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ZURN ANNOUNCES FIRST QUARTER EARNINGS UP 17 PERCENT

 ERIE, Pa., July 22 /PRNewswire/ -- Zurn Industries, Inc. (NYSE: ZRN), a leading designer, constructor and manufacturer of systems and equipment for power generation and water control, and Lynx golf clubs, announced today that net income for the quarter ended June 30, 1993, was $6,569,000, or $.53 per share, compared to last year's $5,635,000, or $.45 per share.
 Sales for the quarter were $288,776,000 compared to last year's $143,244,000.
 The sales increase is primarily attributable to the Power Systems segment whose revenues for the quarter were $208,400,000, up $147,651,000 from a year ago, reflecting major equipment installations and a higher level of construction activity for power generation projects this year. The lower growth in net income reflects the early construction stages of the Power Systems projects and lower Lynx Golf sales.
 Water Control segment revenues of $61,474,000 were up 5 percent over last year. Sales of plumbing products and revenues from water resource construction projects both increased. Businesses which have been sold contributed $5,144,000 to the segment's sales last year.
 Lynx Golf sales of $9,729,000 were down from last year's all-time high quarterly sales of $13,378,000 and were lower due to continuing delays in the production of the new line of metal woods.
 Orders backlog at June 30, 1993, was $378 million, down from $581 million at the beginning of the fiscal year and $410 million a year ago. Reflecting the high level of revenues for the quarter, Power Systems' orders backlog declined to $232 million compared to $277 million a year earlier and $422 million at March 31, 1993. Water Control orders backlog was $126 million at June 30, 1993, compared to $108 million a year earlier.
 Chairman George H. Schofield stated, "As Power Systems contracts progress we expect significant improvements in the segment's profitability. Although our manufacturing businesses are being impacted by the low levels of non-residential construction and industrial activity, new product introductions continue to help the plumbing products business increase sales in an off market." He added, "The U.S. golf market has been below last year in recent months, but we continue to anticipate that Lynx will return to profitability this year."
 ZURN INDUSTRIES, INC.
 Condensed Statements of Consolidated Operations
 (Thousands, except per share amounts)
 Three Months Ended June 30 1993 1992
 Net sales
 Power Systems $208,400 $60,749
 Water Control 61,474 58,523
 Lynx Golf 9,729 13,378
 Others 9,173 10,594
 288,776 143,244
 Income before income taxes 10,509 8,945
 Provision for income taxes 3,940 3,310
 Net income 6,569 5,635
 Earnings per share $.53 $.45
 Average shares outstanding 12,513 12,613
 /delval/
 -0- 7/22/93
 /CONTACT: Steve Adams of Zurn Industries, 814-452-2111/
 (ZRN)


CO: Zurn Industries, Inc. ST: Pennsylvania IN: OIL ENV SU: ERN

DM -- PG017 -- 4841 07/22/93 18:03 EDT
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Publication:PR Newswire
Date:Jul 22, 1993
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