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SELAS REPORTS FIRST QUARTER LOSS

 SELAS REPORTS FIRST QUARTER LOSS
 DRESHER, Pa., April 22 /PRNewswire/ -- Selas Corporation of America


(AMEX: SLS) today reported a net loss for the quarter ended March 31, 1992, of $173,000 or $.05 per share on sales of $6,333,000 compared with net earnings of $2,308,000 or $.73 per share on sales of $9,362,000 for the same quarter in 1991.
 First quarter earnings in 1991 were $403,000 after excluding a one- time gain after tax of $1,905,000 on the sale of the company's Paris lease.
 Stephen F. Ryan, president and chief executive officer of Selas, said the soft United States economy which depressed Selas' parts business, and a continued delay in the receipt of major orders resulted in sales that were approximately one-third less than the first quarter last year.
 "In March, we received a $35 million order for a continuous annealing line to be installed in a major steel complex in Turkey. That order will begin to affect sales in the second half of the year," Ryan said, "so we're optimistic that earnings for the year will be positive."
 Selas is an international design, development, engineering and manufacturing company.
 SELAS CORPORATION OF AMERICA
 Comparative Operating Results
 (Unaudited)
 Three months ended March 31 1992 1991
 Net sales $6,333,000 $9,362,000
 Income (loss) before income taxes (164,000) 3,038,000
 Provision for income taxes 9,000 730,000
 Net income (loss) (173,000) 2,308,000
 Earnings (loss) per common and
 common equivalent share $(.05) $.73
 Weighted average common shares
 outstanding 3,159,000 3,156,000
 Note: Included in net income for the quarter ended March 31, 1991, is a gain of $2,400,000 before income taxes and a net of tax gain of $1,905,000 for eviction indemnity relating to the early termination of an office lease in Paris.
 /delval/
 -0- 4/22/92
 /CONTACT: R.W. Ross of Selas, 215-283-8253/
 (SLS) CO: Selas Corporation of America ST: Pennsylvania IN: SU: ERN


JS-MK -- PH032 -- 1313 04/22/92 13:18 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
Words:346
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