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JOY TECHNOLOGIES REPORTS THIRD QUARTER RESULTS

 PITTSBURGH, Dec. 16 /PRNewswire/ -- Joy Technologies Inc (NYSE: JOY) today announced sales for the third quarter ended Nov. 27, 1992 of $141.9 million and a net loss of $2.9 million ($0.09 per share). The loss includes a $1.0 million after-tax charge for settlement of a product liability lawsuit involving a business no longer owned by Joy. For the third quarter of last year, sales were $159.7 million and net income applicable to common stock was $0.8 million ($0.04 per share).
 Sales for the nine months ended Nov. 27, 1992 were $424.5 million. Net income for that period was $1.3 million ($0.04 per share) after charges of $2.9 million after-tax ($0.09 per share) reported for the second quarter. For the comparable nine-month period last year, sales were $445.4 million and net loss applicable to common stock was $3.6 million ($0.18 per share). The prior year's results do not include the benefits of Joy's financial recapitalization last fall.
 Marc F. Wray, chairman and chief executive officer, stated: "Revenues and earnings were down in both of the company's business segments. The revenue decline was principally caused by reduced sales of new mining machinery, which were down in both the U.S. and South Africa, although U.S. sales of continuous miners improved significantly from the second quarter as expected. Shipments of continuous miners are expected to improve further in the fourth quarter, and the first quarter's production schedule is also firming earlier than in recent quarters. While shuttle car demand continues to be weak, the new Flexible Conveyor Train continuous haulage system is beginning to build backlog. Most significantly, the mining machinery business continues to strengthen its position throughout the world".
 The company has begun manufacturing the new High Wall Miner and deliveries are expected to begin in early 1993 with the leasing of three systems. Rentals are to be paid at a fixed rate per ton of production, with a minimum periodic payment to cover financing costs. The balance will pay the license fee and provide attractive after-market revenues to the company from sales of parts, components and rebuild services for the equipment. Negotiations are ongoing for delivery of 5 to ten additional systems during calendar year 1993.
 "The positive outlook for growth in original equipment plus the additional revenues from the High Wall Miner point to improvements in results in the next several quarters", said Wray. However, he also cautioned that this improving outcome is still subject to uncertainties facing the coal mining industry.
 The company does not believe that the current strike at its Franklin, Pa., facility will significantly delay deliveries of new equipment, including the High Wall Miner, to its customers. Negotiations with the local union are continuing.
 Wray also reported that: "Bookings by the Environmental Systems segment for the third quarter increased by more than 33 percent over those for the same period last year. As a result, the segment's backlog continues to increase and, at the end of the quarter, was 30 percent higher than at the end of the same period last year. Tighter margins on new projects are putting pressure on profits industry-wide, and the company's Environmental Systems business is feeling the effects".
 Joy Technologies is a leader in the worldwide manufacturing and servicing of mining equipment for the underground extraction of coal and other bedded materials. The company is also a large supplier of air pollution and ash handling equipment used by utilities and other industrial operations.
 JOY TECHNOLOGIES, INC.
 Financial Data
 (Unaudited)
 Quarter Ended Nov. 27 and 22 1992 1991
 Net sales $ 141,881,000 $ 159,674,000
 Income (loss) before income taxes and
 extraordinary item (4,352,000) 9,533,000
 Provision for income taxes (1,501,000) 4,677,000
 Income (loss) before
 extraordinary item (2,851,000) 4,856,000
 Extraordinary item -- (691,000)
 Net income (loss) (2,851,000) 4,165,000
 Preferred stock dividend
 requirements -- (3,376,000)
 Net income (loss) applicable to common
 stock $ (2,851,000) $ 789,000
 Income (loss) per common share:
 Income (loss) before
 extraordinary item $ (.09) $ .07
 Extraordinary item -- (.03)
 Net income (loss) per
 common share $ (.09) $ .04
 Weighted average number of common shares
 outstanding used in the calculation of per
 share amounts 31,452,235 20,614,659
 Nine Months Ended Nov. 27 and 22
 Net sales $ 424,494,000 $ 445,418,000
 Income before income taxes and extraordinary
 item 3,004,000 14,592,000
 Provision for income taxes 1,691,000 7,705,000
 Income before extraordinary item 1,313,000 6,887,000
 Extraordinary item -- (691,000)(A)
 Net income 1,313,000 6,196,000
 Preferred stock dividend
 requirements -- (9,829,000)
 Net income applicable to
 common stock $ 1,313,000 $ (3,633,000)
 Income (loss) per common share:
 Income (loss) before
 extraordinary item $ .04 $ (.15)
 Extraordinary item -- (.03)
 Net income (loss) per
 common share $ .04 $ (.18)
 Weighted average number of common shares
 outstanding used in the calculation of per
 share amounts 31,475,101 20,084,110
 (A) Associated with the redemption of debt and consisted of call premiums and the write-off of related unamortized capitalized financing costs.
 Nov. 27, Feb. 28,
 1992 1992(B)
 Cash $ 29,410,000 $ 76,918,000
 All other current assets 284,566,000 253,633,000
 Total current assets 313,976,000 330,551,000
 Other assets 231,355,000 241,461,000
 Total assets $545,331,000 $572,012,000
 Short-term borrowings and current
 long-term debt $ 36,829,000 $ 46,541,000
 All other current
 liabilities 132,083,000 131,205,000
 Total current
 liabilities 168,912,000 177,746,000
 Long-term debt 297,666,000 306,489,000
 Other liabilities 53,100,000 55,785,000
 Total stockholders'
 equity 25,653,000 31,992,000
 Total liabilities and
 stockholders' equity $545,331,000 $572,012,000
 (B) Restated to reflect the adoption during the quarter ended May 29, 1992, of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes".
 JOY TECHNOLOGIES INC.
 BUSINESS SEGMENT FINANCIAL INFORMATION - UNAUDITED
 Three Months Ended Nine Months Ended
 Nov. 27 and 22, Nov. 27 and 22,
 1992 1991 1992 1991
 (In Thousands)
 Net Sales:
 Mining
 Machinery $108,926 $121,856 $324,942 $353,565
 Environmental
 Systems 32,955 37,818 99,552 91,853
 Total Net
 Sales $141,881 $159,674 $424,494 $445,418
 Operating Profit
 (Loss) : Pct. Pct. Pct. Pct.
 Mining
 Machinery $ 10,259 9 $ 22,646 19 $ 42,302 13 $ 56,788 16
 Environmental
 Systems (1,537) (5) 2,164 6 (3,435) (3) 3,034 3
 Corporate
 expense - net (5,998) - (3,658) - (13,093) - (8,933) -
 Unusual item(C) -- - -- - (2,559) - -- -
 Interest
 expense (7,287) - (13,308) - (21,897) - (40,306) -
 Interest income 211 - 1,689 - 1,686 - 4,009 -
 Income (loss)
 before income taxes
 and extraordinary
 items $ (4,352) (3)$ 9,533 6 $ 3,004 (1) $14,592 3
 Bookings:
 Mining
 Machinery $100,044 $116,899 $320,510 $340,946
 Environmental
 Systems 40,292 30,084 171,898 89,024
 Total
 Bookings $140,336 $146,983 $492,408 $429,970
 Backlog:
 Mining Machinery $ 82,102 $ 84,687
 Environmental Systems(D) 218,375 167,682
 Total Backlog $300,477 $252,369
 Pct. -- Percentage of business segment's net sales.
 (C) The unusual item represents a provision recorded during the second fiscal quarter for the estimated costs associated with the relocation of the Environmental System's California operations to Houston.
 (D) Ending backlog at Nov. 22, 1991, has been adjusted to remove a single order of $38,194 originally recognized as a booking on the basis of the receipt of a letter of intent. The timing of the receipt of a final purchase order is currently uncertain.
 -0- 12/16/92
 /CONTACT: John F. Moynahan, vice president and treasurer of Joy Technologies, 412-562-4540/
 (JOY)


CO: Joy Technologies, Inc ST: Pennsylvania IN: MNG SU: ERN

CD -- PG001 -- 7854 12/16/92 16:02 EST
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