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YORK INTERNATIONAL REPORTS SECOND QUARTER RESULTS

 YORK, Pa., July 20 /PRNewswire/ -- York International Corporation (NYSE: YRK) today reported record sales for the second quarter of 1993.
 Second quarter ended June 30 1993 1992
 Sales $531.2 $517.5
 Income from Operations 50.3 54.1
 Income Before the Extraordinary
 Item and Cumulative Effect
 of Changes in Accounting Methods 26.2 23.7
 Net Income (Loss) $ 26.2 $ 5.4
 Earnings per share:
 Before Extraordinary Item and
 Cumulative Effect of Changes in
 Accounting Methods $ 0.70 $ 0.63
 Net Income $ 0.70 $ 0.14
 (All figures in millions of dollars,
 except per share amounts)
 Sales for the quarter ended June 30, 1993, were $531.2 million as compared to $517.5 million reported for the second quarter of 1992, an increase of 2.7 percent. Income from Operations for the second quarter of 1993 was $50.3 million compared to $54.1 million for the second quarter of 1992. Income Before the Extraordinary Item and the Cumulative Effect of Changes in Accounting Methods was $26.2 million ($0.70 per share) for the second quarter of 1993 as compared to $23.7 million ($0.63 per share) for the second quarter of 1992. The Extraordinary Charge of $18.3 million in the second quarter of 1992 resulted from the write-off of fees and expenses associated with the refinancing of York's credit facility. Net Income for the second quarter was $26.2 million ($0.70 per share) as compared to $5.4 million ($0.14 per share) for the second quarter of 1992.
 "We are pleased to report record results for the second quarter of 1993, despite weakness in some of our global markets" said Robert N. Pokelwaldt, York's Chairman, President and Chief Executive Officer. "However, persistent weakness in the domestic economy, and the prospect of a continued deterioration of the Western European economies, has created an uncertain environment for our Company, and we do not believe that we will see an economic recovery, particularly in Europe, in the near future. In spite of this weakness, we believe that our 1993 performance will be better than 1992 performance by approximately five to ten percent and we will continue to do whatever is necessary to strengthen the Company and position ourselves for continued long-term success. York International Corporation's long term business fundamentals remain strong and we remain optimistic about the opportunities in the HVAC&R industry."
 York International Corporation is a full-line, global manufacturer of heating, ventilating, air conditioning and refrigeration products. York is the second-largest HVAC&R manufacturer in the United States and a leading competitor in the industry internationally. The Company's products are sold in more than 100 countries and York has over 12,500 employees worldwide.
 YORK INTERNATIONAL CORPORATION AND SUBSIDIARIES
 Consolidated Condensed Statements of Operations
 (Thousands of dollars except per share data)
 Periods ended Six Months Three Months
 6/30/93 6/30/92 6/30/93 6/30/92
 Net Sale $ 978,009 $ 956,815 $ 531,229 $ 517,508
 Cost of Goods Sold 761,318 734,694 408,578 394,761
 Gross Profit 216,691 222,121 122,651 122,747
 Selling, General and
 Administrative
 Expenses 132,958 126,651 68,982 65,619
 Income from Operations
 Before Purchase
 Accounting Amortization 83,733 95,470 53,669 57,128
 Purchase Accounting
 Amortization 6,446 6,154 3,369 3,077
 Income From Operations 77,287 89,316 50,300 54,051
 Interest Expense, net 11,404 26,308 6,017 11,897
 Equity in Earnings
 of Affiliates 1,040 755 408 487
 Income Before Income Taxes
 and Extraordinary Item 66,923 63,763 44,691 42,641
 Provision for
 Income Taxes 27,706 29,220 18,502 18,925
 Income Before Extraordinary
 Item and Cumulative
 Effect of Changes
 in Accounting Methods 39,217 34,543 26,189 23,716
 Extraordinary Item -
 Charge from Early
 Extinguishment of Debt --- 18,348 --- 18,348
 Cumulative Effect of
 Changes in Accounting
 Methods (51,920) --- --- ---
 Net Income (Loss) $(12,703) $ 16,195 $ 26,189 $ 5,368
 Earnings per Share of
 Common Stock:
 Income before Extraordinary
 Item and Cumulative Effect
 of Changes in Accounting
 Methods $ 1.04 $ 0.98 $ 0.70 $ 0.63
 Extraordinary $ --- $ (0.52) $ --- $ (0.49)
 Cumulative Effect of Changes
 in Accounting Methods (1.38) --- --- ---
 Net Income (Loss) $ (0.34) $ 0.46 $ 0.70 $ 0.14
 Weighted Average
 Common Shares
 Outstanding
 (in thousands): 37,710 35,150 37,672 37,709
 YORK INTERNATIONAL CORPORATION AND SUBSIDIARIES
 Consolidated Condensed Balance Sheets
 (thousands of dollars)
 ASSETS June 30, December 31,
 CURRENT ASSETS: 1993 1992
 Cash and Cash Equivalents $ 3,023 $ 5,125
 Receivables 339,302 257,672
 Inventories:
 Raw Materials 81,823 83,981
 Work in Process 96,399 76,591
 Finished Goods 131,329 132,877
 Total Inventories 309,551 293,449
 Prepayments and Other
 Current Assets 32,827 22,689
 Total Current Assets 684,703 578,935
 Unallocated Excess of Costs
 Over Net Assets Acquired 382,533 377,113
 Investments in Affiliates 6,821 5,748
 Property, Plant and
 Equipment, Net 206,228 190,151
 Deferred Charges and Other Assets 17,673 12,467
 Total Assets $ 1,297,958 $ 1,164,414
 LIABILITIES AND STOCKHOLDERS' EQUITY
 CURRENT LIABILITIES:
 Notes Payable and Current Portion
 of Long-Term Debt $ 70,888 $ 56,305
 Accounts Payable and
 Accrued Expenses 375,275 354,065
 Income Taxes 7,118 3,426
 Total Current Liabilities 453,281 413,796
 Warranties 14,779 16,175
 Deferred Income Taxes 2,551 16,357
 Long-Term Debt 262,678 227,425
 Other Long-Term Liabilities 124,175 35,409
 Total Liabilities 857,464 709,162
 Stockholders' Equity 440,494 455,252
 Total Liabilities and
 Stockholders' Equity $ 1,297,958 $ 1,164,414
 /delval/
 -0- 7/20/93
 /CONTACT: Helen Marsteller of York International, 717-771-7451/
 (YRK)


CO: York International Corporation ST: Pennsylvania IN: SU:

CC -- PH038 -- 3645 07/20/93 18:16 EDT
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Date:Jul 20, 1993
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