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MOOG'S SECOND QUARTER PROFITS JUMP 197 PERCENT OVER FIRST QUARTER

 EAST AURORA, N.Y., May 4 /PRNewswire/ -- Moog Inc. (AMEX: MOG) continued its return to profitability in the second quarter as net earnings of $1.6 million or $.21 per share compared to earnings of $544,000 or $.07 per share in the first quarter of fiscal 1993. Leading the improvement were the results from Moog's International companies with an upward swing of $1 million from the first quarter.
 The quarter's earnings were 20 percent below those of the same quarter a year ago, but they were 197 percent above those of the first quarter of this year. "We're very pleased with the result," said Robert T. Brady, Moog's president. "Our cost reduction efforts are paying off."
 Moog's profits of $1.6 million or $.21 per share were down from $2.0 million or $.26 per share from the same quarter a year ago. However, 1992's bright second quarter was an anomaly in a year when Moog lost $6.8 million due to defense contract reductions and severe losses from the European recession. In the third and fourth quarters of 1992, the company endured a dramatic deterioration in International profits forcing it to implement a $2.6 million restructuring charge which included the elimination of 120 jobs overseas.
 On a year-to-date basis, net earnings were $2.2 million or $.28 per share compared to a loss in 1992 of $5.1 million or $.65 per share. Sales for the six months ended March 31, 1993 declined 7.4 percent to $143 million compared to $154 million a year ago.
 The bulk of Moog's current earnings were generated in the U.S., while losses in Europe were greatly reduced from the three previous quarters. Strong sales in Moog's Pacific operations resulted in International net earnings of $100,000 adding to $1.5 million in profits from the U.S.
 Although Moog's U.S. sales were 14 percent lower than the second quarter of last year, Moog generated a healthy profit on the $49.1 million volume. International sales, spurred by increases in Japan, Korea and Hong Kong, increased 5 percent to $25.8 million. Taken together, Moog's total sales were $74.8 million, a decline of 8 percent from the same quarter a year ago. As expected, the company's backlog also declined, falling 8 percent from the previous year to $194 million.
 "There are two important aspects to our results this quarter," said Dr. Richard A. Aubrecht, Moog's chairman. "Our U.S. operations continue profitability in spite of reduced revenues. Also, important progress has been made in our International operations. Last quarter we lost $900,000 overseas, and this quarter we earned a profit."
 The company noted with deep regret, the passing of Jane B. Moog. Mrs. Moog had been a Director of the Company since 1974 and actively followed the operations of the company. She served on all of the board committees.
 Moog Inc. is a worldwide manufacturer of high performance controls used in commercial, industrial, aerospace and defense applications.
 Consolidated Statements of Earnings (Unaudited)
 MOOG INC. AND SUBSIDIARIES
 (dollars in thousands except per share data)
 THREE MONTHS ENDED 3/31 SIX MONTHS ENDED 3/31
 1993 1992 1993 1992
 NET SALES $74,840 $81,342 142,958 $154,308
 OTHER INCOME 498 583 1,158 1,427
 TOTAL 75,338 81,925 144,116 155,735
 COSTS AND EXPENSES
 COST OF SALES 52,135 57,598 98,915 110,654
 R & D EXPENSES 4,373 5,185 8,499 9,644
 SELLING, GENERAL
 & ADMIN. EXP. 13,335 12,578 26,492 25,000
 INTEREST EXPENSE 2,717 3,417 5,722 6,705
 FOREIGN CURRENCY
 EXCHANGE LOSS 114 8 405 178
 OTHER EXPENSES 212 252 429 423
 RESTRUCTURING EXP. - - - 10,061
 TOTAL 72,886 79,038 140,462 162,665
 EARNINGS (LOSS) BEFORE
 INCOME TAXES 2,452 2,887 3,654 (6,930)
 INCOME TAXES
 CURRENT (253) (855) (346) (2,207)
 DEFERRED 1,093 1,720 1,487 327
 TOTAL 840 865 1,141 (1,880)
 EARNINGS (LOSS)
 BEFORE EXTRAORDINARY
 ITEM $ 1,612 $ 2,022 $ 2,513 $ (5,050)
 EXTRAORDINARY ITEM,
 NET OF TAX - - (357) -
 NET EARNINGS (LOSS) $ 1,612 $ 2,022 $ 2,156 $ (5,050)
 EARNINGS (LOSS)
 PER SHARE:
 BEFORE EXTRA. ITEM $.21 $.26 $.33 $(.65)
 - EXTRAORDINARY ITEM - - (.05) -
 - NET EARNINGS (LOSS) $.21 $.26 $.28 $(.65)
 AVERAGE COMMON SHARES
 OUTSTANDING 7,713,465 7,713,465 7,713,465 7,722,117
 -0- 5/4/93
 /CONTACT: Susan Johnson of Moog Inc., 716-652-2000, or by fax, 716-687-4457/
 (MOG)


CO: Moog Inc. ST: New York IN: ARO SU: ERN

BM -- CL006 -- 4184 05/04/93 09:10 EDT
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Publication:PR Newswire
Date:May 4, 1993
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