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HARSCO CORPORATION HAS RECORD FIRST QUARTER EARNINGS

 HARSCO CORPORATION HAS RECORD FIRST QUARTER EARNINGS
 HARRISBURG, Pa., April 28 /PRNewswire/ -- Malcolm W. Gambill,


chairman and chief executive officer of Harsco Corporation (NYSE: HSC), announced at the annual meeting of shareholders in Camp Hill, Pa., today that the company's first quarter earnings exceeded those for any first quarter in Harsco's history.
 Although sales of $408.1 million were 10 percent below the $454.5 million recorded for last year's first quarter, net income increased to $20.8 million, a 74 percent improvement over the $12.0 million posted a year ago. A number of factors contributed to the profit improvement for first quarter 1992, including: profitable sales of five-ton trucks in the Defense Group as compared to sales being recognized on a break-even basis in 1991; completion in 1991 of the development and testing of the unsuccessful contract for the Army's new family of Medium Tactical Vehicles program; the sale at a profit in the first quarter 1992 of the unprofitable plastic pipe business and the marginally profitable hydraulic tools product line; and profit improvement in certain other product lines. Earnings per share for the quarter were $.79 on 26,346,000 average shares outstanding compared to the $.46 on 26,252,000 average shares outstanding earned in last year's first quarter. Even if the $.09 per share on the income recorded on the sale of the two business units were excluded, the earnings still would be a record for the quarter.
 The Industrial Services and Building Products Group recorded sales of $75.6 million, 7 percent below last year's first quarter performance, reflecting the divestiture of a division in the first quarter of 1992. Engineered Products had sales of $133.9 million, slightly below last year's sales for the comparable period. Revenues in the Defense Group were $198.6 million, 17 percent below last year's first quarter due to decreased sales of five-ton trucks.
 Operating profit for the first quarter of 1992 for the Industrial Services and Building Products Group was significantly above the comparable period last year. The increase reflects improvement in metal reclamation and related services, as well as the inclusion in 1992 of a modest profit on the sale of an unprofitable division. Operating profit for the Engineered Products Group in the first quarter of 1992 was also above last year's performance, reflecting a modest profit on the divestiture of a marginal product line. The company's Defense Group showed substantial improvement in operating profit as a result of profitable sales of five-ton trucks as compared to trucks being recognized on a break-even basis in 1991. The Defense Group also benefitted from higher levels of profits on sales of tracked vehicles.
 Harsco Corporation is a diversified, international, industrial company headquartered in Camp Hill. The company's 11 divisions provide products and services for defense, industrial, commercial and construction applications from more than 260 facilities in 32 states and 14 countries.
 HARSCO CORPORATION
 Consolidated Statements of Income
 (Unaudited; in thousands, except per-share amounts)
 Three months ended March 31 1992 1991
 Net sales $408,141 $454,479
 Operating expenses:
 Cost of sales 330,860 388,546
 Selling, administrative
 and general expenses 44,368 42,933
 Research and development 1,156 776
 Provision (credit) for
 facility discontinuances
 or disposals (3,598)(A) 85
 Total 372,786 432,340
 Profit from operations 35,355 22,139
 Other income (expense):
 Interest income 2,591 1,717
 Interest expense (5,053) (4,147)
 Equity in net income of
 unconsolidated companies 1,115 180
 Other, net 70 473
 Total (1,277) (1,777)
 Income before provision
 for income taxes 34,078 20,362
 Provision for income taxes 13,264 8,410
 Net income $20,814 $11,952
 Average shares of common
 stock outstanding 26,346 26,252
 Net income per share $.79 $.46
 (A) Includes the profit from the sale of a division and a product line.
 Review of Operations by Group
 (Unaudited, in millions)
 Three months ended March 31 1992 1991
 Sales:
 Industrial services
 and building products $75.6 $81.0
 Engineered products 133.9 135.2
 Defense 198.6 238.3
 Total $408.1 $454.5
 Income before tax:
 Group operating profit:
 Industrial services
 and building products $9.4 $4.8
 Engineered products 12.9 11.0
 Defense 15.8 9.1
 Total group operating profit 38.1 24.9
 Equity in net income
 of unconsolidated companies 1.1 .2
 Unallocated expenses (5.1) (4.7)
 Total pre-tax income 34.1 20.4
 /delval/
 -0- 4/28/92
 /CONTACT: Herbert R. McIlvaine Jr. of Harsco, 717-763-7064/
 (HSC) CO: Harsco Corporation ST: Pennsylvania IN: ARO SU: ERN


JS-CC -- PH013 -- 3700 04/28/92 11:04 EDT
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Date:Apr 28, 1992
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