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PEERLESS MFG. ANNOUNCES FISCAL 1992 SECOND QUARTER EARNINGS AND QUARTERLY DIVIDEND

      PEERLESS MFG. ANNOUNCES FISCAL 1992 SECOND QUARTER EARNINGS
                         AND QUARTERLY DIVIDEND
    DALLAS, Jan. 23 /PRNewswire/ -- Peerless Mfg. Co., (NASDAQ-NMS: PMFG), Dallas, manufacturer of separators and filters used in the petroleum and chemical processing industries and in environmental protection equipment, announces sales and earnings for its fiscal 1992 second quarter.  Earnings for the period were $269,333 or 19 cents per share compared to $408,435 or 29 cents per shares in 1990's second quarter.  Six months earnings for fiscal 1992 were $469,137 or 33 cents per share compared to $755,193 or 53 cents per share in the comparable period in 1991.  Fiscal 1991 results were enhanced by an accounting change (see Note A).  Backlog during this quarter rose about $200,000 to about $14,373,000.
                        PEERLESS MFG. CO.
    Period ended                          Three months
     Dec. 31,                       1991              1990
                                          (unaudited)
    Sales                       $ 5,110,792        $ 6,757,559
    Net earnings                    269,333            408,435
    Earnings per common share          0.19               0.29
    Weighted average shares
     outstanding                  1,435,200           1,424,067
    Period ended                         Six months
     Dec. 31,                       1991              1990
                                          (unaudited)
    Sales                       $10,798,458        $11,229,190
    Net earnings before
     cumulative effect of
     accounting change              469,137            521,290
    Cumulative effect of
     accounting change
     (Note A)                           --             233,903
    Net earnings                $   469,137        $   755,193
    Earnings per common share
     before effect of
     accounting change          $      0.33        $      0.37
    Cumulative effect of
     accounting change                  --         $      0.16
    Net earnings per common
     share                      $      0.33        $      0.53
    Weighted average shares
     outstanding                  1,435,033          1,424,067
    Note A - The company adopted Financial Accounting Standard No. 96 accounting for income taxes effective July 1, 1990.
    Peerless has declared its regular cash quarterly dividend of $0.125 per share to shareholders of record Feb. 14, 1992 and payable on Feb. 28, 1992.
    -0-          1/23/92
    /CONTACT:  Don Sillers Jr., chairman and CEO, or D.H. Newman, corporate secretary, 214-357-6181 or 214-351-0194 (FAX), both of Peerless Mfg. Co./
    (PMFG) CO:  Peerless Mfg. Co. ST:  Texas IN: SU:  ERN SH -- NY031 -- 2701 01/23/92 10:25 EST
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Publication:PR Newswire
Date:Jan 23, 1992
Words:342
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