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ISCO REPORTS SECOND QUARTER RESULTS

 ISCO REPORTS SECOND QUARTER RESULTS
 LINCOLN, Neb., March 5 /PRNewswire/ -- Isco Inc. (NASDAQ: ISKO)


reported that earnings for the second quarter of fiscal 1992 ended Jan. 31, 1992 were $1,369,000 or 29 cents per share on sales of $10,188,000. This compares with earnings of $794,000 or 17 cents per share on sales of $8,553,000 for the like period one year ago.
 For the six months just ended, earnings were $3,055,000 or 64 cents per share on sales of $21,437,000. This compares with earnings of $1,472,000 or 31 cents per share on sales of $16,504,000 for the like period a year ago. Cash flow from operations for the six months was $2,049,000, compared with $950,000 for the like period last year.
 Operating results for each division in the second quarter of fiscal 1992, the previous quarter, and the second quarter a year ago, were:
 2Q F1992 1Q F1992 2Q F1991
 Sales (000's)
 Environmental $6,585 $7,381 $5,448
 Separation Instruments 3,603 3,868 3,105
 Operating Income (000's)
 Environmental $1,742 $2,029 $1,283
 Separation Instruments 87 248 (268)
 Robert Allington, president of Isco, said, "While sales and earnings declined from the record results of the first quarter, our performance in the second quarter was quite good. I am pleased that both divisions continue to make positive contributions to earnings. The Environmental Division had an excellent above-target operating margin of 26.5 percent, while the Separations Instruments Division was profitable for the third quarter in a row.
 "We expect that our performance in the next two quarters will show modest improvements over the results of the second quarter," said Allington. "For the full year I anticipate that we will meet or exceed our targets of 15 percent sales growth, a gross margin of 55-60 percent, and a return on sales of 12 percent."
 Isco manufactures water pollution monitoring equipment, including flow measuring devices, and is the leading manufacturer of wastewater samplers. Isco also manufactures chemical separation instruments for use in bio-chemistry and biotechnology research.
 ISCO INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Earnings
 (Unaudited)
 (Amounts in thousands, except per share data)
 Three Months Ended Six Months Ended
 Jan. 31, Jan. 25, Jan. 31, Jan. 25,
 1992 1991 1992 1991
 Net sales $10,188 $8,553 $21,437 $16,504
 Cost of sales 3,922 3,580 8,204 6,928
 6,266 4,973 13,233 9,576
 Expenses:
 Selling, general
 and administrative 3,536 3,100 7,319 6,081
 Research and
 engineering 901 858 1,808 1,729
 4,437 3,958 9,127 7,810
 Operating income 1,829 1,015 4,106 1,766
 Non-operating income 294 212 554 425
 Earnings before
 income taxes 2,123 1,227 4,660 2,191
 Income taxes 754 433 1,605 719
 Net earnings $1,369 $794 $3,055 $1,472
 Net earnings per
 share $.29 $.17 $.64 $.31
 Weighted average
 number of shares
 outstanding 4,747,140 4,764,445 4,747,140 4,764,260
 Cash dividend
 per share $.05 $.05 $.10 $.10
 -0- 3/5/92
 /CONTACT: John Korab of Isco, 402-474-2233; or Scott Brooks of Carl Thompson Associates, 303-494-5472, for Isco/
 (ISKO) CO: Isco Inc. ST: Nebraska IN: SU: ERN


BB -- DV002 -- 5373 03/05/92 10:35 EST
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