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PENTAIR SECOND QUARTER 1993 EARNINGS UP 24 PERCENT

 ST. PAUL, Minn., July 12 /PRNewswire/ -- Pentair, Inc. (NASDAQ-NMS: PNTA), the St. Paul-based manufacturer of industrial products and paper, today reported income of $9.8 million, or 46 cents per fully diluted share, on net sales of $320.3 million for the three months ended June 30, 1993. This is a 24 percent gain in income and an eight percent increase in sales over the second quarter of 1992. After restatement to reflect a 50 percent stock dividend in June 1993, second quarter 1992 income was $7.9 million, or 36 cents per fully diluted share, on net sales of $296.7 million.
 "We continued to see favorable trends in overall results with a nine percent gain in sales and an 18 percent earnings improvement in the first half," said Chairman and Chief Executive Officer Winslow Buxton. "While some of this is due to a stronger economy, our companies also are benefiting from efforts to broaden distribution and control costs."
 Sales and earnings at Hoffman Engineering gained significantly from stronger machine tool and durable goods markets. Lincoln Automotive, Myers and Porter-Cable also continued to show improved performance in the second quarter. Firming prices for certain coated paper grades offset weakness in some specialty uncoated paper prices. Recession in foreign economies affected sales at several businesses.
 Buxton said Pentair expects good performance during the second half of 1993. However, much depends on economic conditions in the United States and foreign nations, particularly as they affect consumer spending and industrial and paper markets.
 Pentair, Inc. is a St. Paul-based company comprised of 10 businesses which manufacture woodworking equipment, 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.
 CONSOLIDATED STATEMENT OF INCOME
 ($000s)
 (Unaudited)
 Six months ended Three months ended
 6/30/93 6/30/92 6/30/93 6/30/92
 Net sales $642,112 $589,569 $320,283 $296,735
 Operating costs 598,742 552,922 298,873 278,784
 Operating income before
 joint venture 43,370 36,647 21,410 17,951
 Equity in joint venture
 income (loss) (966) 731 (149) (133)
 Operating income 42,404 37,378 21,261 17,818
 Interest expense - net 10,222 10,181 5,079 5,188
 Income before income taxes
 and cumulative effects of
 accounting changes 32,182 27,197 16,182 12,630
 Provision for income taxes 12,900 10,900 6,400 4,750
 Income before cumulative
 effects of accounting
 changes 19,282 16,297 9,782 7,880
 Cumulative effects of
 accounting changes -- (41,625) -- --
 Net income (loss) $19,282 $(25,328) $9,782 $7,880
 Preferred dividend
 requirements 3,397 4,290 1,397 2,144
 Earnings (loss) applicable
 to common stock $15,885 $(29,618) $8,385 $5,736
 Primary earnings per share:
 Earnings before cumulative
 effects of accounting
 changes $.91 $.75 $.46 $.36
 Cumulative effects of
 accounting changes -- (2.61) -- --
 Net earnings (loss) $.91 $(1.86) $.46 $.36
 Diluted earnings per share:
 Earnings before cumulative
 effects of accounting
 changes $.90 $.75 $.46 $.36
 Weighted average common
 and common equivalent
 shares:
 Primary 17,450 15,939 18,328 15,935
 Diluted (a) 18,806 18,666 18,849 18,672
 (a) One series of preferred stock is anti-dilutive and therefore excluded from the calculation.
 -0- 7/12/93
 /CONTACT: Mark Cain of Pentair, Inc., 612-636-7920/
 (PNTA)


CO: Pentair, Inc. ST: Minnesota IN: SU: ERN

DB -- MN010 -- 0452 07/12/93 13:05 EDT
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Publication:PR Newswire
Date:Jul 12, 1993
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