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IONICS REPORTS RECORD SECOND QUARTER AND FIRST HALF RESULTS

 IONICS REPORTS RECORD SECOND QUARTER AND FIRST HALF RESULTS
 WATERTOWN, Mass., July 28 /PRNewswire/ -- Ionics, Incorporated (NYSE: ION) today reported record revenues, net income, earnings per share, and ending backlog for the quarter and six-month period ending June 30, 1992. For the quarter, revenues of $40.1 million were up 12 percent compared to the second quarter of 1991, while net income of 3.2 million, and earnings per share of 45 cents were up 60 percent and 32 percent respectively. For the half, revenues of $76.3 million were up 11 percent compared to the first half of 1991, while net income of $5.8 million and earnings per share of 85 cents were up 62 percent and 33 percent, respectively. Backlog on June 30th of $114.4 million was up 10 percent from that of one year earlier.
 Arthur L. Goldstein, Ionics' chairman and chief executive officer, noted that results for the quarter reflected the first full quarter of revenues and net income relating to the company's recently completed "own and operate" projects involving a seawater desalination facility to serve the City of Santa Barbara, Calif., and a seawater desalination and ultrapure water facility to serve the Diablo Canyon Power Plant of Pacific Gas and Electric. He also noted that results for the quarter represented the 20th consecutive quarter of growth in Ionics' revenues and earnings over the comparable quarter in the prior year.
 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.
 CONSOLIDATED INCOME STATEMENTS
 (in thousands except per share amounts)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Revenues $40,063 $35,788 $76,311 $68,676
 Cost of sales 25,880 23,980 48,946 45,713
 Gross Profit 14,183 11,808 27,365 22,963
 Operating expenses:
 Research, development
 and engineering 764 716 1,489 1,382
 Administrative, selling
 and other operating
 expenses 9,668 8,714 18,846 16,841
 Total 10,432 9,430 20,335 18,223
 Income from operations 3,751 2,378 7,030 4,740
 Other income (expense):
 Interest, net 517 (5) 863 (423)
 Equity income 308 406 490 682
 Income Before Income Taxes
 and Minority Interest 4,576 2,779 8,383 4,999
 Provision for income taxes 1,373 776 2,515 1,397
 Income before minority
 interest 3,203 2,003 5,868 3,602
 Minority interest in net
 income of consolidated
 subsidiaries (20) (12) (78) (27)
 Net income $3,183 $1,991 $5,790 $3,575
 Weighted average number
 of common and common
 equivalent shares
 outstanding 7,048 5,828 6,783 5,565
 Net Earnings per Common
 and Common Equivalent
 Share 45 cents 34 cents 85 cents 64 cents
 Backlog --- --- $114,368 $103,555
 CONSOLIDATED BALANCE SHEETS
 (In Thousands)
 6/30/92 12/31/91
 Current Assets:
 Cash and cash equivalents $21,153 $7,840
 Short-term investments 21,500 ---
 Notes receivable, current 3,037 2,707
 Accounts receivable 44,167 44,657
 Receivables from affiliated
 companies 4,245 3,456
 Inventories 11,744 11,738
 Other current assets 2,269 1,936
 Total current assets 108,115 72,334
 Notes receivable, long-term 8,867 8,439
 Investments in affiliated
 companies 4,065 4,008
 Property, plant &
 equipment (net) 105,948 91,320
 Other assets 2,119 1,878
 Total assets $229,114 $177,979
 Current Liabilities:
 Notes payable and current
 portion of long-term debt $863 $3,709
 Accounts payable 13,598 15,907
 Customer deposits 4,294 4,979
 Accrued expenses 11,627 10,216
 Accrued and deferred income
 taxes 2,700 1,717
 Total current liabilities 33,082 36,528
 Long-term debt 1,352 5,579
 Deferred income taxes 3,715 5,813
 Other liabilities 2,119 2,128
 Stockholders' equity 188,846 127,931
 Total liabilities and
 stockholders' equity $229,114 $177,979
 -0- 7/28/92
 /CONTACT: T.G. Papastavros or A.T. Coughlin of Ionics, Inc., 617-926-2500/
 (ION) CO: Ionics Incorporated ST: Massachusetts IN: SU: ERN


DD -- NE005 -- 3829 07/28/92 08:30 EDT
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Publication:PR Newswire
Date:Jul 28, 1992
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