Ionics Inc, USA

Filtration Industry Analyst

December 1998

Waterlink Inc, USA

Ionics Inc, USA

Key Figures(US$ million) Fourth quarter ended 30.9

Key Figures(US$ million) Third quarter ended 30.9

1998

1997

Net Sales

40.9

23.7

Cost of Sales

26.9

15.3

Gross Profit

14.0

8.3

Operating Income/(Loss)

(17.8)

2.0

Net Income/(Loss)

(19.6)

1.2

1998

1997

Revenues

88,9

85.1

Cost of Sales

60.9

57.0

Income from Operations

7.6

10.4

Net Income

5.2

7.2

Nine months ended 30.9 1998

1997

Revenues

248.1

259.3

165.0

174.6

Twelve months ended 30.9 1998

1997

135.2

64.7

Cost of Sales

Cost of Sales

85.5

40.4

Income from Operations

23.1

31.2

Gross Profit

49.6

24.3

Net Income

15.8

21,4

Operating Income/(Loss)

(12.5)

2.2

Net Income/(Loss)

(17.5)

0.3

Net Sales