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IN YEAR OF RECORD BANKRUPTCIES, TURNAROUND MANAGEMENT ASSOCIATION AWARDS MOST SUCCESSFUL CORPORATE RENEWALS

IN YEAR OF RECORD BANKRUPTCIES, TURNAROUND MANAGEMENT ASSOCIATION
 AWARDS MOST SUCCESSFUL CORPORATE RENEWALS
 CHICAGO, Nov. 5 /PRNewswire/ -- The Turnaround Management Association (TMA) announced today its list of 10 "Turnaround of the Year" companies. The 10 companies are recognized as the year's most successful corporate turnarounds. Each company, through individual turnaround strategies, worked to return to profitability after experiencing a financially distressed situation.
 TMA, a national, non-profit organization for executives and consultants involved in corporate turnarounds, has conducted this annual research project led by Steve Hochberg, TMA New York chapter president, since 1988. Companies eligible to be considered as successful turnarounds must have common stock listed on the public exchange in the United States and must have experienced at least two consecutive years of net operating losses followed by two consecutive years of net operating gains. In addition, all companies must have had at least $10 million in annual revenues prior to this four year period.
 "TMA looks at the following criteria in choosing the most successful turnarounds: improvement in operating earnings before interest and taxes, change in balance sheet strength, employee productivity and market value of the company's common stock," said Hochberg.
 "With over 100,000 business failures projected for 1992 alone, and knowing that for every company that fails, three others are failing, corporations are increasingly looking to turnaround professionals to save their business," said Gerald P. Buccino, chairman of the Turnaround Management Association. "The 'Turnaround of the Year' award honors those companies that have rebounded through the business savvy of these professionals and can serve as an inspiration to others in this economic downturn."
 For 1992, the 10 "Turnaround of the Year" winners represent companies in growth industries and mature industries. The winners are:
 -- American Pacific Corp., Las Vegas, Nev. (chemicals/real
 estate)
 -- International Rectifier, El Segundo, Calif. (power
 semiconductors)
 -- Zenith Laboratories, Northvale, N.J. (generic pharmaceuticals)
 -- Johnson Products, Chicago, Ill. (ethnic hair products)
 -- Zygo Corp., Middlefield, Conn. (laser measurement equipment)
 -- Medar Inc., Farmington Hills, Mich. (vision measuring systems)
 -- EMC Corp., Hopkinton, Mass. (computer data storage)
 -- Webb, Dell, Phoenix, Ariz. (retirement village developers)
 -- Astronics, Orchard Park, N.Y. (paper products/misc. electronic
 systems)
 -- AEL, Lansdale, Pa. (defense)
 The Turnaround Management Association will hold its 5th Annual Conference at the Mayflower Hotel in Washington on Nov. 15-17. Sessions on a range of topics from the North American Free Trade Agreement and the federal bankruptcy system to examining business concerns in Eastern Europe and the Orient will be offered. Featured speakers will include former U.S. Trade Representative and president and CEO of the Chicago Mercantile Exchange Clayton Yeutter; Robert Waterman, author of "The Renewal Factor"; Rep. Peter Hoagland (D- Neb.); and syndicated columnist George Will.
 The Turnaround Management Association is a national, non-profit organization for executives and professionals engaged in business turnarounds corporate renewal and crisis management. Its membership includes economists, workout specialists, turnaround managers, chief financial officers, bankruptcy attorneys, investment bankers and management consultants. TMA was founded in 1988 through a research grant provided by the Frank Hawkins Kenan Institute of Private Enterprise at the University of North Carolina at Chapel Hill.
 -0- 11/5/92
 /CONTACT: Rory Davenport or Doug Russell for Turnaround Management Association, 202-333-0700/ CO: Turnaround Management Association ST: Illinois IN: SU:


MH -- DC022 -- 7891 11/05/92 16:10 EST
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