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IONICS REPORTS RECORD THIRD QUARTER AND NINE MONTHS RESULTS

 IONICS REPORTS RECORD THIRD QUARTER AND NINE MONTHS RESULTS
 WATERTOWN, Mass., Oct. 26 /PRNewswire/ -- Ionics, Incorporated (NYSE: ION) today reported record revenues, net income, earnings per share, and ending backlog for the quarter and nine months ended Sept. 30, 1992. For the quarter, revenues of $37.1 million were up 14 percent compared to the third quarter of 1991 while net income of $3.4 million, and earnings per share of $0.48 were up
54 percent and 26 percent, respectively. For the nine-month period, revenues of $113.4 million were up 12 percent compared to the first nine months of 1991 while net income of $9.2 million, and earnings per share of $1.33 were up 59
percent and 30 percent, respectively. Backlog on September 30th was $122.7 million, up 16 percent from that of one year earlier. Commenting on the company's performance, Arthur L. Goldstein, Ionics' chairman and chief executive officer, noted that the third quarter of 1992 represented the twenty-first consecutive quarter of improved revenues, net income and earnings per share performance compared to the same quarter in the prior year. Bookings for the quarter which totalled $45.5 million were up 30 percent over the third quarter of 1991, and included a $8.9 million order from Digital Equipment Corporation for an ultrapure water system to be used in the manufacture of advanced technology semiconductor chips.
 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.
 Third Quarter And Nine Months Results
 Consolidated Income Statements
 (in thousands except per share amounts)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Revenues $37,111 $32,612 $113,422 $101,288
 Cost of sales 23,491 20,800 72,437 66,513
 Gross Profit 13,620 11,812 40,985 34,775
 Operating expenses:
 Research, development
 and engineering 782 766 2,271 2,148
 Administrative, selling
 and other operating
 expenses 9,012 8,591 27,858 25,432
 Totals 9,794 9,357 30,129 27,580
 Income from operations 3,826 2,455 10,856 7,195
 Other income (expense):
 Interest, net 571 265 1,434 (158)
 Equity income 438 351 928 1,033
 Income Before Income
 Taxes and Minority
 Interest 4,835 3,071 13,218 8,070
 Provision for income
 taxes 1,450 862 3,965 2,259
 Income before minority
 interest 3,385 2,209 9,253 5,811
 Minority interest in
 net income of
 consolidated
 subsidiaries (13) (20) (91) (47)
 Net Income $3,372 $2,189 $9,162 $5,764
 Weighted average number
 of common and common
 equivalent shares
 outstanding 7,049 5,834 6,873 5,656
 Net Earnings per Common
 and Common Equivalent
 Share $0.48 $0.38 $1.33 $1.02
 Backlog --- --- $122,708 $105,862
 IONICS INC.
 Third Quarter And Nine Months Results
 Consolidated Balance Sheets
 (in thousands)
 Sept. 30, Dec. 31,
 1992 1991
 Current Assets:
 Cash and cash equivalents $18,686 $7,840
 Short-term investments 21,432 ---
 Notes receivable, current 2,646 2,707
 Accounts receivable 43,298 44,657
 Receivables from affiliated
 companies 4,401 3,456
 Inventories 15,254 11,738
 Other current assets 1,976 1,936
 Total Current Assets 107,693 72,334
 Notes Receivable, long-term 9,321 8,439
 Investments in Affiliated
 Companies 4,421 4,008
 Property, Plant and Equipment
 (net) 101,664 91,320
 Other Assets 2,714 1,878
 Total Assets $225,813 $177,979
 Current Liabilities:
 Notes payable and current
 portion of long-term debt $1,442 $3,709
 Accounts payable 10,923 15,907
 Customer deposits 5,311 4,979
 Accrued expenses 10,883 10,216
 Accrued and deferred income taxes 2,045 1,717
 Total Current Liabilities 30,604 36,528
 Long-Term Debt 485 5,579
 Deferred Income Taxes 3,073 5,813
 Other Liabilities 717 2,128
 Stockholders' Equity 190,934 127,931
 Total Liabilities and
 Stockholders' Equity $225,813 $177,979
 -0- 10/26/92
 /CONTACT: T.G. Papastavros or A.T. Coughlin, 617-926-2500, both of Ionics, Inc./
 (ION) CO: Ionics, Inc. ST: Massachusetts IN: SU: ERN


CH -- NE015 -- 4746 10/26/92 11:46 EST
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Date:Oct 26, 1992
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