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GENERAL CABLE FIRST QUARTER 1993 RESULTS

 HIGHLAND HEIGHTS, Ky., April 29 /PRNewswire/ -- General Cable Corporation (NASDAQ: GENC) today reported a 1993 first quarter net loss of $8.5 million or $.65 per share compared with a 1992 first quarter net loss of $5.7 million, which included recognition of a $7.5 million gain from the adoption of a new accounting standard. Net sales for the 1993 first quarter decreased to $197.9 million from $204.3 million in the same period of 1992.
 General Cable's net loss for the first quarter of 1993 includes $7.0 million in interest expense primarily for amounts due to The Penn Central Corporation in connection with the distribution of General Cable's common stock on July 1, 1992, and a charge of $163,000 related to the adoption on January 1, 1993 of Statement of Financial Accounting Standards ("SFAS") No. 106 -- "Employers' Accounting for Postretirement Benefits Other Than Pensions." General Cable has elected prospective recognition of the transition obligation under SFAS 106. The net loss for the first quarter of 1992 included recognition of a $7.5 million gain for the cumulative effect of the adoption of SFAS No. 109 -- "Accounting for Income Taxes" effective January 1, 1992.
 The operating loss for the first quarter of 1993 was $1.8 million as compared to a loss of $13.0 million for the same period of 1992. Lower sales in the 1993 period were offset by savings and efficiencies from recent restructuring activities. Shareholders' equity at March 31, 1993 was $210.1 million or $16.16 per share.
 General Cable manufactures and markets electrical, electronic and telecommunications wire and cable under the Carol Cable(A), Capital Wire & Cable, Romex(A), Saturday's Helper(A), Philadelphia Insulated Wire and General Cable brand names for the construction, consumer, automotive, OEM, and telecommunications markets.
 (A) -- Registered trademarks of General Cable Corporation.
 GENERAL CABLE CORPORATION
 (In Millions, Except Per Share Amount)
 SUMMARY FINANCIAL INFORMATION
 Three Months Ended
 March 31
 1993 1992
 Net Sales $197.9 $204.3
 Operating income (loss) $ (1.8) $(13.0)
 Interest expense $ (7.0) ---
 Income (loss) before income taxes $ (8.5) $(13.0)
 Income (loss) before cumulative
 effect of accounting change $ (8.5) $(13.2)
 Cumulative effect of accounting
 change --- $ 7.5
 Net income (loss) $ (8.5) $ (5.7)
 Net income (loss) per share $ (.65) (A)
 Average common shares outstanding 13.0 (A)
 (A) -- Not applicable as General Cable was a subsidiary of The Penn Central Corporation in this period.
 -0- 4/29/93
 /CONTACT: Robert J. Siverd, senior vice president, General Cable Corporation, 606-572-8890/
 (GENC)


CO: General Cable Corporation ST: Kentucky IN: SU: ERN

KL -- CL014 -- 2561 04/29/93 10:35 EDT
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Publication:PR Newswire
Date:Apr 29, 1993
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