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KYSOR INDUSTRIAL CORPORATION ANNOUNCES FOURTH-QUARTER AND YEAR-END 1992 RESULTS, RECORD FOURTH-QUARTER OPERATING PROFITS

 CADILLAC, Mich., Feb. 11 /PRNewswire/ -- Kysor Industrial Corporation (NYSE: KZ) today reported financial results for the fourth quarter and fiscal year ended Dec. 31, 1992. For the quarter, net sales were $70.7 million, up 45 percent compared to the same period last year. Operating profit increased to $8.1 million and represents a new fourth- quarter record for Kysor. Earnings applicable to common stock were $1.7 million or $.30 per share compared to a loss of $2.3 million reported last year. These results reflect the increased demand for Kysor products during the period as the economy improved and the positive impact of cost containment programs continued.
 For the year, net income was $9,127,000 compared with a loss of $725,000 last year. Earnings applicable to common stock were $8.1 million or $1.52 per share compared to a loss of $.35 per share last year. Sales and revenues were $264 million, up 17 percent from the $225 million reported in 1991.
 George R. Kempton, chairman and chief executive officer, stated that "Kysor's outstanding results reflect our ongoing efforts to improve the bottom line by containing costs and positioning the corporation to take advantage of growth opportunities in the improving U.S. economy. We are encouraged that the investment community is beginning to recognize these results in the price of our stock. We are optimistic that our global strategy will be further rewarded as the business environment improves and when the Eastern European marketplace begins its economic expansion." Backlogs at Jan. 1, 1993, were 18.3 percent ahead of the level at Jan. 1, 1992, and represents the highest dollar volume of backlog at any Jan. 1 in the history of the company.
 Kempton also reported that the expense associated with recognizing the new FAS 106 liability will be recorded in first-quarter 1993. Although final numbers are not yet available, the corporation is confident that it has significantly reduced the estimated liability reported in the 1991 Annual Report to Shareholders through a series of retiree health care plan design changes.
 Kysor Industrial Corporation is a quality producer of refrigeration systems for the supermarket industry and heavy-duty vehicle and marine components serving the transportation industries. The company has manufacturing operations in six states as well as Great Britain and Germany.
 Detailed financial information for the fourth quarter and year ended Dec. 31, 1992, is as follows:
 KYSOR INDUSTRIAL CORPORATION
 CONSOLIDATED CONDENSED STATEMENT OF INCOME
 (Amounts in thousands except for per-share data)
 Quarter Ended Year Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Sales and revenues $70,748 $48,670 $263,797 $224,898
 Costs and expenses 67,047 50,897 247,770 224,963
 Income before income taxes 3,701 (2,227) 16,027 (65)
 Income taxes 1,740 (220) 6,900 660
 Net income 1,961 (2,007) 9,127 (725)
 Dividends on preferred stock 263 265 1,050 1,054
 Earnings applicable to
 common stock $1,698 ($2,272) $8,077 ($1,779)
 Earnings per common share
 Primary $0.30 ($0.44) $1.52 ($0.35)
 Fully diluted $0.26 ($0.44) $1.30 ($0.35)
 Primary weighted average
 common shares and
 equivalents --- --- 5,307 5,101
 Dividends declared
 per common share $0.10 $0.10 $0.40 $0.55
 Included in both the quarter and year ended Dec. 31, 1992, is a provision for litigation costs of $1,500,000, and included in the year ended Dec. 31, 1991, is a $4 million provision for litigation costs.
 KYSOR INDUSTRIAL CORPORATION
 CONSOLIDATED CONDENSED BALANCE SHEET
 (Unaudited; amounts in thousands)
 Dec. 31, Dec. 31,
 Assets 1992 1991
 Cash and equivalents $6,913 $4,339
 Accounts receivable - net 32,070 27,290
 Inventories 34,435 37,626
 Deferred income tax charges and prepaid expenses 7,097 5,413
 Current assets 80,515 74,668
 Net property, plant and equipment 41,898 45,760
 Other assets 13,437 12,582
 Total $135,850 $133,010
 Liabilities and shareholders' equity
 Current maturities of long-term debt $1,595 $1,765
 Accounts payable 14,388 12,195
 Accrued income taxes payable 1,719 656
 Other accrued expenses 21,204 19,937
 Current liabilities 38,906 34,553
 Long-term debt, less current maturities, plus
 guarantee of ESOP indebtedness 36,521 45,540
 Deferred income taxes 1,108 1,515
 Other long-term liabilities 6,410 6,830
 Shareholders' equity 52,905 44,572
 Total $135,850 $133,010
 KYSOR INDUSTRIAL CORPORATION
 CONSOLIDATED STATEMENT OF CASH FLOWS
 Year Ended Dec. 31,
 1992 1991
 Cash flows provided (used) by operating activities:
 Net income (loss) $9,127 ($726)
 Adjustments to reconcile net income (loss) to net
 cash provided (used) by operating activities:
 Depreciation and amortization 7,650 7,713
 Provision for losses on accounts receivable 1,031 462
 (Gain) loss on sales of fixed assets (13) (2)
 Deferred compensation (ESOP) 1,212 1,226
 Changes in assets and liabilities providing
 (consuming) cash:
 Accounts receivable (5,811) 6,831
 Inventories 3,191 4,296
 Prepaid expenses (763) 153
 Accounts payable 2,177 (2,468)
 Other accrued expenses 1,267 671
 Accrued income taxes payable 1,604 1,177
 Deferred income taxes (1,328) (1,678)
 Other long-term liabilities (420) 1,069
 Net cash provided (used) by operating activities 18,924 18,724
 Cash flows provided (used) by investing activities:
 Additions to property and equipment (3,919) (4,956)
 Proceeds from sales of fixed assets 458 326
 Acquisitions, net of cash acquired 0 0
 Decrease (increase) in other long-term assets (1,168) (917)
 Unrealized translation gain (loss) (658) (347)
 Net cash provided (used) by investing activities (5,287) (5,894)
 Cash flows provided (used) by financing activities:
 Current borrowings 0 935
 Principal payments against long-term debt (9,189) (9,814)
 Proceeds from issuance of common stock 1,784 81
 Purchase of common stock 0 (1,000)
 Common stock and preferred stock dividends paid (3,658) (4,783)
 Net cash provided (used) by financing activities (11,063) (14,581)
 Net increase (decrease) in cash and equivalents 2,574 (1,751)
 Cash and equivalents at beginning of year 4,339 6,090
 Cash and equivalents at end of period $6,913 $4,339
 KYSOR INDUSTRIAL CORPORATION
 FINANCIAL INFORMATION BY SEGMENT
 (Unaudited, amounts in thousands)
 Quarter Ended Year Ended
 Dec. 31, Dec. 31,
 Net Sales 1992 1991 1992 1991
 Commercial Products
 United States $47,453 $29,523 $171,437 $135,433
 Europe 5,375 4,440 16,234 18,287
 Total commercial products 52,828 33,963 187,671 153,720
 Transportation Products
 United States 15,706 12,842 65,075 57,578
 Europe 1,655 1,643 9,428 12,345
 Total transportation
 products 17,361 14,485 74,503 69,923
 Net Sales $70,189 $48,448 $262,174 $223,643
 Operating Profit (Loss)
 Commercial Products
 United States $6,545 $2,161 $22,651 $12,867
 Europe (543) (1,334) (1,599) (1,479)
 Total commercial products 6,002 827 21,052 11,388
 Transportation Products
 United States 2,382 422 8,210 5,017
 Europe (297) (2,306) (346) (1,991)
 Total transportation
 products 2,085 (1,884) 7,864 3,026
 Total Operating Profit 8,087 (1,057) 28,916 14,414
 Corporate administrative
 expense (net) (2,413) (8) (8,794) (6,731)
 Litigation expense (1,500) 0 (1,500) (4,000)
 Interest expense (473) (1,162) (2,595) (3,748)
 Income Before Income Taxes $3,701 ($2,227) $16,027 ($65)
 -0- 2/11/93
 /CONTACT: Terry M. Murphy, vice president, chief financial officer, or Richard G. De Boer, treasurer, Kysor Industrial Corporation, 616-779-2200/
 (KZ)


CO: Kysor Industrial Corporation ST: Michigan IN: SU: ERN

KE-SS -- DE030 -- 5827 02/11/93 15:39 EST
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