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FAIRCHILD INDUSTRIES REPORTS FISCAL 1992 FOURTH QUARTER AND ANNUAL RESULTS

 FAIRCHILD INDUSTRIES REPORTS FISCAL 1992
 FOURTH QUARTER AND ANNUAL RESULTS
 CHANTILLY, Va., Sept. 11 /PRNewswire/ -- Fairchild Industries, Inc., a subsidiary of the Fairchild Corporation, today reported net earnings of $14,255,000 for the fiscal year ended June 30, 1992. This compared with fiscal 1991 earnings of $17,890,000. For the fourth quarter of fiscal 1992, Fairchild's net earnings were $7,130,000 compared with earnings of $8,310,000 for the same quarter of fiscal 1991. The company made excellent progress in the latter half of fiscal 1992, in spite of the impact of the recession. Although operating income was down $11,946,000 or 20.8 percent in fiscal 1992 compared to fiscal 1991, fiscal 1992 fourth quarter operating income was up $3,649,000 or 27.0 percent as compared to the fiscal 1991 fourth quarter. The improved operating income in the recent fourth quarter resulted from higher operating income in the Industrial Products and Communications Services segments and lower corporate administrative expense, offset partially by lower operating income in the Aerospace Fasteners segment.
 Total sales for fiscal 1992 were $489,780,000 compared to $515,652,000 for fiscal 1991. For the 1992 fourth quarter, sales totaled $123,807,000 compared to $130,488,000 in the prior year fourth quarter. Increases in sales in the Industrial Products and Communications Services segments, in both the current year and recent quarter, were offset by lower sales in the Aerospace Fasteners segment.
 Investment income was up $883,000 in the current year over the prior year primarily due to an additional $1.0 million of dividends realized on participating pension annuity contracts. The fiscal 1992 fourth quarter investment income was lower than the prior year due to timing of these dividends. Net interest expense decreased $3,573,000 for the fiscal 1992 year and $959,000 in the fiscal 1992 fourth quarter compared to the prior year periods.
 Chairman and Chief Executive Officer, Jeffrey J. Steiner, stated, "We have made aggressive cuts in operating costs, especially in our Aerospace Fasteners segment, where staffing levels have been significantly reduced. While the cost of severance has lead to a $2.5 million pretax restructuring charge in fiscal 1992, the estimated annualized cost savings from the eliminated positions together with other operating expense reductions is in excess of $9 million."
 Steiner also stated that "Fairchild is well positioned companywide to capitalize on improvements in the commercial aviation industry and the general economy."
 The Fairchild Corporation is a leading supplier of aerospace and industrial products and communications services.
 FAIRCHILD INDUSTRIES, INC.
 Summary Income Statement
 (In thousands, except per share data)
 Periods Ended Fourth quarter Year
 June 30 1992 1991 1992 1991
 Sales by business segment:
 Aerospace fasteners $73,100 $85,221 $299,270 $336,274
 Industrial products 35,704 31,408 132,238 131,153
 Communications services 15,003 13,859 58,272 48,225
 Total 123,807 130,488 489,780 515,652
 Total segment operating
 income (A) 15,400 13,592 44,303 57,256
 Corporate income (expense)
 net 1,742 (99) 1,127 120
 Total operating income 17,142 13,493 45,430 57,376
 Net interest expense 6,569 7,528 27,144 30,717
 Investment income (expense) 2,066 6,183 7,066 6,183
 Equity earnings net of
 minority interest 78 567 319 523
 Earnings before income taxes 12,717 12,715 25,671 33,365
 Income tax provision 5,587 4,405 11,416 15,475
 Net earnings 7,130 8,310 14,255 17,890
 (A) Includes $2.5 million restructuring charge within the Aerospace Fasteners segment fiscal 1992.
 -0- 9/11/92
 /CONTACT: Mike Alcox, chief financial officer of Fairchild, 703-478-5824/
 (FA) CO: Fairchild Industries, Inc. ST: Virginia IN: ARO SU: ERN


PS-LR -- NY054 -- 8629 09/11/92 16:38 EDT
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Date:Sep 11, 1992
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