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UNITED DOMINION REPORTS THIRD-QUARTER RESULTS

 UNITED DOMINION REPORTS THIRD-QUARTER RESULTS
 CHARLOTTE, N.C., Oct. 26 /PRNewswire/ -- United Dominion Industries


Limited (TSE, NYSE: UDI) today reported third-quarter net income of $7.5 million, or 17 cents per common share after preferred dividends of $1.3 million. This compared with net income of $5.4 million and 4 cents per common share after preferred dividends of $4.1 million in the same period a year ago. Average common shares outstanding for the latest quarter were 35.8 million compared with 29.3 million for the third quarter of 1991.
 Sales in the third quarter grew to $443.8 million compared with $325.3 million in 1991, due to acquisitions made earlier this year and to higher materials flow-through at Litwin Engineers & Constructors on which no operating margin is realized.
 William R. Holland, chairman and chief executive officer, said results in the latest period benefitted from the addition of Ceco, Robertson and Bredel operations which were acquired in the first quarter this year, improvement in its BOMAG compaction equipment business and solid performance at Litwin E&C. "Weak markets for construction products and services continued to constrain more substantial growth in earnings," he said.
 For the nine months ended Sept. 30, the company earned netincome of $14.9 million or 33 cents per common share, including a pre-tax gain of $2.1 million on the sale of a small industrial product line. This compared with net income a year ago of $40.4 million or 96 cents per share, which included a $30 million net gain on the sale of the company's packaging machinery business.
 Average common shares outstanding in the 1992 period were 32.4 million compared with 29.3 million in 1991. Sales were $1.25 billion during the first nine months this year compared with $1.02 billion in 1991.
 After preferred dividends, and excluding the gain in both periods, net earnings per common share during the first nine months of 1992 would have been 27 cents, compared with a loss of 7 cents a share in 1991.
 Mr. Holland said the company benefitted from its strong balance sheet, low interest rates and a positive cash flow of $75 million from operations during the first nine months.
 He said the company expects continuing profitability in the fourth quarter and improved earnings in 1993 resulting from cost reductions achieved during the last two years and modest gains in volume and pricing. "This outlook should materialize even if the economies in North America and parts of Europe do not improve from conditions existing today," 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 10,500 employees worldwide.
 Following is a tabulation of the company's unaudited results (in thousands, except per share data):
 QUARTER ENDED SEPTEMBER 30 1992 1991
 Sales $ 443,844 $ 325,299
 Income from continuing operations
 before income taxes 10,637 7,045
 Income tax provision 3,917 475
 Income from continuing operations 6,720 6,570
 Income (loss) from discontinued operations -
 Tax effect of loss carryforward 809 (1,128)
 Net income 7,529 5,442
 Preferred share dividends (1,324) (4,149)
 Earnings applicable to common shares 6,205 1,293
 Per common share data:
 Continuing operations $ 0.15 $ 0.08
 Discontinued operations 0.02 (0.04)
 Net earnings $ 0.17 $ 0.04
 Average common shares outstanding
 (in thousands) 35,826 29,325
 NINE MONTHS ENDED SEPTEMBER 30 1992 1991
 Sales $1,248,866 $1,017,155
 Income from continuing operations
 before gain on sale and income taxes 18,575 13,181
 Gain on sale of business 2,100 35,000
 Income tax provision 6,546 11,509
 Income from continuing operations 14,129 36,672
 Income from discontinued operations -
 Tax effect of loss carryforward 809 3,745
 Net income 14,938 40,417
 Preferred share dividends (4,151) (12,366)
 Earnings applicable to common shares 10,787 28,051
 Per common share data:
 Continuing operations $ 0.31 $ 0.83
 Discontinued operations 0.02 0.13
 Net earnings $ 0.33 $ 0.96
 Average common shares outstanding
 (in thousands) 32,362 29,325
 Note: All funds are stated in U.S. dollars.
 -0- 10/26/92
 /CONTACT: Robert L. Shaffer of United Dominion at 704-347-6875/
 (UDI) CO: United Dominion Industries Limited ST: North Carolina IN: CST SU: ERN


CM -- CH007 -- 4825 10/26/92 13:14 EST
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Date:Oct 26, 1992
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