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PACIFIC SCIENTIFIC REPORTS SECOND QUARTER AND SIX-MONTH RESULTS; PROFIT INCREASES BY 34 PERCENT ON RECORD QUARTERLY SALES

 NEWPORT BEACH, Calif., July 19 /PRNewswire/ -- Pacific Scientific Co. (NYSE: PSX) reported record sales of $49.9 million for the second quarter ended June 25, 1993. Net income rose by 34 percent, compared to the second quarter of 1992.
 According to the announcement made by Chairman, President and Chief Executive Officer Edgar S. Brower, the company reported sales of $49.9 million with net income of $1.6 million, or 30 cents per share, compared to sales of $43.4 million with net income of $1.2 million, or 23 cents per share, for the second quarter of 1992. The current quarter's results include the effects of a substantially higher effective tax rate, which rose to 41 percent, compared to last year's 35 percent.
 Brower commented, "Profitability grew faster than sales during the second quarter. With a sales increase of 15 percent, pre-tax income increased a hefty 47 percent."
 For the six months, sales rose 8 percent to $91.3 million with net income of $3.8 million, or 71 cents per share, including a non-recurring first-quarter gain of $1.1 million, or 20 cents per share, for previously unrecognized tax benefits. For the first six months of 1992, sales were $84.3 million with net income of $2.3 million, or 43 cents per share.
 Sales of motors and controls, the company's largest product line, grew at a rate of 18 percent for the first half, reflecting the popularity of recently introduced new products. Sales of aircraft safety products rose by 10 percent in the same period, with the increase entirely due to an acquisition at the end of the first quarter. Backlog was approximately steady at $88 million.
 Pacific Scientific designs, manufactures and markets electrical equipment and aircraft safety equipment. 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 Statements of Operations
 (Unaudited)
 (000s omitted except per share data)
 Quarter Ended Six Months Ended
 June 25, June 26, June 25, June 26,
 1993 1992 1993 1992
 Sales:
 Electrical equipment $31,124 $29,218 $59,905 $55,675
 Aircraft safety equipment 18,803 14,144 31,401 28,670
 Total sales 49,927 43,362 91,306 84,345
 Cost of sales 35,096 29,894 63,865 58,003
 Gross profit 14,831 13,468 27,441 26,342
 Selling and administration 10,175 9,327 18,956 18,217
 Research and development 1,977 1,901 3,860 3,900
 Operating income 2,679 2,240 4,625 4,225
 Interest and other (net) 89 (364) 55 (640)
 Income before income taxes 2,768 1,876 4,680 3,585
 Income taxes 1,135 657 1,919 1,255
 Net income before
 accounting change 1,633 1,219 2,761 2,330
 Cumulative accounting change --- --- 1,060 ---
 Net income $1,633 $1,219 $3,821 $2,330
 Income before cumulative
 effect of a change in
 accounting principle $0.30 $0.23 $0.51 $0.43
 Cumulative effect on prior
 years of change in method
 of accounting for income
 taxes --- --- 0.20 ---
 Net income per share $0.30 $0.23 $0.71 $0.43
 Average common and
 common equivalent
 shares outstanding 5,374 5,339 5,376 5,337
 Notes to Consolidated Financial Statement:
 1) Preferred stock dividends for the six months period of 1992 were $43,000.
 2) The change in method of Accounting for Income Taxes is based on the requirement to adopt Statement of Financial Accounting Standards (SFAS) No. 109.
 3) As a result of the April 1993 acquisition of the business of Unidynamics/Phoenix Inc., sales for the second quarter and first six months of 1993 were increased by $3,503,000, and pre-tax income increased by $618,000.
 -0- 7/19/93
 /CONTACT: Richard V. Plat of Pacific Scientific, 714-720-1714; or Joseph Allen of South Coast Communications, 714-252-8440, for Pacific Scientific/
 (PSX)


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

MF-JL -- LA009 -- 2829 07/19/93 07:00 EDT
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Publication:PR Newswire
Date:Jul 19, 1993
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