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NORTH ATLANTIC TECHNOLOGIES REPORTS THIRD QUARTER PERFORMANCE

 MINNEAPOLIS, Oct. 27 /PRNewswire/ -- North Atlantic Technologies, Inc. (NAT) today reported a loss for its third quarter ended Sept. 30, 1993, of $452,009 or $.19 per share compared with net income of $320,095 or $.13 per share for the same period in 1992. Sales for the third quarter were $522,360 compared with $2,108,584 in the third quarter of 1992.
 For the nine months ended Sept. 30, 1993, sales were $3,544,096 versus $6,600,429 for the first nine months of 1992. A net loss of $427,597 or $.18 per share was recorded for the first nine months of 1993 compared to earnings of $848,833 or $.35 per share for the same period in 1992.
 The decline in sales reflects the cyclical nature of capital expenditures in the markets, served by NAT. The level of requests for proposals remains high, leading management to believe that sales will rebound late in 1993 and in 1994.
 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
 (000s except per share amounts)
 Three Months Ended Nine Months Ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Sales $522 $2,109 $3,544 $6,600
 Cost of sales 473 1,334 2,535 4,472
 Gross profit 49 775 1,009 2,128
 Operating costs (424) (425) (1,223) (1,297)
 Other income (expense) (77) (22) (214) 37
 Income (loss) before provision
 for income taxes and
 extraordinary item (452) 328 (428) 868
 Provision for income taxes -- (139) -- (333)
 Income (loss) before
 extraordinary item (452) 189 (428) 535
 Extraordinary item,
 utilization of net operating
 loss carryforward -- 131 -- 314
 Net income (loss) $(452) $320 $(428) $849
 Net income (loss) per common
 and common equivalent share:
 Income(loss) before
 extraordinary item $(.19) $.08 $(.18) $.22
 Extraordinary item -- .05 -- .13
 Net income (loss) $(.19) $.13 $(.18) $.35
 Average common and common
 equivalent shares
 outstanding 2,392,689 2,459,901 2,410,439 2,450,578
 -0- 10/27/93
 /CONTACT: David Paulin, chief financial officer of North Atlantic Technologies, 612-888-8553/


CO: North Atlantic Technologies, Inc. ST: Minnesota IN: UTI ENV SU: ERN

DB-DS -- MN022 -- 7542 10/27/93 17:14 EDT
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Publication:PR Newswire
Date:Oct 27, 1993
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