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PENTAIR FIRST QUARTER 1992 NET INCOME UP 18 PERCENT ON 1 PERCENT SALES INCREASE

 PENTAIR FIRST QUARTER 1992 NET INCOME
 UP 18 PERCENT ON 1 PERCENT SALES INCREASE
 ST. PAUL, Minn., April 13 /PRNewswire/ -- Pentair, Inc. (NASDAQ-NMS: PNTA), the St. Paul-based manufacturer of industrial products and paper, today reported net income of $8.7 million, or 64 cents per fully diluted share, on net sales of $292.8 million for the three months ended March 31, 1992. This represents an 18 percent gain in net income and a one percent increase in net sales over the first quarter of 1991. First quarter 1991 net income was $7.4 million, or 55 cents per fully diluted share, on net sales of $289.1 million.
 "This is the seventh successive quarter in which Pentair earnings have exceeded prior year levels," said D. Eugene Nugent, Pentair chairman and chief executive officer. "We attribute these improvements to substantially better performance at Porter-Cable, Delta International, Myers and Hoffman Engineering, as well as continued strong demand for Cross Pointe's specialty papers. In addition, several Pentair industrial product subsidiaries reported increased order activity late in the first quarter, which has renewed our optimism that economic recovery is getting underway in general industrial markets."
 According to the company, competitive pricing actions in the sporting ammunition industry narrowed profit margins at Federal Cartridge. In addition, excess production capacity in the paper industry led to further discounting of selling prices for coated publication paper made by Niagara of Wisconsin Paper Corporation and supercalendered paper made by the joint venture Lake Superior Paper Industries (LSPI). However, both mills are operating well and production levels have helped offset weak prices.
 "If economic activity and consumer optimism continue to gain momentum, industrial and paper markets should trend upward, though improvements in paper demand may not materialize until the second half of 1992," Nugent said. "As the economy strengthens, Pentair businesses will be able to leverage further performance gains from the steps taken to improve their competitiveness."
 Pentair, Inc. is a St. Paul-based company comprised of 10 businesses which manufacture woodworking equipment, electric power tools, sporting ammunition, electrical enclosures, automotive service equipment, industrial lubrication systems, material dispensing equipment, pumps and paper. Pentair common stock is quoted on the NASDAQ National Market System under the symbol: PNTA.
 PENTAIR, INC. CONSOLIDATED STATEMENT OF INCOME
 (Unaudited) (In thousands)
 Three Months Ended
 3/31/92 3/31/91
 Net sales $292,834 $289,100
 Operating costs
 Cost of goods sold $222,487 $223,757
 Selling, general and administrative 51,338 48,676
 Other (income) expense (437) (216)
 Total operating costs 273,388 272,217
 -- 19,446 16,883
 Equity in joint venture income 864 1,433
 Operating income 20,310 18,316
 Interest (expense) (5,221) (5,310)
 Interest income 228 194
 Income before income taxes 15,317 13,200
 Provision for income taxes 6,600 5,825
 Net income $8,717 $7,375
 Preferred dividend requirements
 (net of taxes) 1,588 1,593
 Earnings applicable to common stock 7,129 5,782
 Earnings per common and common
 equivalent share:
 Primary $.67 $.55
 Diluted $.64 $.55
 Dividends per share:
 Common stock $.245 $.23
 Weighted average common and common
 equivalent shares:
 Primary 10,629 10,454
 Diluted 13,872 13,806
 -0- 4/13/92
 /CONTACT: Mark Cain of Pentair, 612-636-7920/
 (PNTA) CO: Pentair ST: Minnesota IN: PAP SU: ERN


MA -- MN011 -- 7745 04/13/92 12:06 EDT
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Publication:PR Newswire
Date:Apr 13, 1992
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