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CSC INDUSTRIES REPORTS FIRST QUARTER RESULTS

 WARREN, Ohio, May 13 /PRNewswire/ -- CSC Industries, Inc., today reported its financial results for the first quarter of 1993. Sales and revenues of $48,014,000 were up from last year's first quarter level of $44,992,000. Sales and revenues for the fourth quarter of 1992 were $42,222,000. Sales and revenues were up 7 percent from the last year's first quarter and up 14 percent from the previous quarter. In addition to the increase in volume, the first quarter 1993 price per ton of steel was up 2 percent over the comparable 1992 three-month period, and up 3 percent over the previous quarter.
 A net loss of $5,229,000, or $0.23 per share, is reported in the first quarter of 1993, as compared to a net loss of $99,398,000, or $4.35 per share, as restated, during the first quarter last year. The first quarter loss for 1993 includes a charge of $1,000,000 for Employer's Accounting for Postretirement Benefits other than Pensions (FAS 106). Last year's restated first quarter loss includes a one-time charge of $91,185,000 for the cumulative effect of accounting changes including primarily FAS 106, and the first quarter 1992 charge applicable against earnings for FAS 106 of $1,178,000. (Please see the attached financials for details.)
 Excluding the effects of accounting changes, including FAS 106, the loss for the three-month period ending March 31, 1993, was $4,229,000 as compared to a loss of $7,035,000 for the same period of 1992. This reduction in the period-to-period loss was the result of significant efforts in cost reductions and productivity improvements as detailed in the strategic business plan. Among other things, this plan consists of plans directed towards:
 1. Rationalizing operations to better match demand and to reduce losses.
 2. Eliminating unprofitable product lines.
 3. Progressively increasing production in the 12-inch mill to obtain operating efficiencies and to exploit the high tech capabilities of the mill.
 4. Continuing cost reduction programs.
 5. Limiting capital expenditures to cost reduction or quality improvement projects.
 Donald J. Caiazza, president and chief executive officer, said "Our employees have not only been innovative but have also made great sacrifices in driving our losses to their lowest level in over four years. 1993 is a watershed year for CSC, and we are encouraged with the results of the first quarter directed towards achieving our primary objective of reaching cash flow breakeven by year end. The increases in productivity and the cost reductions that have been achieved have been the result of cooperation and mutual support of all levels within the organization."
 CSC INDUSTRIES, INC.
 FINANCIAL RESULTS
 1993 1992
 Quarter ended March 31
 Sales and Revenues $ 48,014,000 $ 44,992,000
 Loss before OPEB expense and
 cumulative effect of changes
 in accounting principles (4,229,000) (7,035,000)
 OPEB expense (1,000,000) (1,178,000)
 Loss before cumulative effect of
 changes in accounting principles (5,229,000) (8,213,000)
 Cumulative effect of changes in
 accounting principles --- (91,185,000)
 Net loss $ (5,229,000) $(99,398,000)
 Per Share:
 Loss before OPEB expense and
 cumulative effect of changes
 in accounting principles $(.19) $(.31)
 OPEB expense (.04) (.05)
 Loss before cumulative effect of
 changes in accounting principles (.23) (.36)
 Cumulative effect of changes in
 accounting principles --- (3.99)
 Net loss $(.23) $(4.35)
 Shares Outstanding 22,983,523 22,875,328
 -0- 5/13/93
 /CONTACT: Donald J. Caiazza, president and chief executive officer of CSC Industries, Inc., 216-841-6500/


CO: CSC Industries, Inc. ST: Ohio IN: MNG SU: ERN

KL -- CL019 -- 8313 05/13/93 16:47 EDT
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Date:May 13, 1993
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