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NORTH ATLANTIC TECHNOLOGIES REPORTS SECOND QUARTER PERFORMANCE

 NORTH ATLANTIC TECHNOLOGIES REPORTS SECOND QUARTER PERFORMANCE
 MINNEAPOLIS, July 27 /PRNewswire/ -- North Atlantic Technologies, Inc. (NAT) today reported earnings for its second quarter ended June 30, 1992, of $378,718 or $.15 per share compared with earnings of $234,759 or $.12 per share for the same period in 1991. Sales for the second quarter were $2,571,576 compared with $2,018,633 in the second quarter of 1991.
 For the six months ended June 30, 1992, sales were $4,491,845 versus $3,412,258 for the first six months of 1991. Net income of $528,738 or $.21 per share was recorded for the first half of 1992 compared to earnings of $295,484 or $.15 per share for the same period in 1991.
 Contributing to the increase in earnings were fees earned from providing engineering and design services under a cooperative agreement with a large German manufacturer. Services income was $50,000 and $200,438 for the three and six months ended June 30, 1992, respectively. No fees were earned under this agreement prior to 1992.
 NAT manufactures heat recovery systems which it sells worldwide to industrial companies for energy recovery and environmental control applications. Its headquarters are in Bloomington, Minn., and its manufacturing facilities are in St. Paul, Minn. The common stock of North Atlantic Technologies is traded in the local over-the-counter market.
 NORTH ATLANTIC TECHNOLOGIES, INC.
 CONDENSED STATEMENT OF OPERATIONS
 (In thousands, except per-share amounts)
 Three Months Ended Six Months Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Sales $2,572 $2,018 $4,492 $3,412
 Cost of sales 1,820 1,200 3,139 2,129
 Gross profit 752 818 1,353 1,283
 Operating costs (439) (487) (873) (809)
 Other income (expense) 74 (92) 60 (174)
 Income before provision for
 income taxes and
 extraordinary item 387 239 540 300
 Provision for income taxes (139) (105) (194) (120)
 Income before extraordinary
 item 248 134 346 180
 Extraordinary item, utilization
 of net operating
 loss carryforward 131 100 183 115
 Net income $379 $234 $529 $295
 Net income per common and
 common equivalent share:
 Income before extraordinary
 item $.10 $.07 $.14 $.09
 Extraordinary item .05 .05 .07 .06
 Net income $.15 $.12 $.21 $.15
 Average common and common
 equivalent shares
 outstanding 2,493,751 1,977,253 2,490,017 1,970,622
 -0- 7/27/92
 /CONTACT: David Paulin of North Atlantic Technologies, 612-888-8553/ CO: North Atlantic Technologies, Inc. ST: Minnesota IN: SU: ERN


KH -- MN016 -- 3659 07/27/92 16:27 EDT
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Publication:PR Newswire
Date:Jul 27, 1992
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