Flow Announces Fiscal 2010 Second Quarter Results

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Contact:

Flow Investor Relations
Geoffrey Buscher
253-813-3286

investors@flowcorp.com

Flow International Announces Second Quarter Results Showing Sequential Growth In Revenue And Profitability

Kent, WA – December 3, 2009 – Flow International Corporation (NASDAQ: FLOW), the world's leading developer and manufacturer of industrial waterjet machines for cutting and cleaning applications, today reported results for its fiscal 2010 second quarter ended October 31, 2009.

For the quarter, Flow reported consolidated revenues of $42.0 million, an increase of 11% compared to $37.8 million in the first quarter of fiscal year 2010. Revenue in the year-ago quarter was $60.6 million. The Company reported net income of $0.7 million or $0.02 per basic and diluted share, compared to net income of $0.4 million or $0.01 per basic and diluted share a year ago. Net income for the quarter just ended includes a $0.6 million gain recognized on the sale of Flow’s building in Taiwan as part of the Company’s consolidation of its manufacturing facilities. Excluding that gain and related tax effects, net income for the quarter would have been $0.2 million or $0.01 per basic and diluted share.

"Sales from all sectors of our business, Standard systems, Advanced systems and consumable parts, all grew at double digit rates compared to the first quarter, the first time we have had a quarterly sequential increase in revenues since one year ago," said Charley Brown, President and CEO of Flow. "We are encouraged by the signs of sequential growth coming from many parts of our business. Through the combination of revenue growth and cost reductions implemented over the past year, we were able to improve our operating results. We continue to believe that the changes we have made position us to exit the recession in an even stronger position than when it began."

Operations Review

For the fiscal 2010 second quarter:

target="_blank">Consolidated Statement of Income and Supplemental Data >>

Conference Call

Flow plans to hold a conference call to discuss these results today: Thursday, December 3rd at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The conference call may be heard by dialing 888-686-9704 or 913-312-1462. A 48-hour replay will be available following the call by dialing 888-203-1112 or 719-457-0820; the replay passcode is 8564621. A live audio Webcast of the conference call may be found in theinvestor section. A Webcast replay of the call will also be available for two weeks.

About Flow International

Flow International Corporation is the world’s leading developer and manufacturer of ultrahigh-pressure waterjet cutting technology to industries including automotive, aerospace, job shop, surface preparation, and more. For more information, visitwww.flowcorp.com.

This press release contains forward-looking statements relating to future events or future financial performance that involve risks and uncertainties. The words "believe," "expect," "intend," "anticipate," variations of such words, and similar expressions identify forward-looking statements but their absence does not mean that the statement is not forward-looking. These statements are only predictions and actual results could differ materially from those anticipated in these statements based on a number of risk factors, including those set forth in the Company’s filings with the Securities and Exchange Commission. Forward- looking statements in this press release include, without limitation, statements regarding sequential growth in revenue and the anticipated strength of the Company as it exits the recession. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this announcement.

News Source : Flow Announces Fiscal 2010 Second Quarter Results