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ISCO REPORTS CORRECTED SECOND QUARTER FISCAL 1993 RESULTS AND DECLARES QUARTERLY DIVIDEND

 LINCOLN, Neb., May 28 /PRNewswire/ -- Isco Inc. (NASDAQ: ISKO) reported an error in calculating the LIFO inventory for its Separation Instruments Division for the fiscal second quarter which ended Jan. 29, 1993. This resulted in the overstatement of inventory value by $491,000. Inventory for the company should have been reported as $6,786,000 instead of $7,277,000.
 The revised net earnings for the three months and six months ended Jan. 29, 1993 are $666,000 and $1,923,000 respectively, compared with incorrectly reported earnings of $955,000 and $2,212,000 for the like periods. Consequently, earnings per share for the second quarter have been reduced from 20 cents per share to 14 cents per share. For the six month period, earnings per share have been reduced from 46 cents per share to 40 cents per share.
 There was no immediate impact on Isco's cash position. Cash flow from operations for the six months ended Jan. 29, 1993 remained at $1,621,000. However, future cash expenditures will be reduced since the income tax liability decreased by approximately $168,000.
 Restated operating results for each division in the second quarter of fiscal 1993, the previous quarter, and the second quarter a year ago are as follows:
 2Q F1993 1Q F1993 2Q F1992
 Sales (000's)
 Environmental $6,088 $6,882 $6,585
 Separation
 Instruments 3,247 3,047 3,603
 Operating Income
 (000's)
 Environmental $898 $1,370 $1,742
 Separation
 Instruments (184) (162) 87
 In addition, the board of directors has declared a quarterly cash dividend of 5 cents per common share payable on July 2, 1993 to shareholders of record on June 11, 1993. This amount is unchanged from the previous quarter.
 Looking forward, John Korab, vice president of Isco, commented, "We expect to release the results for the third quarter of fiscal year 1993 within the next several weeks. At that time we anticipate having an update regarding our expectations for the full fiscal year."
 Isco manufactures water pollution monitoring equipment, and is the leading producer of wastewater samplers and open channel flow measuring devices. Isco also manufactures chemical separation instruments for industrial, environmental and research use.
 ISCO INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
 (Unaudited and Restated)
 Three Months Ended Six Months Ended
 Jan. 29, Jan. 31, Jan. 29, Jan. 31,
 1993 1992 1993 1992
 (Amounts in thousands, except per share data)
 Net Sales $9,335 $10,188 $19,264 $21,437
 Cost of sales 3,736 3,920 7,536 8,204
 5,599 6,268 11,728 13,233
 Expenses:
 Selling, general
 and administrative 3,719 3,538 7,535 7,319
 Research and
 engineering 1,166 901 2,271 1,808
 4,885 4,439 9,806 9,127
 Operating income 714 1,829 1,922 4,106
 Non-operating income 223 294 546 554
 Earnings before income
 taxes and the
 cumulative effect of
 a change in
 accounting principle 937 2,123 2,468 4,660
 Income taxes 271 754 786 1,605
 Earnings before the
 cumulative effect of a
 change in accounting
 principle 666 1,369 1,682 3,055
 Cumulative effect of
 changing the method
 of accounting for
 income taxes --- --- 241 ---
 Net earnings $ 666 $ 1,369 $ 1,923 $ 3,055
 Net earnings per share
 Earnings before
 cumulative effect of
 a change in
 accounting principle $.14 $.29 $.35 $.64
 Cumulative effect of
 changing the method of
 accounting for
 income taxes --- --- .05 ---
 Net earnings $.14 $.29 $.40 $.64
 Weighted average number
 of shares outstanding 4,774 4,771 4,773 4,770
 Cash dividend per share $.05 $.05 $.10 $.10
 -0- 5/28/93
 /CONTACT: John Korab of Isco, 402-474-2233; or Wayne Brown of Carl Thompson Associates, 303-494-5472, for Isco/
 (ISKO)


CO: Isco Inc. ST: Nebraska IN: SU: ERN DIV

MC -- DV002 -- 3321 05/28/93 10:16 EDT
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Date:May 28, 1993
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