGER INDUSTRIES, INC.
 Consolidated Statement of Income
 For The Three Months Ended April 30
 (in 000s)
 Period ended Three months Six months
 April 30 1993 1992 1993 1992
 Revenues
 Net sales $321,087 $367,872 $603,052 $693,857
 Other income 1,981 3,663 4,084 7,233
 Total 323,068 371,535 607,136 701,090
 Cost of sales 256,880 292,875 484,759 552,698
 Product development,
 selling and adminstrative
 expenses 54,274 52,219 104,622 101,870
 Operating income 11,914 26,441 17,755 46,522
 Interest (expense) - net (5,712) (1,863) (10,511) (1,933)
 Income before provision
 for income taxes and
 minority interest 6,202 24,578 7,244 44,589
 Provision for income taxes (2,150) (8,400) (2,500) (15,600)
 Total 4,052 16,178 4,744 28,989
 Minority interest (369) (2,372) (497) (4,608)
 Net income 3,683 13,806 4,247 24,381
 Earnings per share
 Net income $0.13 $0.47 $0.15 $0.83
 Average shares outstanding 27,639 29,320 27,803 29,471
 HARNISCHFEGER INDUSTRIES, INC.
 Business Segment Summary
 For The Three Months Ended April 30
 (In 000s)
 Net sales Operating profit Orders Booked
 1993 1992 1993 1992 1993 1992
 Papermaking
 machinery and
 systems 145,957 182,459 6,449 17,588 162,077 133,371
 Mining equipment 82,953 91,586 6,301 9,198 63,217 84,869
 Material handling
 equipment 30,133 30,328 1,615 1,894 26,941 29,320
 Systems group 62,044 63,499 1,741 2,201 32,363 26,979
 Total business
 segments 321,087 367,872 16,106 30,881 284,598 274,539
 Corporate
 administration -- -- (4,192) (4,440) -- --
 Interest expense
 - net -- -- (5,712) (1,863) -- --
 Income before provision
 for income taxes and
 minority interest -- -- 6,202 24,578 -- --
 Backlog at end of period
 4/93 1/93
 Papermaking machinery and systems $484,022 $467,902
 Mining equipment 80,534 100,270
 Material handling equipment 53,505 56,697
 Systems group 446,980 476,661
 Total business segments 1,065,041 1,101,530
 HARNISCHFEGER INDUSTRIES, INC.
 Business Segment Summary
 For The Six Months Ended April 30
 (In 000s)
 Net sales Operating profit Orders Booked
 1993 1992 1993 1992 1993 1992
 Papermaking machinery
 and systems 283,732 354,566 10,246 31,349 323,385 337,034
 Mining equipment 150,883 158,486 11,327 15,170 119,890 155,064
 Material handling
 equipment 58,208 59,181 1,880 3,956 49,670 67,050
 Systems group 110,229 121,624 2,853 4,510 56,276 49,500
 Total business
 segments 603,052 693,857 26,306 54,985 549,229 608,648
 Corporate
 administration -- -- (8,551) (8,463) -- --
 Interest expense
 - net -- -- (10,511) (1,933) -- --
 Income before provision
 for income taxes and
 minority interest -- -- 7,244 44,589 -- --
 Backlog at end of period
 4/93 10/93
 Papermaking machinery and systems $484,022 $444,369
 Mining equipment 80,534 111,519
 Material handling equipment 53,505 62,043
 Systems group 446,980 500,933
 Total business segments 1,065,041 1,118,864
 HARNISCHFEGER INDUSTRIES, INC.
 Condensed Balance Sheet
 (in 000s)
 4/30/93 10/31/92
 Assets
 Current Assets:
 Cash and cash equivalents $127,621 $171,397
 Accounts receivable - net 374,464 424,982
 Inventories 239,440 242,115
 Other current assets 48,205 41,040
 Total 789,730 879,534
 Property, plant and equipment - net 386,944 366,932
 Intangible assets 142,957 128,577
 Investments in Measurex 66,661 68,480
 Other assets 53,039 64,224
 Total assets 1,439,331 1,507,747
 Liabilities and Shareholders' Equity
 Current liabilities:
 Short-term notes payable, including
 current portion of long-term obligations 55,478 58,509
 Trade accounts payable 143,498 178,575
 Employee compensation and benefits 50,872 60,497
 Advance payments and progress billings 49,039 47,454
 Accrued warranties 34,551 37,940
 Other current liabilities 120,729(A) 80,484
 Total 454,167 463,459
 Long-term obligations 244,861 244,803
 Other liabilities 105,514 105,750
 Minority interest 100,346 102,358
 Shareholders' equity 534,443(A) 591,377
 Total liabilities and shareholder's
 equity 1,439,331 1,507,747
 (A) -- Reflects the close of the self-tender offer on April 21, 1993.
 -0- 5/24/93
 /CONTACT: Francis M. Corby Jr., senior vice president - finance and chief financial officer of Harnischfeger Industries, Inc., 414-797-6518/
 (HPH)


CO: Harnischfeger Industries, Inc. ST: Wisconsin IN: SU: ERN

SM-OT -- NY063 -- 1748 05/24/93 13:46 EDT
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Date:May 24, 1993
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