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MLX CORP. ANNOUNCES 1992 RECORD NET INCOME

 NORCROSS, Ga., March 22 /PRNewswire/ -- MLX Corp. (OTC BULLETIN BOARD: MLXX) today announced the results of its operations for year ended Dec. 31, 1992.
 Operating earnings were $5.4 million, which resulted in income from continuing operations of $1.4 million as compared to operating earnings of $3.7 million and net earnings from continuing operations of $57,000 in 1991. MLX also recorded an extraordinary gain on the extinguishment of debt of $4.1 million (net of a tax charge of $1.7 million). Net income of $5.5 million represents record earnings for MLX.
 Sales for the fourth quarter of 1992 continued a strong trend and were $13.8 million, up $1.5 million or 13 percent from the fourth quarter of 1991. Much of the sales improvement is due to new product offerings, market share gains in Europe and an increase in aircraft product sales.
 In commenting on the operating results for 1992, Brian R. Esher, chairman and chief executive officer of MLX, stated: "1992 was a turning point in our company's history. We divested ourselves of our unprofitable HVACR distribution subsidiaries and eliminated $170 million in debt. We have continued to prudently invest in the research & development and capital of our S.K. Wellman subsidiary. We were successful in replacing our S.K. Wellman senior lender and restructuring our debt at MLX to provide a capital structure which will better meet the long-term needs of our company. We are very pleased that despite the significant distractions from operations and recessionary conditions in many of our markets, we were able to achieve record earnings in 1992."
 Esher also commented on the continuing negotiations to exchange additional debt for preferred stock: "We are continuing negotiations to have additional debt of our zero coupon bond holders exchanged for preferred stock of the company. Such a transaction could facilitate meeting certain criteria required for getting MLX Corp. back to a regular NASDAQ status and therefore could have a positive impact on shareholder value." MLX is currently traded on the Domestic OTC Electronic Bulletin Board under the symbol MLXX.
 MLX via its S.K. Wellman subsidiary is a leading global manufacturer of high energy friction products and components used in aircraft brakes and in clutches, brakes and transmissions for heavy duty trucks and off- highway equipment.
 MLX CORP. AND SUBSIDIARIES
 Condensed Consolidated Highlights
 (In thousands, except per share data)
 Results of operations: Qtr. ended Year ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Net sales $ 13,768 $ 12,222 $ 53,862 $ 50,714
 Operating earnings from
 continuing operations $ 1,448 $ 833 $ 5,373 $ 3,738
 Interest expense (690) (788) (2,612) (3,399)
 Other income (expense) 379 51 367 (75)
 Earnings before income taxes
 and minority interests $ 1,137 $ 96 $ 3,128 $ 264
 Charge in lieu of federal
 income taxes (420) --- (1,110) ---
 Provision for foreign, state
 and local income taxes (44) 304 (318) (7)
 Minority interests (85) (104) (315) (200)
 Income from cont. opers. 588 296 1,385 57
 Loss from discont. opers. --- (15,629) --- (23,291)
 Extraord. gain on early
 extinguishment of debt (net
 of charge in lieu of federal
 income taxes of $1,661) 4,124 --- 4,124 ---
 Net income (loss) $ 4,712 $(15,333) $ 5,509 $(23,234)
 Earnings (loss) per common share:
 Continuing operations $ 0.02 $ 0.01 $ 0.06 $ ---
 Discont. operations --- (0.61) --- (0.91)
 Extraord. gain on early
 extinguishment of debt 0.16 --- 0.16 ---
 Total $ 0.18 $ (0.60) $ 0.22 $ (0.91)
 Avg. outstanding shares
 of common stock 25,415 25,415 25,415 25,403
 Supplemental Information
 Federal income taxes are not accruable or payable because earnings
 that otherwise would be taxable are offset by pre-reorganization
 tax loss carryforwards. Accordingly, the following information
 is provided:
 Net income (loss) $ 4,712 $(15,333) $ 5,509 $(23,234)
 Charge in lieu of federal
 income taxes which are not
 accruable or payable 2,081 --- 2,771 ---
 Total $ 6,793 $(15,333) $ 8,280 $(23,234)
 Total per common share $ 0.27 $ (0.60) $ 0.33 $ (0.91)
 FINANCIAL CONDITION: Dec. 31, 1992 Dec. 31, 1991
 Current assets $ 18,093 $ 24,619
 Property, plant & equipment, net 12,277 14,027
 Intangible assets, net 2,732 2,913
 Other assets 26 159
 Total assets $ 33,128 $ 41,718
 Current liabilities $ 8,341 $ 14,288
 Long-term liabilities 26,631 39,637
 Minority interests --- 2,045
 Shareholders' equity (1,844) (14,252)
 Total liabilities, minority interest
 and shareholders' equity $ 33,128 $ 41,718
 -0- 3/22/93
 /CONTACT: Theodore R. Kallgren, vice president - finance & treasurer of MLX Corp., 404-279-4254/
 (MLXX)


CO: MLX Corporation ST: Georgia IN: SU: ERN

RA-BN -- AT004 -- 8158 03/22/93 10:56 EST
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Date:Mar 22, 1993
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