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WHEATLEY TXT REPORTS RESULTS

 TULSA, Okla., June 29 /PRNewswire/ -- Wheatley TXT (NASDAQ: WTXT) today reported revenues of $18,285,000 and net income to common stockholders of $1,219,000 or $.14 per share for the first quarter of fiscal 1994, which ended May 31, 1993.
 This compares to revenues of $16,496,000, and net income to common stockholders of $948,000 or $.11 per share for the same period one year ago.
 "We are very pleased to report earnings 28 percent above earnings for the same quarter a year ago," said Gene Kaefer, president. "The first quarter results reflect a stronger market for the company's products in the U.S. and Canadian markets. The company saw improvement in new orders in industrial as well as the oil field products."
 Wheatley TXT manufactures and sells worldwide an extensive line of pumps, safety and shut-off valves and actuators used primarily in the production and transportation of oil and natural gas and also in various industrial applications.
 WHEATLEY TXT CORP.
 Financial Highlights
 (In thousands, except share and per-share data)
 Quarter ended May 31 1993 1992
 Net sales $18,285 $16,496
 Cost of sales 13,050 12,089
 Gross profit 5,235 4,407
 Total SG&A 3,248 2,904
 Operating income 1,987 1,503
 Interest (income) expense, net other
 (income) expense 12 63
 Pre-tax income 1,975 1,440
 Provision for income taxes 756 492
 Net income 1,219 948
 Average shares outstanding 8,876 8,926
 Earnings per share $.14 $.11
 Consolidated Balance Sheet
 (In thousands)
 As of May 31, 1993
 Assets
 Cash and cash equivalents $18,193
 Accounts receivables, inventory and
 other current assets 31,731
 Property, plant and equipment, net 23,720
 Intangible assets, net 400
 Total assets 74,044
 Liabilities and Stockholders' Equity
 Total current liabilities $9,215
 Long-term debt 6,100
 Deferred income taxes 3,013
 Total stockholders' equity 55,716
 Total liabilities and stockholders' equity 74,044
 Depreciation and amortization 858
 Capital expenditures 154
 -0- 6/29/93
 /CONTACT: Gary Rosenthal, chairman of Wheatley TXT, 713-222-6446/
 (WTXT)


CO: Wheatley TXT Corp. ST: Oklahoma IN: OIL SU: ERN

CK -- NY029 -- 6626 06/29/93 10:32 EDT
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Publication:PR Newswire
Date:Jun 29, 1993
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