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PACIFIC SCIENTIFIC REPORTS FIRST QUARTER EARNINGS

 NEWPORT BEACH, Calif., April 19 /PRNewswire/ -- Pacific Scientific Co. (NYSE: PSX) today reported sales for its first quarter, ended March 26, 1993, of $41.4 million with net income of $2.2 million or $0.41 per share. This net income includes $1.1 million or $0.20 per share from the cumulative effect of a required accounting change to record previously unrecognized deferred tax benefits. For the first quarter of the previous year, sales were $41 million with net income of $1.1 million or $0.20 per share.
 Chairman, President and Chief Executive Officer Edgar S. Brower said that sales of electrical equipment during the quarter increased by 9 percent, but that most of the gain was offset by a 13 percent decline in sales of aircraft safety equipment. He also noted that pre-tax income increased by 12 percent year-to-year, but that the effective tax rate for the current quarter was 41 percent, compared to last year's 35 percent, which had included certain tax credit carryforwards and other benefits no longer available.
 Brower commented, "The trend in electrical equipment sales remains strong, with substantially better growth than the overall economy. Sales of electric motors grew by 29 percent year-to-year, reflecting popular new products, fast deliveries, increased performance and the extremely high total quality that results from world-class manufacturing techniques.
 "Our first quarter has traditionally been our slowest in sales, and this year it followed near-record sales for the December 1992 quarter. We expect to see continued growth in electrical equipment sales this year and a record year in motors and controls. Overall growth is anticipated to be stronger as the year progresses." He noted as well that the company announced the acquisition of Unidynamics/Phoenix just after quarter's end. The purchase price was approximately $6 million. This acquisition will contribute to aircraft safety equipment sales beginning in the second quarter. The acquisition brought with it backlog to support sales of approximately $9 million during the remaining three quarters of 1993.
 Brower said that production of outdoor lighting controls (OLCs) by the company's Fisher Pierce Division has reached 10,000 units per day and should increase to approximately 15,000 units per day during the year. Start-up costs for the new automated OLC production line, as well as an unfavorable product mix, depressed Pacific Scientific Co.'s profitability.
 Backlog at quarter's end was $76 million vs. $80 million in the prior year. Brower said that new fast-delivery cycles make backlog an unreliable predictor of future sales, since orders are increasingly placed and delivered within the same quarter. The acquisition of Unidynamics/Phoenix increased backlog to approximately $92 million in early April.
 The company's balance sheet remains strong, with its current ratio improving to 2.6-to-1. Inventory turns were 5.0 times per year.
 Pacific Scientific designs, manufactures and markets technology- based proprietary products. The principal markets served include factory and office automation, commercial and military aircraft, electrical utilities, semiconductor manufacturers and pharmaceutical companies.
 PACIFIC SCIENTIFIC CO. AND SUBSIDIARIES
 Consolidated Statement of Operations
 Quarter Ended
 March 26, March 27,
 1993 1992
 Sales:
 Electrical Equipment $28,781,000 $26,457,000
 Aircraft Safety Equipment 12,598,000 14,526,000
 Total Sales 41,379,000 40,983,000
 Cost of Sales 28,769,000 28,109,000
 Gross Profit 12,610,000 12,874,000
 Selling & Administration 8,781,000 8,890,000
 Research & Development 1,883,000 1,999,000
 Operating Income 1,946,000 1,985,000
 Interest & Other (Net) (34,000) (276,000)
 Income Before Income Taxes 1,912,000 1,709,000
 Income Taxes 784,000 598,000
 Net Income Before Accounting
 Change 1,128,000 1,111,000
 Cumulative Accounting Change 1,060,000 ---
 Net Income $2,188,000 $1,111,000
 Earnings Per Common and
 Common Equivalent Share $0.41 $0.20
 Average Common and Common
 Equivalent Shares
 Outstanding 5,378,000 5,336,000
 NOTE: Earnings per share data for the quarter ended March 27, 1992 is computed net of $43,000 in preferred stock dividends.
 -0- 4/19/93
 /CONTACT: Richard V. Plat of Pacific Scientific, 714-720-1714; or Joseph Allen of South Coast Group, 714-731-4341, for Pacific Scientific/
 (PSX)


CO: Pacific Scientific Co. ST: California IN: CPR SU: ERN

KJ-LS -- LA009 -- 7117 04/19/93 07:02 EDT
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Date:Apr 19, 1993
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