Harmon Announces Second Quarter Results up 29 Percent

BLUE SPRINGS, Mo. (Thursday, August 1, 1996) -- Harmon Industries Inc. today announced record results for the second quarter ended June 30, 1996.

Sales in the second quarter were an all-time record $39.1 million, an increase of 19 percent from $32.9 million in the second quarter of 1995. Net earnings were a record $2.7 million for the three months ended June 30, compared with $2.1 million a year ago, an increase of 29 percent. Earnings per share were $0.39 for the second quarter of 1996, compared with $0.30 for the second quarter of 1995.

For the six months ended June 30, sales increased more than 24 percent to $77.5 million from $62.3 million in 1995. Net earnings increased by 71 percent to $4.7 million compared with $2.8 million in 1995. Earnings per share were $0.69 in the first six months, compared with $0.41 in the same period last year.

"Our excellent performance this quarter is the result of our technological strength and strong emphasis on customer service," said Björn Olsson, president and chief executive officer. "Our focus on complete solutions, including engineering, products, just-in-time delivery and innovative services is directly in line with the expectations of our major customers, and provides an excellent foundation for the remainder of 1996."

Harmon Industries, Inc., a leading supplier of signal and train control products to railroads and rail transit systems throughout North America and the world, is traded on the Nasdaq Stock Market under the symbol "HRMN." For further information, please contact Charles M. Foudree, executive vice president-finance and chief financial officer, Harmon Industries, Inc., 1300 Jefferson Court, Blue Springs, MO 64015. The telephone number is (816) 229-3345.

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