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BANNER AEROSPACE REPORTS FIRST HALF EARNINGS

 BANNER AEROSPACE REPORTS FIRST HALF EARNINGS
 CLEVELAND, Nov. 6 /PRNewswire/ -- Banner Aerospace, Inc.


(NYSE: BAR), a major supplier to the world's airlines and the aerospace/aviation industry, today reported net income of $1,354,000, or seven cents per share, on sales of $64,181,000 for the fiscal second quarter ended Sept. 30. In last year's second quarter, net income was $2,548,000, or 14 cents per share, on sales of $67,774,000.
 The Cleveland-based company said that results continued to be adversely affected by the worldwide recession and the financial and operating problems of the world's air carriers, Banner's principal customer category. The company also reported that sales to aerospace original equipment manufacturers and to the corporate and general aviation industry continue to be impaired by the recessionary business climate.
 Banner said that intense price competition and its policy of aggressive pricing to maintain or increase market share reduced profit margins in the quarter and for the first six months. The company said earnings also were affected by expansion programs including expenses associated with a new European distribution center in Hamburg, Germany and costs related to the start-up of a major just-in-time delivery program for a manufacturer of aircraft engine nacelle systems.
 Net income for the current year's first six months amounted to $2,555,000, or 14 cents per share, down from $5,743,000, or 32 cents per share, a year ago. Sales for the six months this year were $127,717,000 versus $131,056,000 last year.
 The company reported a strong financial position with current assets as of Sept. 30 amounting to $233,444,000, 5.9 times current liabilities and 1.6 times total liabilities. Working capital amounted to $193,762,000. Stockholders' equity was $124,409,000, or $6.91 per share.
 Banner Aerospace is a leading international supplier to the aerospace/aviation industry. Products include jet engines and engine components, avionic, hydraulic and electrical systems, fasteners, bearings and other airframe components. The company also processes insulated electrical wire for the aerospace/aviation market, sells refurbished corporate aircraft including helicopters and jet and turboprop airplanes and repairs corporate aircraft engines.
 BANNER AEROSPACE, INC.
 Consolidated Income Statements
 (in thousands, except per share data)
 Three Months Six Months
 Period ended September 30, 1992 1991 1992 1991
 Net sales $64,181 $67,774 $127,717 $131,056
 Cost of goods sold 44,983 46,871 89,517 88,438
 Gross profit 19,198 20,903 38,200 42,618
 Selling, general and
 administrative expenses 15,061 14,597 30,386 28,813
 Operating income 4,137 6,306 7,814 13,805
 Interest Expense 1,893 2,148 3,589 4,462
 Income before taxes 2,244 4,158 4,225 9,343
 Provision for taxes 890 1,610 1,670 3,600
 Net Income $1,354 $2,548 $2,555 $5,743
 Earnings per common share $ .07 $ .14 $ .14 $ .32
 Weighted average number of
 shares 18,000 18,000 18,000 18,000
 Consolidated Balance Sheets
 September 30, 1992 and March 31, 1992
 (In thousands)
 Sept. 30, March 31,
 1992 1992
 ASSETS
 Current Assets
 Cash $ --- $ 1,850
 Receivables 40,065 38,006
 Inventories 186,030 169,078
 Other 7,349 1,945
 Total 233,444 210,879
 Net fixed assets 7,959 8,054
 Other assets 32,031 32,359
 Total $273,434 $251,292
 LIABILITIES & EQUITY
 Current Liabilities
 Bank Overdraft $ 644 $ ---
 Current debt 7,252 423
 Accounts payable 20,955 17,408
 Other liabilities 10,831 12,754
 Total 39,682 30,585
 Long-term debt 109,100 98,525
 Other 243 328
 Stockholders' equity 124,409 121,854
 Total $273,434 $251,292
 -0- 11/6/92
 /CONTACT: Warren D. Persavich of Banner Aerospace, Inc., 216-464-3650/
 (BAR) CO: Banner Aerospace, Inc. ST: Ohio IN: ARO AIR SU: ERN


KK -- CL014 -- 8273 11/06/92 15:33 EST
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Date:Nov 6, 1992
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