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GENERAL CABLE REPORTS IMPROVEMENT IN THIRD QUARTER RESULTS

 HIGHLAND HEIGHTS, Ky., Oct. 26 /PRNewswire/ -- General Cable Corporation (NASDAQ: GENC) today reported a 1993 third quarter net loss of $7.2 million or $.55 per share compared with a 1992 third quarter net loss of $13.5 million or $1.04 per share. The 1993 quarterly loss includes a $2.0 million reduction in inventory carrying values due to a decrease in the price of copper in September 1993 compared to June 1993. Net sales for the third quarter of 1993, which were impacted by declining copper prices, decreased to $219.6 million from $236.6 million in the same period in 1992.
 For the first nine months of 1993, General Cable's net loss was $24.5 million or $1.88 per share as compared with a net loss of $24.6 million for the first nine months of 1992. The 1992 period loss included recognition of a $7.5 million gain from the adoption of a new accounting standard for income taxes and $7.4 million of interest expense primarily for debt issued to The Penn Central Corporation ("Penn Central") in connection with the distribution of General Cable's Common Stock on July 1, 1992. The 1993 nine-month loss also reflects $21.7 million in interest expense and a $5.5 million lower of cost or market inventory charge. No interest expense was incurred for the first half of 1992. Net sales for the nine-month period ending Sept. 30, 1993, were $639.4 million versus $685.8 million in the 1992 period. Shareholders' equity at Sept. 30, 1993, was $178.8 million or $13.75 per share.
 General Cable's operating results have continued to improve in 1993 over 1992. Operating income for the third quarter of 1993 was $0.4 million (including the $2.0 million inventory charge), as compared to an operating loss of $5.1 million for the third quarter of 1992. The operating loss for the nine months of 1993 was $2.9 million (including the $5.5 million inventory charge), as compared to a loss of $23.1 million for the same period in 1992.
 General Cable manufactures and markets electrical, electronic and telecommunications wire and cable under the Carol Cable, Capital Wire & Cable, Romex, Saturday's Helper, Philadelphia Insulated Wire and General Cable brand names for the construction, consumer, automotive, original equipment manufacturer, and telecommunications markets.
 Carol Cable, Romex and Saturday's Helper are registered trademarks of General Cable Corporation.
 GENERAL CABLE CORPORATION
 (In Millions, Except Per Share Amounts)
 SUMMARY FINANCIAL INFORMATION
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Net sales $219.6 $236.6 $639.4 $685.8
 Operating income (loss) $ .4 $ (5.1) $ (2.9) $(23.1)
 Interest expense $ (7.3) $ (7.4) $(21.7) $ (7.4)
 Income (loss) before
 income taxes $ (7.2) $(12.9) $(24.5) $(30.8)
 Income (loss) before
 cumulative effect of
 accounting change $ (7.2) $(13.5) $(24.5) $(32.1)
 Cumulative effect of
 accounting change --- --- --- $ 7.5
 Net income (loss) $ (7.2) $(13.5) $(24.5) $(24.6)
 Net income (loss) per share $ (.55) $(1.04) $(1.88) (A)
 Average Common Shares
 Outstanding 13.0 13.0 13.0 (A)
 (A) -- Not applicable as General Cable operated as a subsidiary of The Penn Central Corporation for the first six months of 1992.
 -0- 10/26/93
 /CONTACT: Robert J. Siverd, senior vice president, of General Cable Corporation, 606-572-8890/
 (GENC)


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

KL-BM -- CL013 -- 6763 10/26/93 09:23 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
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