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IONICS REPORTS RECORD 1992 RESULTS FOR YEAR AND FOURTH QUARTER

 WATERTOWN, Mass., Feb. 23 /PRNewswire/ -- Ionics, Incorporated (NYSE: ION) today announced results for the year and quarter ended Dec. 31, 1992. Revenues for the year were $155.2 million, up $17.1 million or 12.4 percent compared to 1991. Net income was $12.8 million or $1.85 per share, up 54.9 percent over net income of $8.3 million or $1.45 per share in 1991. For the fourth quarter, revenues were $41.8 million and net income was $3.7 million, or $0.52 per share, compared to revenues of $36.8 million and net income of $2.5 million, or $0.43 per share, one year earlier. Year-end backlog climbed to $125.5 million, up 11.8 percent compared to $112.3 million one year earlier.
 Commenting on the 1992 results, Arthur L. Goldstein, Ionics' Chairman and Chief Executive Officer, noted that revenues, net income, earnings per share and backlog all reached record levels for the Company and that these results represented the sixth year of continuous improvement in financial performance. The fourth quarter results represented the twenty-second consecutive quarter of improvement compared to the same quarter in the prior year. He also noted that in the fourth quarter the Company's emphasis on "own and operate" opportunities resulted in the receipt of two important contracts. The first contract involves the supply of ultrapure boiler feed water for several U.S. power plants utilizing a system which will employ Ionics' recently developed Electrodeionization (EDI) technology. The second contract involves the supply of bleach for a chemical manufacturing facility in the U.K.
 Ionics is a separations technology company involved worldwide in the manufacture and sale of membranes and related equipment for the purification of water, in the supply of purified water and water treatment chemicals, and in the sale of bottled water and home water purifiers.
 IONICS INC.
 Consilidated Income Statements
 (in thousands except per share amounts)
 Three Months Ended Years Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Revenues $ 41,818 $ 36,832 $155,240 $138,120
 Cost of sales 27,494 23,796 99,931 90,309
 Gross Profit 14,324 13,036 55,309 47,811
 Operating expenses:
 Research, development and
 engineering 813 738 3,084 2,886
 Administrative, selling and
 other operating expenses 9,551 9,311 37,409 34,743
 Totals 10,364 10,049 40,493 37,629
 Income from operations 3,960 2,987 14,816 10,182
 Other income:
 Interest, net 653 213 2,087 55
 Equity income 353 379 1,281 1,412
 Income Before Income Taxes
 and Minority Interest 4,966 3,579 18,184 11,649
 Provision for income taxes 1,308 1,003 5,273 3,262
 Income before minority
 interest 3,658 2,576 12,911 8,387
 Minority interest in net
 income of consolidated
 subsidiaries --- (62) (91) (109)
 Net Income $ 3,658 $ 2,514 $ 12,820 $ 8,278
 Weighted average number
 of common and common
 equivalent shares
 outstanding 7,057 5,842 6,919 5,703
 Net Earnings per Common
 and Common Equivalent
 Share 52 cents 43 cents $1.85 $1.45
 Backlog $125,506 $112,265
 Consolidated Balance Sheets
 (in thousands)
 Dec. 31, Dec. 31,
 1992 1991
 Current Assets:
 Cash and cash equivalents $ 13,535 $ 7,840
 Short-term investments 28,281 ---
 Notes receivable, current 3,195 2,707
 Accounts receivable 43,640 44,657
 Receivables from affiliated companies 4,096 3,456
 Inventories 12,314 11,738
 Other current assets 3,696 1,936
 Total Current Assets 108,757 72,334
 Notes Receivable, long-term 10,156 8,439
 Investments in Affiliated Companies 4,279 4,008
 Property, Plant and Equipment (net) 97,801 91,320
 Other Assets 3,597 1,878
 Total Assets $224,590 $177,979
 Current Liabilities:
 Notes payable and current portion of
 long-term debt $975 $ 3,709
 Accounts payable 12,272 15,907
 Customer deposits 4,288 4,979
 Accrued expenses 11,772 10,216
 Accrued and deferred income taxes 1,192 1,717
 Total Current Liabilities 30,499 36,528
 Long-Term Debt 439 5,579
 Deferred Income Taxes 2,777 5,813
 Other Liabilities 535 2,128
 Stockholders' Equity 190,340 127,931
 Total Liabilities and Stockholders'
 Equity $224,590 $177,979
 -0- 2/23/93
 /CONTACT: T.G Papastavros or A.T. Coughlin of Ionics, 617-926-2500/
 (ION)


CO: Ionics, Inc. ST: Massachusetts IN: SU:

CH -- NE009 -- 9377 02/23/93 11:31 EST
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Date:Feb 23, 1993
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