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LIBERTY TECHNOLOGIES, INC. REPORTS 1993 THIRD QUARTER FINANCIAL RESULTS

 CONSHOHOCKEN, Pa., Oct. 21 /PRNewswire/ -- Liberty Technologies, Inc. (NASDAQ: LIBT) today reported financial results for the third quarter and nine months ended Sept. 30, 1993.
 Revenues in the third quarter were a record $5,026,000 up from $2,697,000 in the third quarter of 1992. Product revenues were $3,063,000, up 32 percent over the year earlier quarter. Service revenues, reflecting the acquisition of MOV Services in February 1993, were $1,963,000 compared to $369,000 in the year earlier quarter.
 Net income for the third quarter of 1993 was $646,000 compared to $182,000 in the 1992 third quarter. In the 1993 third quarter, the provision for taxes was lowered by $131,000 to provide for the recent extension of the R&D credit retroactive to June 30, 1992. Earnings per share for the third quarter of 1993, exhibiting 40 percent more weighted shares outstanding as a result of the initial public offering in March 1993, were $0.13 compared to $0.05 in the third quarter of 1992.
 For the nine months ended Sept. 30, 1993, revenues increased 39 percent to $13,594,000 compared to $9,772,000 for the nine month period a year earlier. Net income before the accounting change for the first nine months of 1993 was $1,824,000, equivalent to $0.41 per share, compared to $717,000 or $.20 per share, in the same period in 1992. The weighted average number of shares outstanding in the 1993 period was 27 percent higher than in the year earlier period.
 "We are pleased with the product and service revenues generated in the third quarter from an absolute standpoint and compared to the third quarter last year," stated R. Nim Evatt, president and chief executive officer. "In addition, during the quarter, we focused on implementing the strategic agreements signed earlier in the year, enhancing our marketing activities for nuclear utility and industrial process predictive maintenance, and accelerating on-going product development efforts. The Motor Power Monitor(TM) and Packing 'nForcer(TM) systems, two of our latest products released in the second quarter, are creating strong interest."
 Liberty provides diagnostic testing systems and services for the maintenance and detection of incipient failures of critical and safety related valves, motors and turbines. The systems consist of proprietary and patented sensors, signal processors and software. Liberty's VOTES(R) System is the leading system for testing motor operated valves in the U.S. nuclear power industry.
 LIBERTY TECHNOLOGIES, INC.
 (In Thousands Except Per Share Amounts)
 Periods Ended Three Months Nine Months
 Sept. 30, 1993 1992 1993 1992
 Revenue $5,026 $2,697 $13,594 $9,772
 Gross profit 2,857 1,794 8,367 6,658
 Operating profit 745 281 2,598 1,152
 Net earnings before taxes and
 change in accounting principle 830 295 2,734 1,163
 Income taxes 184 113 908 446
 Change in accounting for
 income taxes -- -- 100 --
 Net income after income taxes $646 $182 $1,926 $717
 Weighted shares outstanding 4,989 3,570 4,503 3,557
 Earnings per share:
 before accounting change $0.13 $0.05 $0.41 $0.20
 after accounting change $0.13 $0.05 $0.43 $0.20
 /delval/
 -0- 10/20/93
 /CONTACT: Martin Thorner, chief financial officer, of Liberty Technologies, 215-834-0330/
 (LIBT)


CO: Liberty Technologies, Inc. ST: Pennsylvania IN: SU: ERN

MJ-MS -- PH045 -- 2104 10/21/93 17:19 EDT
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Publication:PR Newswire
Date:Oct 21, 1993
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