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ATHEY PRODUCTS ANNOUNCES RESULTS

 ATHEY PRODUCTS ANNOUNCES RESULTS
 RALEIGH, N.C., Oct. 30 /PRNewswire/ -- The following is an earnings


announcement letter to shareholders of Athey Products Corporation (NASDAQ: ATPC) from Company President and Chief Executive Officer James D. Cloonan:
 TO THE SHAREHOLDERS:
 Athey's Third Quarter net sales and net loss figures are $4,692,445 and ($949,072), respectively. Included in the Third Quarter loss is a $300,000 reserve established for an insurance settlement, and a $454,000 reserve established for a potentially uncollectable account receivable. Athey anticipates receiving full reimbursement for the insurance reserve payable over the next two years.
 Shown below are the results for the first nine months of 1992 and 1991:
 1992 1991
 Third Qtr. Nine Months Third Qtr. Nine Months
 Net Sales $ 4,692,445 $16,446,486 $ 5,510,145 $18,706,682
 Earnings (Loss)
 Before Income
 Taxes (1,434,072) (2,041,538) (1,800,039) (2,170,897)
 Provision For
 Income Taxes (485,000) (692,000) (720,900) (869,200)
 Net Earnings
 (Loss) $ (949,072) $(1,349,538) $(1,079,139) $(1,301,697)
 Per
 Share (A) $ (.25) $ (.35) $ (.28) $ (.34)
 (A) -- Based on 3,803,430 shares.
 Although Third Quarter sales and projected Fourth Quarter sales appear flat, current inquiries from our dealer network and customer base indicate that market conditions may be improving. Aggressive product development and cost cutting programs put in place during the past few years have positioned your Company to take advantage of renewed customer equipment needs.
 Very truly,
 ATHEY PRODUCTS CORPORATION
 (Sig)
 James D. Cloonan
 President and
 Chief Executive Officer
 -0- 10/30/92
 /CONTACT: James D. Cloonan, President and Chief Executive Officer, Athey Products Corporation, 919-556-5171/
 (ATPC) CO: Athey Products Corporation ST: North Carolina IN: SU: ERN


SB -- CH006 -- 7223 10/30/92 15:10 EST
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Date:Oct 30, 1992
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