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MIDWESCO FILTER RESOURCES, INC. NET INCOME UP SHARPLY IN FIRST QUARTER

 NILES, Ill., May 25 /PRNewswire/ -- Midwesco Filter Resources, Inc. (NASDAQ: MFRI) today announced a 58 percent rise in net income for the quarter ended April 30, 1993, on a 40 percent increase in sales from the first quarter a year ago.
 First quarter net sales grew to $8,080,000 from $5,786,000 in the year earlier period. Income from operations increased 58 percent to $556,000 in the first three months of 1993 from $351,000 in the same comparable quarter.
 Net income rose to $345,000, or 12 cents a share, in the quarter just ended from $218,000, or 8 cents a share, with 2,810,000 shares outstanding in both reporting periods.
 "Our significant growth in earnings for the quarter reflects Midwesco Filter's expansion of its full line of products and services worldwide. Midwesco Filter's successful global strategy of partnering its technological expertise resulted in a 43 percent increase in internationally generated revenues during the April 1993 quarter versus last year's comparable quarter. Seamless Tube(TM) filter bags fabricated by our Brazilian partner just this month were used in a successful start up of a new South American electric arc furnace baghouse. In addition, MFRI's international filter bag precontract quotes exceeded $6 million, reflecting the success of our global marketing efforts in only the past two years," said David Unger, chairman.
 "In the OEM market, incoming orders included a million dollar filter bag contract, the only United States electric utility OEM order this year, and were up versus last year's first quarter. Aftermarket incoming orders from power generating plants and metals manufacturers, which rely on Midwesco Filter's strengths in collecting metallurgical fume and high temperature filtration, were near record levels during the first quarter," he said.
 "During the quarter, our bookings were $7.4 million, up 17 percent from the $6.3 million in bookings during the comparable year earlier quarter. As the domestic economy slowly emerges from the recession, the Clean Air Act Amendments are increasingly implemented, and our customers' outlook improves, MFRI anticipates continued earnings growth," said Unger.
 Commenting on new facilities Unger said, "we have begun to use expanded warehouse space in the Winchester, Va., plant. Our balance sheet continues to remain debt free because we financed this addition with internally generated funds."
 Located in Niles, Ill., and Winchester, Va., MFRI is a vertically integrated manufacturer and marketer of filter bags, including its proprietary Seamless Tube(TM) 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.
 MIDWESCO FILTER RESOURCES, INC.
 Condensed Statements of Income (Unaudited)
 (In thousands except per share amounts)
 Quarters Ended April 30,
 1993 1992
 Net sales $8,080 $5,786
 Gross profit 1,554 1,362
 Income from operations 556 351
 Net income 345 218
 Net income per common share $ 0.12 $ 0.08
 Average number of shares of
 common stock outstanding 2,810 2,810
 Condensed Balance Sheet Statistics
 (In thousands except per share amounts)
 04/30/93 01/31/93
 Working Capital $ 8,738 $ 8,549
 Current Ratio 4.8 5.5
 Total Assets 13,186 12,472
 Long Term Debt none none
 Net Worth 10,739 10,394
 Book Value $ 3.82 $ 3.70
 -0- 5/25/93
 /CONTACT: David Unger, chairman, Midwesco Filter Resources, Inc., 708-966-1000; or Dixie Watterson or 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-SB -- DE001 -- 2018 05/25/93 09:09 EDT
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Date:May 25, 1993
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