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SELAS REPORTS YEAR-END EARNINGS

 SELAS REPORTS YEAR-END EARNINGS
 DRESHER, Pa., Feb. 14 /PRNewswire/ -- Selas Corporation of America


(AMEX: SLS) today reported net income for the year ended Dec. 31, 1991, of $4,444,000 or $1.41 per share on sales of $40,316,000 compared to net income of $4,767,000 or $1.83 per share on sales of $54,634,000 reported for the year ended Dec. 31, 1990.
 The results of 1990 included an extraordinary item for income tax benefits of $475,000 or $.18 per share and the results for 1991 reflect a net after tax gain of $2 million for the early buy-out of the occupancy lease of the company's French subsidiary.
 For the fourth quarter ended Dec. 31, 1991, net income was $325,000 or $.10 per share on sales of $9,973,000 compared to $1,083,000 or $.34 per share on sales of $12,344,000.
 Stephen F. Ryan, president and chief executive officer, said that despite lower sales, the company is satisfied with the results for the year when balanced against 1991's economic conditions. While all operations of Selas were profitable for the year, he said the company's foreign operations continue to experience delays in the receipt of large orders.
 "We believe that current inquiries and letters of intent will result in firm bookings in 1992; however, the impact on earnings of these bookings will not be felt until the second half of the year," he said.
 Selas is an international design, development, engineering and manufacturing company.
 SELAS CORPORATION OF AMERICA
 (Audited)
 Three months ended Dec. 31 1991 1990
 Net sales $9,973,000 $12,344,000
 Income before income taxes
 and extraordinary item 387,000 1,107,000
 Provision for income taxes 62,000 24,000
 Income before extraordinary item 325,000 1,083,000
 Extraordinary item -- income tax
 benefit of net operating loss
 carryforward --- ---
 Net income 325,000 1,083,000
 Earnings per common and common
 equivalent share:
 Income before extraordinary item $.10 $.34
 Extraordinary item --- ---
 Net income .10 .34
 Weighted average common shares
 outstanding 3,159,000 3,154,000
 12 months ended Dec. 31 1991 1990
 Net sales $40,316,000 $54,634,000
 Income before income taxes
 and extraordinary item 6,025,000 6,754,000
 Provision for income taxes 1,581,000 2,462,000
 Income before extraordinary item 4,444,000 4,292,000
 Extraordinary item -- income tax
 benefit of net operating loss
 carryforward --- 475,000
 Net income 4,444,000 4,767,000
 Earnings per common and common
 equivalent share:
 Income before extraordinary item $1.41 $1.65
 Extraordinary item --- .18
 Net income 1.41 1.83
 Weighted average common shares
 outstanding 3,158,000 2,607,000
 Note: Included in net income for the 12 months ended Dec. 31, 1991, is a net of tax gain of $2,010,000 for the early buy-out of the occupancy lease of the firm's French subsidiary.
 /delval/
 -0- 2/14/92
 /CONTACT: R.W Ross of Selas, 215-283-8253/
 (SLS) CO: Selas Corporation of America ST: Pennsylvania IN: SU: ERN


MK-LJ -- PH031 -- 0375 02/14/92 16:49 EST
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Date:Feb 14, 1992
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