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EAGLE-PICHER INDUSTRIES ANNOUNCES YEAR-END RESULTS AND A SUBSTANTIAL INCREASE IN OPERATING INCOME

 CINCINNATI, Feb. 3 /PRNewswire/ -- Eagle-Picher Industries (NYSE: EPI) today announced that for the fiscal year ended Nov. 30, 1992, operating income increased to $46.6 million from $18.8 million for the previous year. Sales for the fiscal year were $611.5 million compared with $598.6 million. Net income in fiscal 1992 was $28.9 million or $2.63 per share compared with a net loss of $15.8 million or $1.44 per share for the previous year. The net loss in 1991 was affected by plant shut-downs, losses on asset sales, reorganization items, and other non-operating items. Cash increased by $23.8 million during the year and totaled $78.1 million at year-end. In comparison, cash at year-end 1991 was $54.3 million, and at year-end 1990 was $16.1 million. The company expects that its operations will continue to generate positive cash flows. There were no short-term cash borrowings at any time during the past year. During fiscal 1992, the company incurred costs of $9.0 million related to the administration of the reorganization cases.
 Thomas E. Petry, Eagle-Picher chairman, said that, "Fiscal 1992 was a very successful year for Eagle-Picher Industries. Although a sluggish economy prevailed throughout the year, certain segments exhibited vitality while others were in cyclical declines. Major reasons for the strength of the operating performance were the wide diversity of the company's operations and the ability of several operations to participate in growing areas of the economy. Operating income for fiscal 1992 increased substantially over 1991 levels on a very modest increase in sales volume. Much of the increase in operating income was from improved performance by the automotive group with lesser contributions from certain operations in the industrial group and the machinery group. Weakness in the capital goods markets, construction markets, and the defense industry was evident throughout the year.
 "It remains difficult to predict when the company will emerge from Chapter 11. The formulation of a confirmable reorganization plan is an extremely time consuming process in view of many issues which must be addressed. The company's primary goal continues to be the confirmation of a reorganization plan that will satisfactorily address all of the company's pre-petition liabilities and permit the company to emerge from Chapter 11 as a viable, appropriately capitalized, competitive enterprise.
 "On the operating front all indications would suggest a slight improvement in the domestic economy in 1993. Forecasts from the company's operations indicate another year of modest growth in the North American automotive market with weakness in the European and Japanese markets. Operations serving capital goods markets experienced some improvement in orders late in the year. Reductions in defense spending, however, likely will cause softness in certain businesses. Overall, the company's operations are continuing to compete successfully under existing conditions and are prepared to participate in any economic improvement in 1993."
 The figures follow:
 (Data in thousands except per share)
 Three Months ended Nov. 30 1992 1991
 Net sales $161,329 $153,696
 Operating income 12,749 7,917
 Gain on sale or disposition of operations -- 1,549
 Other non-operating items (2,596) (1,483)
 Reorganization items (2,279) (4,348)
 Income before taxes 7,874 3,635
 Net income 7,274 2,435
 Net income per share .66 .22
 Average shares 10,978 10,978
 Year ended Nov. 30 (audited) 1992 1991
 Net sales $611,458 $598,631
 Operating income 46,560 18,849
 Gain (loss) on sale or disposition
 of operations -- (12,326)
 Other non-operating items (5,636) (7,311)
 Reorganization items (9,038) (12,124)
 Income (loss) before taxes 31,886 (12,912)
 Net income (loss) 28,886 (15,812)
 Net income (loss) per share 2.63 (1.44)
 Average shares 10,978 10,978
 -0- 2/3/93
 /CONTACT: J. Rodman Nall of Eagle-Picher Industries Inc. 513-721-7010/
 (EPI)


CO: Eagle-Picher Industries Inc. ST: Ohio IN: SU: ERN

SM -- CL010 -- 2313 02/03/93 10:47 EST
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Date:Feb 3, 1993
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