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MAYTAG REPORTS RESULTS

 NEWTON, Iowa, Feb. 4 /PRNewswire/ -- Maytag Corporation's (NYSE: MYG) sales in the fourth quarter of 1992 were up from the comparable period of 1991, but margins trailed the year-earlier quarter.
 Maytag's Chairman and CEO Leonard A. Hadley said today, "Although our North American Appliance and vending equipment sales have improved this year, earnings in the fourth quarter, and throughout the year, have been negatively impacted by continued losses in Europe, costs associated with new production facilities, intensely competitive pressures in the marketplace and sluggish economic conditions both here and abroad."
 In addressing problems with its European operations, Maytag announced last week it would phase out production at its Hoover plant in Dijon, France, where canister vacuums are made, and consolidate that manufacturing at its plant in Cambuslang, Scotland.
 Maytag Corporation's consolidated sales in the fourth quarter were $782.4 million, compared to $725.6 million in the fourth quarter of 1991.
 Operating income in the fourth quarter of 1992 was $38.8 million and net income was $11.2 million, or 11 cents a share. This compares to operating income of $47.2 million in the fourth quarter of 1991 and net income of $21 million, or 20 cents a share.
 Discussing significant business components, Hadley said the corporation's North American Appliance Group had sales of $560.9 million in the fourth quarter of 1992, compared to $530.7 million in the fourth period of 1991. Operating income for the group totaled $28.2 million, vs. $31.9 million a year ago.
 Maytag's Hoover Europe division posted fourth quarter sales of $154.9 million, compared to $133 million in the year-earlier period. The operating income in the fourth quarter of 1992 was $4.1 million, compared to operating income of $8 million in the final period of 1991.
 Maytag's vending equipment segment, Dixie-Narco, reported fourth quarter sales of $33.7 million and operating income of $1.1 million. In the fourth quarter of 1991, Dixie-Narco had sales of $25.6 million and an operating loss of $468,000.
 For the year 1992, Maytag's consolidated sales were $3.04 billion, compared to $2.97 billion in 1991.
 In 1992, the corporation took a $95 million reorganization charge and incurred a one-time after-tax charge of $307 million related to the adoption of two new accounting pronouncements.
 Excluding these charges for comparative purposes, Maytag's operating income for 1992 would have been $173.6 million, vs. $191.5 million in 1991. Net income for '92 would have been $65.6 million, or 62 cents a share, compared to net income of $79 million, or 75 cents a share, in 1991. Including the charges, Maytag's reported operating income for 1992 was $78.6 million, and the net loss was $315.4 million, or a negative $2.97 a share.
 The 1992 full-year figures include an adjustment to deferred taxes related to the reorganization of the European operations announced last August. It increased the net loss by $13 million, or approximately 13 cents a share, and was retroactive to the third quarter of 1992.
 Maytag Corporation is a leading appliance enterprise focused on five principal areas of home management: laundry, cooking, dishwashing, refrigeration and floor care. Vending equipment is an additional corporate business. Its appliance brands include Maytag, Hoover, Jenn-Air, Magic Chef and Admiral. Dixie-Narco is the corporation's vending equipment manufacturer. Headquartered in Newton, Maytag Corporation has 21 manufacturing operations in seven countries and approximately 21,500 employees worldwide.
 MAYTAG CORPORATION
 Condensed Statements of Consolidated Income
 (In thousands, except per share data)
 Periods ended Fourth Quarter Twelve Months
 Dec. 31 1992 1991 1992 1991
 Net sales $782,446 $725,638 $3,041,223 $2,970,626
 Cost of sales 608,951 552,959 2,339,406 2,254,221
 Gross profit 173,495 172,679 701,817 716,405
 Selling, general and
 admin. expenses 134,701 125,474 528,250 524,898
 Reorganization exps. -- -- 95,000 --
 Operating income 38,794 47,205 78,567 191,507
 Interest expense (18,822) (17,130) (75,004) (75,159)
 Other - net (2,126) 1,237 3,983 7,069
 Income before income
 taxes and cumulative
 effect of accounting
 changes 17,846 31,312 7,546 123,417
 Income taxes 6,608 10,321 15,900 44,400
 Income (loss) before
 cumulative effect of
 accounting changes 11,238 20,991 (8,354) 79,017
 Cumulative effect of
 accounting changes -- -- (307,000) --
 Net income (loss) $ 11,238 $ 20,991 $ (315,354) $ 79,017
 Income (loss) per average
 share of common stock:
 Income (loss) before
 cumulative effect of
 accounting changes $0.11 $0.20 $(0.08) $0.75
 Cumulative effect of
 accounting changes -- -- (2.89) --
 Net income (loss) $0.11 $0.20 $(2.97) $0.75
 Average shares
 outstanding 106,048 105,822 106,077 105,761
 Due to a change in the after-tax cost of the reorganization expenses, the third quarter and nine month loss per share of common stock has been restated to $(.60) and $(3.08).
 The above statements are subject to year-end audit by independent auditors.
 MAYTAG CORPORATION
 Condensed Statements of Consolidated Financial Condition
 (In thousands)
 12/31/92 12/31/91
 ASSETS
 Current assets:
 Cash and cash equivalents $ 57,032 $ 48,752
 Accounts receivable - net 476,850 457,773
 Inventories 401,083 489,082
 Deferred income taxes 52,261 24,858
 Other current assets 28,309 56,168
 Total current assets 1,015,535 1,076,633
 Other assets 651,844 622,942
 Property, plant and equipment 834,111 835,493
 Total assets $2,501,490 $2,535,068
 LIABILITIES AND SHAREOWNERS' EQUITY
 Current liabilities:
 Accounts payable and accrued expenses $ 499,604 $ 520,534
 Notes payable and current maturities of
 long-term debt 63,305 47,074
 Total current liabilities 562,909 567,608
 Deferred income taxes 89,011 75,210
 Long-term debt 789,232 809,480
 Other noncurrent liabilities 461,113 72,185
 Shareowners' equity 599,225 1,010,585
 Total liabilities and shareowners'
 equity $2,501,490 $2,535,068
 The above statements are subject to year-end audit by independent auditors.
 -0- 2/4/93
 /CONTACT: James G. Powell of Maytag, 515-791-8392/
 (MYG)


CO: Maytag Corporation ST: Iowa IN: HOU SU: ERN

GK -- NY051 -- 2908 02/04/93 11:00 EST
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Date:Feb 4, 1993
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