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MOR-FLO REPORTS FINANCIAL RESULTS FOR THE FOURTH QUARTER AND YEAR 1991

 MOR-FLO REPORTS FINANCIAL RESULTS
 FOR THE FOURTH QUARTER AND YEAR 1991
 CLEVELAND, April 24 /PRNewswire/ -- Mor-Flo Industries, Inc. (NASDAQ: MORF) (National Market System) today reported financial results for the fourth quarter and year 1991. As previously reported, 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., which the Company expects not to be challenged by the U.S. Justice Department and to be approved by the Company's shareholders at a meeting planned for May.
 Walter L. Abt, Chairman of the Board and President of Mor-Flo, said that the loss in the fourth quarter included an unusual item. The Company expensed $1,946,000 arising out of environmental concerns identified through an environmental audit resulting from the merger negotiations and relating to estimated costs associated with remedial environmental activities.
 Net sales for the fourth quarter of 1991 were $49,543,172 as compared with $53,613,649 in the 1990 fourth quarter. For the fourth quarter of 1991, the Company had a net loss of $7,458,511, or $2.96 per share, including the unusual item of $1,946,000, or $.77 per share. Fourth quarter of 1990 showed a net loss of $4,281,324, or $1.70 per share, including unusual items of $2,100,000, or $.83 per share.
 Net sales for the year ended December 31, 1991 were $205,639,680 as compared with $213,085,133 for 1990. There was a net loss for 1991 of $7,231,271, or $2.87 per share, including the unusual item. The 1990 loss was $3,645,494 or $1.45 per share, the majority of which was due to unusual items.
 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, Tennessee and Santa Monica, California.
 Mor-Flo Industries, Inc. and Subsidiaries
 Operations Summary
 Quarter Ended December 31,
 1991 1990
 Net sales $49,543,172 $53,613,649
 Net loss (7,458,511) (a) (4,281,324) (b)
 Loss per share (2.96) (1.70)


Average number of shares
 outstanding 2,520,996 2,520,996
 Year Ended December 31,
 1991 1990
 Net sales $205,639,680 $213,085,133
 Net loss (7,231,271) (a) (3,645,494) (b)
 Loss per share (2.87) (1.45)


Average number of shares
 outstanding 2,520,996 2,520,996
 (a) Includes pretax charge of $1,946,000, for estimated


remediation expense in connection with environmental matters in the fourth quarter and year ended December 31, 1991.
 (b) Includes pretax writedown of $2,100,000 of certain non- current assets to estimated net realizable value in the fourth quarter and year ended December 31, 1990.
 -0- 4/24/92
 /Contact: Jerry Polster of Mor-Flo Industries, Inc., 216-663-7300/
 (MORF) CO: Mor-Flo Industries, Inc. ST: Ohio IN: SU: ERN


LC -- CL014 -- 2695 04/24/92 16:52 EDT
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Publication:PR Newswire
Date:Apr 24, 1992
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