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KYSOR INDUSTRIAL CORPORATION ANNOUNCES STRONG EARNINGS GROWTH AND INCREASED SALES

 KYSOR INDUSTRIAL CORPORATION ANNOUNCES STRONG EARNINGS GROWTH
 AND INCREASED SALES
 CADILLAC, Mich., Oct. 15 /PRNewswire/ -- Kysor Industrial Corporation (NYSE: KZ) today reported significantly improved financial results for the quarter and nine-month period ended Sept. 30, 1992. Sales and revenues for the quarter grew 16 percent to $72.4 million compared to $62.7 million in 1991. Earnings applicable to common stock were $3.5 million compared to $1.4 million for the third quarter in 1991. Primary earnings per common share for the quarter were $.66, a record high performance, compared to $.27 for 1991.
 For the nine-month period, sales and revenues increased 10 percent to $193.0 million vs. $176.2 million reported last year. Earnings applicable to common stock were $6.4 million compared to $.5 million for 1991. Year-to-date primary earnings per common share were $1.22 compared to $.09 last year. Last year's results for the nine-month period include the impact of the establishment of a $4.0 million provision for litigation equating to ($.49) per share.
 Commenting on the strength of Kysor's results, George R. Kempton, chairman of the board and CEO, said, "Kysor's improved operatie?rformance and as ciated earnings reflect the rewards of long-term investments made during recent years in market development, cost containment measures and manufacturing capacity. Additionally, the backlog at Sept. 30, 1992, of $76.7 million represents a new all-time high for the corporation."
 Kysor Industrial Corporation is a quality producer of refrigerated display cases and refrigerated building systems and heavy-duty vehicle and marine components serving the supermarket and the transportation industries. The company has manufacturing operations in six states as well as Great Britain and Germany.
 Detailed financial information for the third quarter and nine-month period ended Sept. 30, 1992, is as follows:
 KYSOR INDUSTRIAL CORPORATION
 CONSOLIDATED CONDENSED STATEMENT OF INCOME
 (Unaudited, amounts in thousands except for per-share data)
 Quarter Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Sales and revenues $72,379 $62,652 $193,049 $176,228
 Costs and expenses 66,188 59,694 180,723 174,066
 Income before income
 taxes 6,191 2,958 12,326 2,162
 Income taxes 2,440 1,281 5,160 880
 Net income 3,751 1,677 7,166 1,282
 Dividends on preferred
 stock 262 262 787 789
 Earnings applicable to
 common stock $3,489 $1,415 $6,379 $493
 Earnings per common share
 Primary $0.66 $0.27 $1.22 $0.09
 Fully diluted $0.55 $0.27 $1.04 $0.09
 Primary weighted average
 common shares and
 equivalents 5,337 5,240 5,225 5,228
 Dividends declared per
 common share $0.10 $0.15 $0.30 $0.45
 Included in the nine months ended Sept. 30, 1991, is a provision for litigation costs of $4 million, which related primarily to a commercial dispute.
 KYSOR INDUSTRIAL CORPORATION
 CONSOLIDATED CONDENSED BALANCE SHEET
 (Unaudited, amounts in thousands)
 Sept. 30, Dec. 31,
 ASSETS 1992 1991
 Cash and equivalents $4,737 $4,339
 Accounts receivable - net 48,546 27,290
 Inventories 37,967 37,626
 Deferred income tax charges
 and prepaid expenses 7,403 5,413
 Current Assets 98,653 74,668
 Net property, plant and
 equipment 43,232 45,760
 Other assets 13,061 12,582
 Total $154,946 $133,010
 LIABILITIES AND
 SHAREHOLDERS' EQUITY Sept. 30, Dec. 31,
 1992 1991
 Current maturities of
 long-term debt $2,807 $1,765
 Accounts payable 19,504 12,195
 Accrued income taxes payable 3,464 656
 Other accrued expenses 25,890 19,937
 Current liabilities 51,665 34,553
 Long-term debt, less
 current maturities, plus
 guarantee of ESOP
 indebtedness 43,726 45,540
 Deferred income taxes 747 1,515
 Other long-term liabilities 7,800 6,830
 Shareholders' equity 51,008 44,572
 Total $154,946 $133,010
 KYSOR INDUSTRIAL CORPORATION
 CONSOLIDATED STATEMENT OF CASH FLOWS
 Nine Months Ended Sept. 30,
 1992 1991
 Cash flows provided (used)
 by operating activities:
 Net income $7,166 $1,282
 Adjustments to reconcile net income
 to net cash provided (used) by
 operating activities:
 Depreciation and amortization 5,930 5,675
 Provision for losses on accounts receivable 491 272
 (Gain) Loss on sales of fixed assets (3) (13)
 Deferred compensation (ESOP) 1,005 1,010
 Changes in assets and liabilities
 providing (consuming) cash:
 Accounts receivable (21,747) (7,962)
 Inventories (341) 1,091
 Prepaid expenses (367) (492)
 Accounts payable 7,705 3,188
 Other accrued expenses 5,953 6,365
 Accrued income taxes payable 3,214 1,831
 Deferred income taxes (2,391) (2,095)
 Other long-term liabilities 970 536
 Net cash provided (used) by
 operating activities 7,585 10,688
 Cash flows provided (used)
 by investing activities:
 Additions to property and equipment (2,967) (3,934)
 Proceeds from sales of fixed assets 88 1,444
 Decrease (increase) in other long-term assets (679) (1,728)
 Unrealized translation gain (loss) 47 (1,323)
 Net cash provided (used)
 by investing activities (3,511) (5,541)
 Cash flows provided (used) by
 financing activities:
 Current borrowings 0 876
 Principal payments against long-term debt (772) (5,136)
 Proceeds from issuance of common stock 235 77
 Common stock and preferred stock
 dividends paid (3,139) (3,961)
 Net cash provided (used)
 by financing activities (3,676) (8,144)
 Net increase (decrease) in cash
 and equivalents 398 (2,997)
 Cash and equivalents at beginning of year 4,339 6,090
 Cash and equivalents at end of period $4,737 $3,093
 -0- 10/15/92
 /CONTACT: Peter W. Gravelle, executive vice president and COO, or Richard G. De Boer, assistant treasurer, of Kysor Industrial Corporation, 616-779-2200/
 (KZ) CO: Kysor Industrial Corporation ST: Michigan IN: SU: ERN


JG-MK -- DE008 -- 0337 10/15/92 10:42 EDT
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