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IONICS REPORTS RECORD FIRST QUARTER RESULTS

 IONICS REPORTS RECORD FIRST QUARTER RESULTS
 WATERTOWN, Mass., April 28 /PRNewswire/ -- Ionics, Incorporated


(NYSE: ION) today reported record first quarter revenues, net income and ending backlog for the period ended March 31, 1992. Revenues of $36.2 million were up 10.2 percent compared to the first quarter of 1991, while net income of $2.6 million was up 64.6 percent and earnings per share of 40 cents were up 33.3 percent. Backlog of $113.9 million was up 47.1 percent over that one year earlier.
 Arthur L. Goldstein, Ionics' chairman and chief executive officer, noted that the current results represent the nineteenth consecutive quarter of improving revenue, net income and earnings per share performance compared to the same quarter in the prior year. He noted that revenues and net income reflected the March 1992 start-up of company-owned and operated water desalination and purification facilities to serve the city of Santa Barbara, Calif. and the Diablo Canyon Power Plant of Pacific Gas and Electric. He also noted that the number of shares outstanding at the end of the quarter reflected the company's successful offering of 1,150,000 shares at $49 3/8 per share in February 1992.
 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 INCORPORATED
 CONSOLIDATED INCOME STATEMENTS
 (in thousands except per share amounts)
 THREE MONTHS ENDED
 March 31,
 1992 1991
 Revenues $36,248 $32,888
 Cost of sales 23,066 21,733
 Gross profit 13,182 11,155
 Operating expenses:
 Research, development
 and engineering 725 666
 Administrative, selling
 and other operating
 expenses 9,178 8,127
 Total 9,903 8,793
 Income from operations 3,279 2,362
 Other income (expense):
 Interest, net 346 (418)
 Equity income 182 276
 Income before income taxes
 and minority interest 3,807 2,220
 Provision for income taxes 1,142 621
 Income before minority
 interest 2,665 1,599
 Minority interest in net
 income of consolidated
 subsidiaries (58) (15)
 Net income $2,607 $1,584
 Weighted average number
 of common and common
 equivalent shares
 outstanding 6,519 5,352
 Net earnings per common
 and common equivalent
 share 40 cents 30 cents
 Backlog $113,859 $77,381
 CONSOLIDATED BALANCE SHEETS
 (in thousands)
 March 31, Dec. 31,
 1992 1991
 Current Assets:
 Cash and cash
 equivalents $25,718 $7,840
 Short-term
 investments 20,738 --
 Notes receivable,
 current 3,637 2,707
 Accounts receivable 44,093 44,657
 Receivables from
 affiliated companies 3,776 3,456
 Inventories 13,949 11,738
 Other current assets 1,752 1,936
 Total current assets 113,663 72,334
 Notes receivable,
 long term 8,891 8,439
 Investments in
 affiliated companies 4,040 4,008
 Property, plant and
 equipment (net) 96,850 91,320
 Other assets 1,863 1,878
 Total assets $225,307 $177,979
 Current Liabilities:
 Notes payable and
 current portion of
 long term debt $1,817 $3,709
 Accounts payable 13,789 15,907
 Customer deposits 5,399 4,979
 Accrued expenses 10,038 10,216
 Accrued and deferred
 income taxes 2,614 1,717
 Total current
 liabilities 33,657 36,528
 Long-term debt 2,143 5,579
 Deferred income taxes 4,522 5,813
 Other liabilities 2,068 2,128
 Stockholders' equity 182,917 127,931
 Total liabilities
 and stockholders'
 equity $225,307 $177,979
 -0- 4/28/92
 /CONTACT: T.G. Papastavros, or A.T. Coughlin of Ionics, Incorporated, 617-926-2500/
 (ION) CO: Ionics Incorporated ST: Massachusetts IN: SU: ERN


TM -- NE012 -- 3888 04/28/92 14:07 EDT
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Date:Apr 28, 1992
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