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WALBRO CORPORATION REPORTS RECORD QUARTERLY RESULTS

 CASS CITY, Mich., July 15 /PRNewswire/ -- L.E. Althaver, chairman, president and chief executive officer, Walbro Corporation (NASDAQ-NMS: WALB) reported sales of $71,471,000 for the quarter ended June 30, 1993, compared with $62,721,000 for the second quarter of 1992. Second-quarter income was $3,889,000 compared with $3,549,000 for the same period in 1992.
 Income per share was $.45 for the second quarter of 1993, fully diluted, compared with $.43 fully diluted for the same period in 1992. Average shares outstanding were 8,548,835 in 1993 and 8,423,030 in 1992.
 In announcing Walbro's second-quarter results, Althaver noted that sales and net income were both records for a single quarter, despite several factors that had temporarily adverse effects on results. These factors included start-up expenses related to two Walbro plants in the U.S. and a new joint venture in South America.
 "The recession in Europe and resulting drop in vehicle sales have also been deeper than anticipated, reducing profits from Walbro's European joint venture," Althaver added. "However, market share for the joint venture is ahead of plan, pointing toward continued growth as economic conditions improve."
 "Sales of Walbro's automotive fuel system products in the U.S. fell somewhat short of planned levels during the past quarter, but reaction to our expanding range of fuel storage and delivery system products has been extremely positive, pointing toward strong future growth in this area as well," Althaver said.
 "Demand for small engine products was very strong in the second quarter, with orders above normal seasonal levels," Althaver noted. "Equally important, the implementation of cost-reduction measures and greater efficiency in the company's small engine operations will continue to provide bottom-line benefits during the balance of 1993 and beyond."
 Walbro Corporation is a designer and manufacturer of automotive and small engine fuel system components. Walbro Corporation is headquartered in Cass City and has subsidiaries and joint ventures throughout the world, including the United States, Mexico, Brazil, Japan, Singapore, Korea and France. Walbro Corporation common stock is traded on the NASDAQ National Market System under the symbol WALB.
 WALBRO CORPORATION
 (In thousands, except share data)
 Three Months Ended Six Months Ended
 June 30 June 30
 1993 1992 1993 1992
 Net sales $71,471 $62,721 $138,374 $123,499
 Net income 3,889 3,549 4,735 7,076
 Net income per share
 Primary .46 .45 .91 .97
 Fully diluted .45 .43 .90 .93
 Primary average shares
 outstanding 8,483,237 7,870,981 8,420,497 7,267,792
 Fully diluted
 shares 8,548,835 8,423,030 8,501,733 7,819,841
 -0- 7/15/93
 /CONTACT: L.E. Althaver, Gary Vollmar or Dan Hittler of Walbro Corporation, 517-872-2131/
 (WALB)


CO: Walbro Corporation ST: Michigan IN: AUT SU: ERN

ML-JG -- DE015 -- 1906 07/15/93 11:31 EDT
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Publication:PR Newswire
Date:Jul 15, 1993
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