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KUHLMAN CORPORATION FIRST-QUARTER 1993 RESULTS

 LEXINGTON, Ky., May 10 /PRNewswire/ -- Kuhlman Corporation (NYSE: KUH) today announced that it recorded a net loss for the first quarter of 1993 of $5,962,000 ($1.02 per share), compared to a net profit of $2,256,000 ($.38 per share) for the same period in 1992. Net sales were $27,243,000 for the first three months of 1993, compared to $32,983,000 reported for the same period in 1992. The net loss for the first quarter of 1993 included a one-time after-tax charge for restructuring of $5,304,000 ($.91 per share) and the adoption of SFAS No. 106, Accounting for Post-retirement Benefits other than Pensions, of $1,289,000 ($.22 per share). Earnings before the restructuring charge and the cumulative effect of change in accounting method for the first quarter of 1993 were $631,000 ($.11 per share), compared to $2,256,000 ($.38 per share) for the corresponding 1992 period. The decline was due primarily to a weakening economy, resulting in lower sales volumes and reduced margins brought about by more stringent competition for customer orders along all product lines.
 Robert S. Jepson Jr., president and chief executive officer, stated: "The results from operations for the first quarter of 1993 were disappointing. The corporation took a number of actions in the quarter to lower its fixed costs and improve its operating efficiencies. The costs of these actions resulted in a one-time restructuring charge, primarily for severance related to reductions in the salaried work force, the write-off of assets associated with under-performing lines of business, and the implementation of programs designed to streamline operations. Though the costs associated with these actions have had a negative impact on earnings for the quarter, we expect to realize future benefits through improved operating efficiencies."
 Kuhlman Corporation is a manufacturer of distribution, power and instrument transformers, and spring products.
 Following are the comparative results for the first quarters ended March 31, 1993, and 1992:
 KUHLMAN CORPORATION
 Three Months Ended
 March 31,
 1993 1992
 (Unaudited)
 (In thousands, except
 per share data)
 Net sales $27,243 $32,983
 Cost of goods sold 22,880 25,628
 Gross profit 4,363 7,355
 Selling, general and administrative
 expenses 4,258 4,382
 Cost of restructuring 8,650 ---
 Operating profit (loss) (8,545) 2,973
 Other income (expense):
 Interest expense (153) (275)
 Interest income 170 225
 Other, net 907 854
 Total other income (expense), net 924 804
 Income (loss) before taxes (7,621) 3,777
 Taxes (benefit) on income (loss) (2,948) 1,521
 Income (loss) before cumulative effect
 of accounting change (4,673) 2,256
 Cumulative effect of accounting change
 related to post-retirement benefits
 (net of tax effect $811) (1,289) ---
 Net income (loss) ($5,962) $2,256
 Per share amounts:
 Income before effect of accounting change ($0.80) $0.38
 Accounting change ($0.22) ---
 Net income ($1.02) $0.38
 Average shares outstanding 5,817 5,999
 -0- 5/10/93
 /CONTACT: Kuhlman Corporation, P.O. Box 6000, Lexington, Ky. 40544-6000, 606-224-4300/
 (KUH)


CO: Kuhlman Corporation ST: Kentucky, Georgia IN: SU: ERN

SB-SM -- DE031 -- 6722 05/10/93 17:57 EDT
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Publication:PR Newswire
Date:May 10, 1993
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