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WATER TECHNOLOGIES CORPORATION REPORTS THIRD QUARTER RESULTS

      WATER TECHNOLOGIES CORPORATION REPORTS THIRD QUARTER RESULTS
    MINNEAPOLIS, Nov. 14 /PRNewswire/ -- Water Technologies Corporation (NASDAQ: WTCO) today announced the results of its third quarter ended Sept. 30, 1991.  The company reported third quarter net income of $499,239, or $0.41 per share, on net sales of $1,845,807 compared to a net loss of $(200,054), or $(0.14) per share on net sales of $160,699 recorded for the same period last year.
    For the nine months ended Sept. 30, 1991, the company reported net income of $405,783, or $0.36 per share on net sales of $2,631,699 compared to a net loss of $(607,211), or $(0.44) per share on net sales of $552,290 one year ago.  Net income reflects the utilization of a portion of the company's net operating loss carry-forwards to reduce its income tax obligation.
    Net income during the three and nine month periods can otherwise be attributed principally to increases in net sales of 1,049 and 377 percent for the two periods, respectively.  The increases in both net sales and net income were primarily due to a $1.4 million sale to the Hong Kong Red Cross which was completed during the third quarter.
    Sheldon A. Vermes, chairman and CEO of Water Technologies Corporation, stated, "Operating results were clearly impacted by the large, one-time sale to the Hong Kong Red Cross.  Although we don't anticipate similar orders on a regular basis in the future, we are strategically planning the development of specific niche markets for our products."
    Water Technologies Corporation manufactures and markets iodinated water purification resin and water purification products.  The resin technology was developed at Kansas State University for use by NASA aboard the Space Shuttle.  The company's PentaPure(TM) resin devitalizes harmful water-borne bacteria, viruses, and protozoa, providing microbiologically pure water.  Water Technologies Corporation supplies devices suitable for personal travel, camping and emergency use; systems for home and commercial applications; and industrial capacity water purification systems for commercial buildings, complexes, and water bottling facilities.
             WATER TECHNOLOGIES CORPORATION (NASDAQ: WTCO)
                 CONSOLIDATED STATEMENTS OF OPERATIONS
                              (Unaudited)
                                          Quarter Ended September 30:
                                                  1991       1990
    Net sales                                 $1,845,807   $160,699
    Cost of goods sold                           963,172    151,237
    Gross profit                                 882,635      9,462
    Expenses
      Research and development                     2,686      4,395
      Selling, general and administrative        366,155    181,944
        Total expenses                           368,841    186,339
    Income (loss) from operations                513,794   (176,877)
    Other income (expense)
      Other income                                27,090          0
      Interest expense                           (23,645)   (23,177)
                                                   3,445    (23,177)
    Net income (loss) before income taxes        517,239   (200,054)
    Income taxes                                (155,700)         0
    Income (loss) before extraordinary item      361,539   (200,054)
    Extraordinary item - utilization
      of operating loss carryforward             137,700          0
    Net income (loss)                           $499,239  $(200,054)
    Net income (loss) per common share
     Primary
      Income (loss) before extraordinary item   $   0.30  $   (0.14)
       Extraordinary item                           0.11          0
       Net income (loss)                        $   0.41  $   (0.14)
     Fully diluted
      Income (loss) before extraordinary item   $   0.27  $   (0.14)
       Extraordinary item                           0.10          0
       Net income (loss)                        $   0.37  $   (0.14)
    Weighted average number of
     shares outstanding
       Primary                                  1,236,562 1,209,362
       Fully diluted                            1,349,970 1,268,591
                                      Nine Months Ended September 30:
                                                  1991       1990
    Net sales                                 $2,631,699   $552,290
    Cost of goods sold                         1,403,400    408,698
    Gross profit                               1,228,299    143,592
    Expenses
      Research and development                     8,206     10,412
      Selling, general and administrative        758,825    675,900
        Total expenses                           767,031    686,312
    Income (loss) from operations                461,268   (542,720)
    Other income (expense)
      Other income                                31,822      1,245
      Interest expense                           (69,307)   (65,736)
                                                 (37,485)   (64,491)
    Net income (loss) before income taxes        423,783   (607,211)
    Income taxes                                (155,700)         0
    Income (loss) before extraordinary item      268,083   (607,211)
    Extraordinary item - utilization
      of operating loss carryforward             137,700          0
    Net income (loss)                           $405,783  $(607,211)
    Net income (loss) per common share
     Primary
      Income (loss) before extraordinary item   $   0.25  $   (0.44)
       Extraordinary item                           0.11          0
       Net income (loss)                        $   0.36  $   (0.44)
     Fully diluted
      Income (loss) before extraordinary item   $   0.20  $   (0.43)
       Extraordinary item                           0.10          0
       Net income (loss)                        $   0.30  $   (0.43)
    Weighted average number of
     shares outstanding
       Primary                                 1,236,562  1,209,362
       Fully diluted                           1,349,970  1,268,591
    -0-                        11/14/91
    /CONTACT:  Sheldon A. Vermes (President and CEO), or Fred R. LeGrand (COO) of Water Technologies Corporation, 612-473-1625; or Tom de Petra of de Petra & Associates, 612-338-7630, for Water Technologies Corporation/
    (WTCO) CO:  Water Technologies Corporation ST:  Minnesota IN: SU:  ERN JS -- MN003 -- 4293 11/14/91 09:31 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 14, 1991
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