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MOR-FLO REPORTS EARNINGS FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF 1991

            MOR-FLO REPORTS EARNINGS FOR THE THIRD QUARTER
                     AND FIRST NINE MONTHS OF 1991
    CLEVELAND, Nov. 11 /PRNewswire/ -- Mor-Flo Industries, Inc. (NASDAQ: MORF) today reported earnings for the third quarter and first nine months of 1991.
   Net sales for the third quarter of 1991 were $47,422,030 as compared with $50,414,214 for the third quarter of 1990.  The Company reported net earnings of $88,904, or 4 cents per share, as compared with net earnings of $207,037, or 8 cents per share, for the third quarter of 1990.
    Net sales for the first nine months of 1991 were $156,096,508 as compared with $159,471,484 for the first nine months of 1990.  Net earnings for the first nine months of 1991 were $227,240, or 9 cents per share, as compared with net earnings of $635,830, or 25 cents per share, for the first nine months of 1990.
     Walter L. Abt, Chairman of the Board and President of Mor-Flo, stated that the Company's lower sales and earnings as compared to those of the year ago periods were primarily the result of softness in new construction which continues to exert pressure on pricing.
    Mor-Flo Industries, Inc. is a leading manufacturer of gas, electric and solar water heaters, as well as related home heating products.  The Company is headquartered in Cleveland, and has major manufacturing facilities in Johnson City and Chattanooga, Tenn. and Santa Monica, Calif. Mor-Flo Industries, Inc. and Subsidiaries Operations Summary
                                     Quarter Ended September 30,
                                     1991             1990
Net sales                            $47,422,030      $50,414,214
Net earnings                              88,904          207,037
Earnings per share                           .04              .08
Average number of shares outstanding   2,520,996        2,520,996
                                     Nine Months Ended September 30,
                                     1991             1990
Net sales                            $156,096,508     $159,471,484
Net earnings                              227,240          635,830
Earnings per share                            .09              .25
Average number of shares outstanding    2,520,996        2,520,996
   -0-                          11/11/91
   /CONTACT:  Jerry Polster of Mor-Flo Industries at 216-663-7300/
    (MORF) CO:  Mor-Flo Industries, Inc. ST:  Ohio IN: SU:  ERN CG -- CL012 -- 3078 11/11/91 13:59 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 11, 1991
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