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PACIFIC SCIENTIFIC REPORTS SECOND QUARTER AND SIX-MONTH RESULTS

 PACIFIC SCIENTIFIC REPORTS SECOND QUARTER AND SIX-MONTH RESULTS
 NEWPORT BEACH, Calif., July 20 /PRNewswire/ -- Pacific Scientific Co. (NYSE: PSX) today reported $43.4 million in sales for the second quarter ended June 26, 1992, with net income of $1.2 million, or 23 cents per share. For the same period in the prior year, the company reported sales of $44.7 million with net income of $416,000, or 6 cents per share.
 For the six months, sales were $84.3 million with net income of $2.3 million, or 43 cents per share, compared to last year's six- month sales of $88.6 million with net income of $1.2 million, or 19 cents per share. Sales for 1991 included the contribution of a divested division, which added $2.8 million and $5.2 million to the sales of the second quarter and six-month period, respectively.
 By segment, second quarter sales of electrical equipment increased 13 percent with all operations reporting increased sales, and sales for the first six months are up 4 percent. Compared to the prior year, second quarterly orders increased 36 percent and orders for the six-month period increased 30 percent.
 Aircraft safety equipment quarterly sales, excluding those from the divested division, declined 12 percent from the prior year and sales for the six months declined 5 percent. Orders for the six months were down 13 percent. The rate of orders and sales of aircraft safety equipment continues to be affected by the unsettled conditions in both the commercial and military markets and by delays in obtaining recertification of Pacific Scientific's aircraft crew restraints used on military aircraft. Pacific Scientific has been the principal supplier of these crew restraints for more than 30 years. The company has a sizable backlog of customer orders awaiting recertification, which the company believes will occur during the current third quarter.
 Edgar S. Brower, chairman, president and chief executive officer, said: "The continued improvement in operations is evident from the higher gross profit margins and control over operational expenses."
 The order backlog at the end of the second quarter was $88 million, compared to $86 million one year ago. The prior-year backlog excluded divested operations. Brower pointed out that in many instances delivery cycles have been shortened from months to days and customers now tend to place orders at a point in time nearest to their requirements, making backlog a less reliable predictor of near-term sales than in past years.
 The company's balance sheet remains strong. The current ratio is 2.4-to-1, the inventory is turning approximately four times per year and the average trade receivable is being collected in less than 60 days. Total debt less cash is $27 million, approximately 25 percent of capital.
 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 Statements of Operations
 (Unaudited)
 Quarter ended Six months ended
 June 26, June 28, June 26, June 28,
 1992 1991 1992 1991
 Sales:
 Electrical
 Equipment $29,218,000 $25,924,000 $55,675,000 $53,377,000
 Aircraft
 Safety
 Equipment 14,144,000 18,739,000 28,670,000 35,272,000
 Total Sales 43,362,000 44,663,000 84,345,000 88,649,000
 Cost of sales 29,894,000 31,891,000 58,003,000 62,785,000
 Gross profit 13,468,000 12,772,000 26,342,000 25,864,000
 Selling and
 administration 9,327,000 9,087,000 18,217,000 18,088,000
 Research and
 development 1,901,000 2,259,000 3,900,000 4,555,000
 Operating income 2,240,000 1,426,000 4,225,000 3,221,000
 Interest and
 other (net) (364,000) (744,000) (640,000) (1,283,000)
 Income before
 income taxes 1,876,000 682,000 3,585,000 1,938,000
 Income taxes 657,000 266,000 1,255,000 756,000
 Net income $1,219,000 $416,000 $2,330,000 $1,182,000
 Earnings per
 common equivalent
 share $0.23 $0.06 $0.43 $0.19
 Average common and
 common equivalent
 shares
 outstanding 5,339,000 5,355,000 5,337,000 5,343,000
 Notes to consolidated financial statement:
 1) Earnings per share data are computed net of preferred stock dividends for the quarter ended June 28, 1991, of $68,000. Preferred stock dividends for the six-months period of 1992 and 1991 are $43,000 and $155,000, respectively.
 2) The June 28, 1991, data includes sales and net income of $2,749,000 and $130,000 for the quarter and $5,128,000 and $143,000 for the first six months from the divestiture of the Belfab Division in September 1991.
 -0- 7/20/92
 /CONTACT: Richard V. Plat of Pacific Scientific, 714-720-1714/
 (PSX) CO: Pacific Scientific Co. ST: California IN: ARO SU: ERN


KJ-JL -- LA003 -- 0577 07/20/92 09:01 EDT
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Date:Jul 20, 1992
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