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RACAL ELECTRONICS REPORTS STRONG RESULTS FOR FISCAL 1992

 RACAL ELECTRONICS REPORTS STRONG RESULTS FOR FISCAL 1992
 LONDON, June 10 /PRNewswire/ -- Racal Electronics Plc today


announced the preliminary results for the fiscal year ended March 31, 1992 (excluding Vodafone Group Plc):
 -- Sales of 1.61 billion pounds sterling, an increase of 3.6 percent over fiscal 1991 sales of 1.55 billion pounds
 -- Operating profits of 103 million pounds (fiscal 1991, 33.4 million pounds), with improved performance in every business group
 -- Exceptional items of 29.8 million pounds (fiscal 1991, 17.7 million pounds)
 -- Interest payable of 17.7 million pounds (fiscal 1991, 37.5 million pounds)
 -- Pretax profits of 55.6 million pounds (fiscal 1991 loss, 21.8 million pounds)
 -- Tax of 22.0 million pounds, tax rate 39.6 percent (fiscal 1991, 2.6 million pounds)
 -- Earnings per share 2.30 pence (fiscal 1991, negative 2.01 pence)
 -- Proposed year-end dividend of 0.7 pence (net of U.K. tax), making a total for fiscal 1992 of 1.0 pence (net)
 -- Net debt of 121 million pounds (fiscal 1991 pro forma, 225 million pounds giving a debt/equity ration 19.1 percent (fiscal 1991 pro forma, 35.4 percent)
 RACAL ELECTRONICS PLC
 (In pounds)
 Fiscal 1992 Fiscal 1991
 Extraordinary items
 Spinoff and bid
 defense costs 22.5 million --
 Disposals and
 closures 1.1 million 15.1 million
 Provision for
 disposals and
 closures in
 fiscal 1993 18.0 million --
 Total 41.6 million 15.1 million
 Acquisition goodwill
 in connection with
 disposals and
 closures, written
 off in prior years 12.2 million --
 The last item is offset by a credit to reserves of the same amount to make a net impact on shareholders' funds of 41.6 million pounds.
 The Future
 Prospects for fiscal 1993 are good, benefiting from cost reduction and profit improvement programs, lower exceptional costs and reduced interest payable.
 Proposals for the spinoff of the Racal Security Group
 -- Proposals for the spinoff of Racal Security will be published in September 1992; subject to shareholders approval, it is expected that the demerger will become effective in October 1992.
 -- Demerger is to be achieved by the formation of a new holding company, to be named Chubb Security Plc ("Chubb"); Racal Electronics will then declare a dividend in specie that will be satisfied by the transfer of the shares of Racal Security to Chubb and the issue by Chubb of Chubb shares which will be distributed free to Racal Electronics' shareholders pro rata to their shareholdings in Racal Electronics at that time.
 -- The board is advised that there should be no liability to United Kingdom tax by Racal Electronics shareholders solely by reason of the demerger.
 -- Chubb shares will be listed on the London Stock Exchange; Racal Electronics shareholders will then hold shares in two independently quoted companies -- Racal Electronics and Chubb.
 -- The spinoff will allow the managements of the two groups complete freedom to pursue their separate strategies.
 -- The board of directors of Chubb will be:
 Sir Ernest Harrison chairman
 David Peacock chief executive
 John Biles financial director
 Michael Blackburn nonexecutive director
 Sir Colin Corness nonexecutive director
 Derek Langley director
 The above is a summary of the complete news release on Racal Electronics' fiscal 1992 results. A copy of the full release is available from The Racal Corporation in New York.
 -0- 6/10/92
 /CONTACT: Edward W. Cheatham of Racal, 212-268-0918/ CO: Racal Electronics Plc ST: IN: CPR SU: ERN


TS -- NY051 -- 8846 06/10/92 13:03 EDT
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Date:Jun 10, 1992
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