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SELAS REPORTS LOSS FOR SECOND QUARTER 1992

 SELAS REPORTS LOSS FOR SECOND QUARTER 1992
 DRESHER, Pa., July 28 /PRNewswire/ -- Selas Corporation of America


(AMEX: SLS) today reported a consolidated net loss of $299,000 or $.09 per share on net sales of $7,085,000 for the quarter ended June 30, 1992, as compared with net income of $759,000 or $.24 per share on net sales of $10,853,000 for the similar period in 1991.
 For the six months ended June 30, 1992, Selas reported a net loss of $471,000 or $.15 per share on net sales of $13,418,000 as compared with net income of $3,067,000 or $.97 per share on net sales of $20,215,000. Included in the net income for the six months of 1991 was a one-time, net after tax gain of $1,896,000 for the early buy out of the occupancy lease of the company's French subsidiary.
 Stephen F. Ryan, president and chief executive officer of Selas, said the low levels of revenues and the losses for the second quarter and the first half of 1992 are attributable to two factors: the continuation of the sluggish world economy, and the delay of major orders in the company's engineered systems business.
 "The economy hurt our standard systems and replacement parts business both in the United States and Europe," he said. "Our custom engineered system business continues to suffer from postponements and delays.
 "We are somewhat encouraged by prospective orders we may receive in 1992, and by the increase in our backlog from $13 million at June 30, 1991, to $48.4 million at June 30, 1992, due mainly to a major order in Turkey. However, these orders will not have a significant impact on the financial results for the balance of 1992 since they are long-term and will have a greater influence on the financial results for 1993," he said.
 Because of these timing delays and the soft world economy, Ryan said Selas does not anticipate any significant improvement for the second half of the year.
 Selas Corporation of America is an international design, development, engineering and manufacturing company.
 SELAS CORPORATION OF AMERICA
 (Unaudited)
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 Net sales $7,085,000 $10,853,000 $13,418,000 $20,215,000
 Income (loss) before
 income taxes (328,000) 1,042,000 (492,000) 4,080,000
 Provision for income
 taxes (benefit) (29,000) 283,000 (21,000) 1,013,000
 Net income (loss) (299,000) 759,000 (471,000) 3,067,000
 Earnings (loss) per
 common and common
 equivalent share (.09) .24 (.15) .97
 Weighted average common
 shares outstanding 3,159,000 3,159,000 3,159,000 3,157,000
 Note: Included in net income for the six months ended June 30, 1991, is a net of tax gain of $1,896,000 for the early buy out of the occupancy lease of the firm's French subsidiary.
 /delval/
 -0- 7/28/92
 /CONTACT: R.W. Ross of Selas, 215-283-8253/
 (SLS) CO: Selas Corporation of America ST: Pennsylvania IN: SU: ERN


CC-LJ -- PH030 -- 4242 07/28/92 16:26 EDT
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Date:Jul 28, 1992
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