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AVONDALE REPORTS 1992 OPERATING RESULTS

 NEW ORLEANS, Feb. 22 /PRNewswire/ -- Avondale Industries, Inc. (NASDAQ-NMS: AVDL) today reported a net loss for the year ended Dec. 31, 1992 of $11.2 million compared with a net loss in 1991 of $140.9 million.
 Revenues for 1992 totaled $592.0 million compared with $776.7 million in 1991.
 For the fourth quarter of 1992, the company reported a net loss of $3.2 million compared with a net loss of $11.6 million a year earlier. Revenues for the fourth quarter of 1992 totaled $125.1 million vs. $176.0 million in the fourth period of 1991.
 Albert L. Bossier Jr., chairman and chief executive officer, indicated that the fourth quarter results included non-recurring charges, principally the writedown of certain assets, totaling approximately $4.0 million. He said: "These charges, which did not affect the company's cash flow, more than offset the income generated from operations during the quarter and resulted in an operating loss of $318,000. We were profitable in both the second and third quarters, and the fourth quarter profits would have been higher than either of the two preceding quarters but for the non-recurring charges. Avondale's operating income of $7.5 million for 1992 clearly indicates the results of actions to stabilize our contract performance and maximize cash flow."
 "We are continuing to either complete or near the final deliveries on several multi-ship programs that have been in our backlog for several years," remarked Bossier. "Avondale's shipyard activities during 1992 included the delivery of nine vessels to the U.S. Navy, each of which was part of one of these programs. Deliveries will remain at a high level through 1993, and our marketing strategy remains one of using this period to obtain other Naval and commercial contracts, as available, while aggressively expanding and diversifying our base of business."
 Avondale Industries, Inc., headquartered in metro New Orleans, is one of the nation's leading marine fabricators. In addition to its shipbuilding operations, the company specializes in boat construction and is a major repair contractor for commercial and Navy ships. It is also involved in the modular construction of plants and components for a variety of land-based industries.
 AVONDALE INDUSTRIES, INC.
 (In thousands of dollars, except per share amounts)
 Qtr. ended Year ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Revenues $ 125,143 $ 176,005 $ 592,011 $ 776,725
 Income (loss) from opers. (318) (110,412) 7,546 (121,471)
 Net interest expense 2,842 1,848 10,622 9,307
 Net ESOP contribution --- 6,000 8,141 24,000
 Income tax (benefit) --- (2,300) --- (13,900)
 Net loss $ (3,160) $(115,960) $ (11,217) $(140,878)
 Loss per share of
 common stock $ (.22) $ (8.03) $ (.78) $ (9.76)
 -0- 2/22/93
 /CONTACT: Thomas M. Kitchen of Avondale Industries, 504-436-5237/
 (AVDL)


CO: Avondale Industries, Inc. ST: Louisiana IN: MAR SU: ERN

RA-BN -- AT018 -- 8936 02/22/93 11:47 EST
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Publication:PR Newswire
Date:Feb 22, 1993
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