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UNITED DOMINION REPORTS SECOND-QUARTER RESULTS

 CHARLOTTE, N.C., July 26 /PRNewswire/ -- United Dominion Industries Limited (NYSE: UDI;TSE) today reported second-quarter net income of $8.5 million, or 20 cents per common share after preferred dividends of $1.3 million, compared with net income of $10.1 million and 27 cents per common share after preferred dividends of $1.4 million in the same period a year ago.
 Sales during the latest three months were $479.7 million compared with $441.8 million in the second quarter of 1992.
 Weak construction activity in Canada and the recession in Europe negatively affected United Dominion's results in the latest quarter and were responsible for the year-to-year decline in earnings, according to William R. Holland, chairman and chief executive officer.
 Mr. Holland cited continued depressed markets and over capacity in Canada's heavy construction industry as reasons for a second-quarter operating loss at Dominion Bridge. "Otherwise, the company would have reported profitability gains in 1993, as our U.S. construction products and services operations are experiencing moderately improving market conditions," he said.
 At the same time, BOMAG, the company's compaction equipment manufacturer, produced lower earnings due to the continuing economic slowdown in Europe, especially in Germany, its largest market.
 For the six months ended June 30, United Dominion earned net income of $8.6 million or 17 cents per common share after preferred dividends, compared with 1992 first-half net income of $7.4 million or 15 cents per share. Sales increased 10.7 percent to $891.2 million in the first six months this year compared with $805 million in 1992, largely reflecting higher materials flow through at the company's Litwin Engineers & Constructors unit on which no margin was realized.
 "Given the continuing moderate economic rebound in the United States, additional earnings following the acquisition of The Marley Company, which is expected to close in August, and our on-going efforts to stem losses at Dominion Bridge, we expect second-half earnings to compare favorably to 1992," Mr. Holland said.
 United Dominion is a manufacturing, engineering and construction company serving construction and industrial equipment markets worldwide. The company operates 53 plants and has approximately 10,700 employees worldwide.
 Following is a tabulation of the company's unaudited results (in thousands, except per share data):
 UNITED DOMINION INDUSTRIES LIMITED
 QUARTER ENDED JUNE 30 1993 1992
 Sales $ 479,702 $ 441,782
 Income from continuing operations
 before income taxes 11,896 13,458
 Income tax provision 6,512 4,633
 Income from continuing operations 5,384 8,825
 Income from discontinued operations -
 Tax benefit from loss carryforwards 3,088 1,229
 Net income 8,472 10,054
 Preferred share dividends (1,260) (1,404)
 Earnings applicable to common shares 7,212 8,650
 Per common share data:
 Continuing operations $ 0.11 $ 0.23
 Discontinued operations 0.09 0.04
 Net earnings $ 0.20 $ 0.27
 Average common shares outstanding
 (in thousands) 35,868 31,898
 SIX MONTHS ENDED JUNE 30 1993 1992
 Sales $891,191 $805,022
 Income from continuing operations
 before gain on sale and income taxes 12,080 7,938
 Gain on sale of business --- 2,100
 Income tax provision 6,567 3,858
 Income from continuing operations 5,513 6,180
 Income from discontinued operations -
 Tax benefit from loss carryforwards 3,088 1,229
 Net income 8,601 7,409
 Preferred share dividends (2,549) (2,827)
 Earnings applicable to common shares 6,052 4,582
 Per common share data:
 Continuing operations $0.08 $0.11
 Discontinued operations 0.09 0.04
 Net earnings $0.17 $0.15
 Average common shares outstanding
 (in thousands) 35,852 30,611
 Note: All funds are stated in U.S. dollars
 -0- 7/26/93
 /CONTACT: Robert L. Shaffer at United Dominion, 704-347-6875/
 (UDI)


CO: United Dominion Industries Limited ST: North Carolina IN: CST SU: ERN

CM -- CH005 -- 5660 07/26/93 11:37 EDT
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Publication:PR Newswire
Date:Jul 26, 1993
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