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UNITED DOMINION REPORTS FIRST-QUARTER RESULTS

 UNITED DOMINION REPORTS FIRST-QUARTER RESULTS
 CHARLOTTE, N.C., April 29 /PRNewswire/ -- United Dominion


Industries Limited (TSE NYSE: UDI) today reported a first-quarter net loss of $2.6 million, including a pre-tax gain of $2.1 million on the sale of a small product line. This compared with first-quarter net income of $27 million in 1991, composed of an operating loss of $3.0 million and a $30 million after-tax gain on the sale of the company's packaging machinery business.
 Sales were $363.2 million in the latest period compared with $321.0 million a year ago.
 After preferred dividends, and including the gain in both periods, the loss per common share in 1992 was 14 cents, compared with earnings of 78 cents per share in the 1991 period. Preferred dividends were $1.4 million in the first quarter this year, compared with $4.1 million in the same period last year, reflecting the repurchase of a significant number of preferred shares during 1991.
 William R. Holland, chairman and chief executive officer, said results in the first quarter were influenced by the usual seasonal weakness in several of the company's businesses, together with recessionary conditions that particularly affected building systems and Canadian operations.
 "We expect to be profitable in the remaining three quarters of 1992 and for the year as a whole, even if economic conditions prevailing in the first quarter continue," he said. "And, if the U.S. economy gains momentum in the second half as many people now anticipate, our results for the year could be better than currently projected."
 Mr. Holland said that United Dominion units have experienced increased market activity during recent weeks. He also noted that the company's order backlog grew to a record $1.2 billion during the first quarter, reflecting continued strong bookings at Litwin Engineers & Constructors and significant orders in certain construction-related operations.
 United Dominion is a manufacturing, engineering and construction company serving construction and industrial equipment markets worldwide. The company operates 53 plants and employs approximately 10,500 men and women.
 Following is a tabulation of the company's unaudited results (in thousands, except per share data):
 QUARTER ENDED MARCH 31 1992 1991
 Sales $ 363,240 $ 321,006
 Loss from continuing operations before
 gain on sale and income taxes (5,520) (3,542)
 Gain on sale of business 2,100 35,000
 Income tax provision (benefit) (775) 10,132
 Income (loss) from continuing operations (2,645) 21,326
 Income from discontinued operations -
 Tax benefit of loss carryforward -- 5,634
 Net income (loss) (2,645) 26,960
 Preferred share dividends (1,423) (4,091)
 Earnings (loss) applicable to common shares (4,068) 22,869
 Per common share data:
 Continuing operations $(0.14) $ 0.59
 Discontinued operations
 Tax benefit of loss carryforward -- 0.19
 Net earnings (loss) $(0.14) $ 0.78
 (All funds are stated in U.S. dollars. Average number of shares
 outstanding in both periods totaled 29,325,029.)
 -0- 4/29/92
 /CONTACT: Robert L. Shaffer of United Dominion at 704-347-6875/
 (UDI) CO: United Dominion Industries ST: North Carolina IN: CST SU: ERN


CM -- CH002 -- 4346 04/29/92 11:59 EDT
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Publication:PR Newswire
Date:Apr 29, 1992
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