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WAHLCO ENVIRONMENTAL REPORTS PROFITABLE SECOND QUARTER

 SANTA ANA, Calif., July 23 /PRNewswire/ -- Wahlco Environmental Systems Inc. (NYSE: WAL) today reported results for the second quarter and six months ended June 30, 1993. Revenue for the quarter was $23.9 million versus $20.7 million in the second quarter of 1992. The company reported net income of $205,600, or 1 cent per share, versus a net loss of $3.6 million, or 20 cents per share, for the second quarter of 1992.
 For the six months, revenue totaled $44.9 million versus $42.2 million in 1992, and the net income was $407,600, or 2 cents per share, versus a net loss during the first six months of 1992 of $4.7 million, or 27 cents per share.
 "Bookings have continued to improve," stated Henry N. Huta, president and chief executive officer. "Total bookings for the first half of 1993 were approximately $42 million, a 60-percent increase over bookings of approximately $26 million for the same period in 1992. Revenues in the second quarter are up 15 percent compared to the second quarter of 1992, and operating and other expenses are down 36 percent compared to the same period. We have been able to remain profitable due to the restructuring and cost reduction programs implemented late in 1992. We continue to be optimistic that we will see flue gas conditioning (FGC) bookings in the second half, and believe we are well- positioned to benefit from a pickup in these orders."
 Wahlco Environmental Systems Inc. designs and manufactures air pollution control and power efficiency equipment and provides related services to electric utilities, cogeneration plants, petrochemical refineries and industrial manufacturers worldwide. More than 50 percent of the company's manufacturing capacity and sales are outside the United States. The company serves customers in more than 62 countries.
 WAHLCO ENVIRONMENTAL SYSTEMS INC.
 (Unaudited, in thousands, except per-share amounts)
 Three Months Ended June 30,
 1993 1992
 Revenues $ 23,890 $ 20,707
 Gross profit $ 6,348 $ 4,966
 Selling expense $ 1,372 $ 2,398
 General, administrative and
 other expenses $ 4,709 $ 7,041
 Income (loss) before income taxes $ 267 $ (4,473)
 Net income (loss) $ 206 $ (3,600)
 Average common shares outstanding 17,649 17,649
 Earnings (loss) per common share $ 0.01 $ (0.20)
 Six Months Ended June 30,
 1993 1992
 Revenues $ 44,940 $ 42,162
 Gross profit $ 12,207 $ 10,766
 Selling expense $ 3,062 $ 4,342
 General, administrative and
 other expenses $ 8,616 $ 12,511
 Income (loss) before income taxes $ 529 $ (6,087)
 Net income (loss) $ 408 $ (4,730)
 Average common shares outstanding 17,649 17,649
 Earnings (loss) per common share $ 0.02 $ (0.27)
 -0- 7/23/93
 /CONTACT: Doug Sherk or Ken Dennard, 415-296-7383, or Miriam Adler, 212-850-5600, all of Morgen-Walke, for Wahlco Environmental Systems/
 (WAL)


CO: Wahlco Environmental Systems Inc. ST: California IN: ENV SU: ERN

GT-LH -- SF001 -- 4945 07/23/93 06:30 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
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