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PENN CENTRAL CORPORATION REPORTS RESULTS

 PENN CENTRAL CORPORATION REPORTS RESULTS
 CINCINNATI, May 7 /PRNewswire/ -- The Penn Central Corporation


(NYSE: PC) today reported 1992 first quarter income from continuing operations of $14.5 million, or $.31 per share, compared with 1991 first quarter income from continuing operations of $24.1 million, or $.47 per share.
 First quarter 1992 operating income of the Insurance and Defense Services operations improved slightly compared with the prior year, excluding a $5.4 million net benefit in the first quarter of 1991 from the application of purchase accounting to certain insurance companies acquired in December 1990. However, results for the 1992 first quarter were adversely affected by lower operating income at the company's retained Diversified Products and Services businesses.
 Net revenues from continuing operations for the 1992 first quarter increased to $431.7 million from $406.6 million in the 1991 first quarter. Net income for the 1992 first quarter was $6.1 million, or $.13 per share, compared with first quarter 1991 net income of $23.1 million, or $.45 per share. Net income for 1992 was lower than income from continuing operations because of an $.18 per share loss from discontinued operations.
 The company's discontinued operations consist of its principal manufacturing operations to be owned by a newly formed subsidiary, General Cable Corporation, which is to be spun off to shareholders later this year. For the 1992 first quarter, discontinued operations reported a net loss of $8.4 million, or $.18 per share, which includes an after-tax charge of $2.6 million primarily with respect to strike- related operating variances at one of the wire and cable plants. For the 1991 first quarter, discontinued operations incurred a net loss of $1.0 million, or $.02 per share. Net revenues from discontinued operations totaled $214.3 million in the 1992 first quarter and $257.1 million in the 1991 first quarter.
 Penn Central's net income is computed after a deduction in lieu of current federal income tax, because income that would otherwise be taxable is offset by pre-reorganization loss carryforwards. This deduction is not accruable or payable.
 Penn Central ended the 1992 first quarter with shareholders' equity of $1,483.8 million, or $31.18 per share.
 Penn Central operates businesses primarily in the areas of specialty property and casualty insurance, and defense services.
 THE PENN CENTRAL CORPORATION AND CONSOLIDATED SUBSIDIARIES
 (In Millions, Except Per Share Amounts)
 FINANCIAL HIGHLIGHTS
 Three Months Ended
 March 31
 1992 1991
 Net revenues $431.7 $406.6
 Income from continuing operations
 before deduction in lieu
 of current Federal income tax 21.3 36.1
 Income from continuing operations 14.5 24.1
 Net income 6.1 23.1
 Income per share from continuing
 operations .31 .47
 Net income per share of Common Stock .13 .45
 Weighted average number of common shares 47.4 51.8
 SUPPLEMENTAL INFORMATION
 The company computes a deduction in lieu of current Federal income tax because income that would otherwise be taxable is offset by pre-reorganization loss carryforwards or tax losses attributable to disposition of pre-reorganization assets and liabilities. This deduction is not accruable or payable. Accordingly, the following supplemental information is provided:
 Three Months Ended
 December 31,
 1992 1991
 Net income $ 6.1 $ 23.1
 Deduction (credit) in lieu of
 current Federal income tax
 Continuing operations 6.8 12.0
 Discontinued operations (4.4) (.8)
 Income before deduction in lieu
 of current Federal income tax $ 8.5 $34.3
 Income per share before deduction
 in lieu of current Federal
 income tax $ .18 $ .66
 -0- 5/7/92
 /CONTACT: Philip A. Hagel, vice president and treasurer of The Penn Central Corporation, 513-579-6600/
 (PC) CO: The Penn Central Corporation ST: Ohio IN: INS ARO SU: ERN


KK -- CL013 -- 7515 05/07/92 10:20 EDT
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Date:May 7, 1992
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