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MOR-FLO REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER 1992

 MOR-FLO REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER 1992
 CLEVELAND, May 13 /PRNewswire/ -- Mor-Flo Industries, Inc. (NASDAQ: MORF) today reported financial results for the first quarter 1992. These financial results will not affect the approximately $8 per share price to be paid Mor-Flo shareholders in the Company's pending merger with S.A. Brewing Holdings Ltd.
 Net sales for the first quarter of 1992 were $51,517,495 as compared with $56,019,089 for the 1991 first quarter. For the first quarter of 1992, the Company had a net loss of $1,286,611, or $.51 per share, as compared with net earnings in the first quarter of 1991 of $107,155, or $.04 per share.
 Walter L. Abt, Chairman of the Board and President of Mor-Flo, noted that the sales decline in the first quarter of 1992 primarily reflected softness in new residential construction in the California market. Abt noted further that the 1991 first quarter benefitted from the sales of certain of the Company's step-up models as a result of utilities' sales promotions.
 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, Ohio 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 March 31,
 1992 1991
 Net sales $51,517,495 $56,019,089
 Net (loss) earnings (1,286,611) 107,155
 (Loss) earnings per share (.51) .04
 Average number of shares
 outstanding 2,525,071 2,520,996
 -0- 5/13/92
 /Contact: Jerry Polster of Mor-Flo Industries, Inc., 216-663-7300/
 (MORF) CO: Mor-Flo Industries, Inc. ST: Ohio IN: SU: ERN


KK -- CL014 -- 9744 05/13/92 13:39 EDT
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Date:May 13, 1992
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