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INTERMET REPORTS IMPROVED FOURTH QUARTER & YEAR-END RESULTS; INCREASES QUARTERLY DIVIDEND

 INTERMET REPORTS IMPROVED FOURTH QUARTER & YEAR-END RESULTS;
 INCREASES QUARTERLY DIVIDEND
 ATLANTA, Feb. 12 /PRNewswire/ -- Intermet Corporation (NASDAQ: INMT) today announced fourth quarter net income of $2.5 million ($0.12 per share), bringing net income for the full year to $8.8 million ($0.42 per share). These amounts were up from 1990 when Intermet reported a net loss in the fourth quarter of $11.6 million ($0.54 per share) and a net loss for the year of $10.4 million ($0.49 per share). The 1991 figures include non-recurring gains of $1.9 million in the fourth quarter ($0.09 per share) and $7.3 million for the year ($0.35 per share) from the previously announced sale of Intermet's 60 percent interest in INTAT Precision, Inc. of Rushville, Ind. The 1990 figures include a fourth quarter restructuring charge of $12.5 million related primarily to Intermet's Swedish operations.
 Net sales for the fourth quarter declined 12 percent to $79.2 million from $90.0 million in the fourth quarter of 1990. For the full year, sales were $319.8 million compared to $386.6 million in 1990, a decrease of 17 percent. Almost one-third of the full year decrease was due to units which were in operation during all or part of 1990, but were subsequently sold or closed.
 George W. Mathews Jr., Intermet chairman and chief executive commented on the fourth quarter of 1991, "Operating results were particularly hard hit in the fourth quarter by production inefficiencies at our New River and German foundries and by costs associated with the growth of our machining operations." He continued, "We have already taken corrective action at these two foundry operations and should realize the benefits in the first quarter of 1992."
 Mathews added, "After almost a three year decline in orders from U.S. automotive customers, we expect to see increased sales and improved operating margins resulting from our marketing efforts, expansion of our machining operations and, hopefully, improvement of general economic conditions as 1992 progresses."
 The results reported are unaudited and subject to adjustment.
 The Intermet board of directors today increased the quarterly dividend from $0.03 per share to $0.04 per share, payable March 10, 1992 to shareholders of record Feb. 25, 1992.
 Atlanta-based Intermet Corporation and its subsidiaries manufacture precision iron parts for automotive and industrial customers primarily in North America and Europe.
 INTERMET CORPORATION
 Fourth quarter ended Dec. 31 1991 1990
 Net sales $79,216,000 $90,008,000
 Gross profit 8,229,000 11,870,000
 Operating profit (loss) 376,000 (8,421,000)
 Income (loss) before taxes
 and minority interest 1,974,000 (9,686,000)
 Provision for income taxes (144,000) 1,979,000
 Net income (loss) 2,505,000 (11,570,000)
 Per share 0.12 (0.54)
 Weighted average shares
 outstanding 20,941,000 21,424,000
 Twelve months ended Dec. 31 1991 1990
 Net sales $319,784,000 $386,318,000
 Gross profit 36,429,000 46,422,000
 Operating profit 7,563,000 1,034,000
 Income (loss) before taxes
 and minority interest 11,860,000 (5,047,000)
 Provision for income taxes 3,078,000 10,826,000
 Net income (loss) 8,803,000 (10,389,000)
 Per share 0.42 (0.49)
 Weighted average shares
 outstanding 20,951,000 21,141,000
 -0- 2/12/92
 /CONTACT: John D. Ernst, chief financial officer of Intermet, 404-431-6000, or Desmond Towey or Bernadette McLaughlin, 212-888-7600, or Ken Paneral, CFA, 708-729-8521, both of Desmond Towey & Associates for Intermet/
 (INMT) CO: Intermet Corporation ST: Georgia IN: AUT SU: ERN


TS-OS -- NY022 -- 9147 02/12/92 10:26 EST
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Date:Feb 12, 1992
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