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AMERICAN FILTRONA ANNOUNCES RESULTS

 AMERICAN FILTRONA ANNOUNCES RESULTS
 RICHMOND, Va., April 23 /PRNewswire/ -- American Filtrona


Corporation (NASDAQ-NMS: AFIL) reported today that for the 1992 first quarter net sales of $36.4 million were up 2 percent from $35.5 million last year, pretax income of $1.7 million was down 33% from $2.5 million, net income of $1.1 million was down 31 percent from $1.6 million, and earnings per share of 30 cents were down 30 percent from 43 cents compared to the first quarter of 1991.
 The bonded fibers segment posted improved operating results over last year's first quarter. In the plastic products segment, earnings of our established plastic extrusion companies were somewhat lower because of several soft markets. At the new Phoenix extrusion plant heavy start-up expenses and delayed customer order releases resulted in a loss greater than projected. Filpac losses continued in a weak market. The industrial filtration segment broke even for the quarter. Investment and other income were down substantially because of lower interest income and sharply reduced commissions.
 Unaudited amounts (in thousands) for the three months ended March 31 follow:
 Three Months
 1992 1991
 Net sales $36,405 $35,536
 Investment and other income 205 574
 Total revenues 36,610 36,110
 Costs and expenses 34,913 33,568
 Income before income taxes 1,697 2,542
 Income taxes 600 950
 Net income $ 1,097 $ 1,592
 Average shares outstanding 3,710 3,719
 Earnings per share $ 0.30 $ 0.43
 -0- 4/23/92
 /CONTACT: John L. Morgan or John D. Barlow, Jr., American Filtrona Corporation, 804-346-2400/
 (AFI) CO: American Filtrona, Inc. ST: Virginia IN: TOB SU: ERN


CM -- CH013 -- 1867 04/23/92 12:03 EDT
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Publication:PR Newswire
Date:Apr 23, 1992
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