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MIDWESCO FILTER RESOURCES, INC. NET INCOME UP SHARPLY AT YEAR END

 NILES, Ill., March 29 /PRNewswire/ -- Midwesco Filter Resources, Inc. (NASDAQ: MFRI) today announced a 65 percent rise in net income for the year ended Jan. 31, 1993, and tripled net income for the fourth quarter compared to a year earlier. The company said it sustained its historic growth rate with a 17 percent increase in sales for the fiscal year.
 The company reported net sales advanced to $25,262,000 compared to $21,659,000 in the prior year. Income from operations rose 69 percent to $1,755,000 versus $1,040,000 a year earlier.
 Net income was up 65 percent to $1,149,000, or 41 cents a share, compared to $695,000, or 25 cents a share, with 2,810,000 shares outstanding in all reporting periods.
 Fourth quarter net sales grew 22 percent to $6,277,000 versus $5,149,000 in the year earlier period. Income from operations more than tripled to $351,000 versus $103,000 in the January, 1992 fourth quarter.
 Net income in the final quarter also tripled to $268,000, or 10 cents a share, compared to $83,000, or three cents a share. Net income rose substantially during the fourth quarter due to increased volume and improved plant efficiency.
 "In the current year, we experienced stronger sales in all products with particular success in international filter bags sales and bag related products and services," said David Unger, chairman. "In addition, during the second half of fiscal 1993 our sales force benefited from a new customer information system. This system is already enhancing marketing and distribution activities.
 "Bookings in fiscal 1993 were at record levels leaving us with an ending backlog of $7.4 million up 49 percent from the previous year. We should ship almost all of the current record backlog during the coming year," said Mr. Unger.
 "About 10 percent of our revenues during fiscal 1993 were generated from our international selling efforts. We continue to look towards South America and the Pacific Rim for further growth in sales to the international metals markets," he added.
 "We achieved our goals for fiscal 1993. Orders from the power and metals producers were particularly strong. We also saw a modest economic recovery for others in MFRI's customer base. A particular strength for MFRI was significant growth in international bag sales, bag related products and services leading to a return of MFRI's historic 15 percent growth rate. Midwesco Filter benefited from all of these anticipated events during the year," he said.
 "We are expanding into MFRI's new 28,800 square foot Winchester, Va., warehouse expansion by the end of the first quarter. In addition, MFRI is adding to its domestic and international sales force now that the warehouse addition and the new customer information system are in place.
 "We believe we are positioned to continue to increase Midwesco Filter's future growth," added Mr. Unger.
 Located in Niles, Ill., and Winchester, Va., MFRI is a vertically integrated manufacturer and marketer of filter bags, including its proprietary Seamless TubeTM filter bag and related parts, accessories and services. The company's products and services are used primarily by operators of utility and industrial coal-fired boilers, incinerators and cogeneration plants and by producers of metals, cement, chemical and other industrial products.
 -0- 3/29/93
 /CONTACT: David Unger, chairman, Midwesco Filter Resources, Inc., 708-966-1000; or Dixie Watterson/Kathy Mattson, 708-564-5610, Mark Perlgut, 212-874-6800, or Earle Brown, 813-769-1452, all of The Investor Relations Company, for Midwesco Filter Resources, Inc./
 (MFRI)


CO: Midwesco Filter Resources, Inc. ST: Illinois IN: SU: ERN

JG -- DE017 -- 0549 03/29/93 13:08 EST
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Date:Mar 29, 1993
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