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THOMAS & BETTS REPORTS SECOND QUARTER SALES AND EARNINGS

 THOMAS & BETTS REPORTS SECOND QUARTER SALES AND EARNINGS
 BRIDGEWATER, N.J., July 28 /PRNewswire/ -- Thomas & Betts


Corporation (NYSE: TNB) today reported higher sales and earnings for the second quarter of 1992.
 Sales increased 88 percent to $264,673,000. This includes the results from operations of American Electric purchased in January of this year. On a pro forma basis sales were up 4 percent.
 Earnings increased 22 percent to $15,026,000 or $.80 per share, compared to $12,275,000 or $.72 per share for the second quarter of 1991.
 For the first six months of 1992, sales increased 80 percent to $524,176,000. On a pro forma basis sales were up 2 percent. First half earnings decreased 43 percent to $15,158,000 from 1991, principally due to the $15 million pre-tax restructuring charge taken in the first quarter of 1992.
 "We continue to post results that are consistent with our expectations," said T. Kevin Dunnigan, chairman and chief executive officer.
 "Electrical division sales in the second quarter rose 4 percent on a pro forma basis, the same as in the first quarter, with strength in the industrial market offsetting some weakness in the utility sector.
 "The domestic electronics division had 3 percent higher sales and stronger incoming orders.
 "European sales increased 2 percent, and Pacific region sales were also up 2 percent.
 "Vitramon had strong sales in both domestic and international markets, posting a 15 percent worldwide increase."
 Looking ahead to the rest of the year, Dunnigan said, "The outlook for the U.S. economy as a whole remains uncertain, but we anticipate modest improvement in the industrial markets we serve.
 "Overseas, we expect continuing softness in Europe, although we may benefit from some currency gains, and slow growth in the Pacific region. We believe the Vitramon division will continue to perform well, spurred by sales to automotive and telecommunications markets.
 "The integration of American Electric, now nearing completion, will make a significant contribution to earnings. Assuming the economy doesn't falter, we continue to anticipate that 1992 earnings per share will approximate the $2.84 earned in 1991."
 Thomas & Betts Corporation, based in Bridgewater, is a leading producer of connectors, components, accessories and systems for worldwide electrical and electronic markets.
 THOMAS & BETTS CORPORATION
 Consolidated Statement of Earnings
 (In thousands except per share amounts, unaudited)
 Periods ended Three Months Six Months
 June 30 1992(A) 1991 1992(A) 1991
 Net sales $264,673 $140,600 $524,176 $291,699
 Costs and expenses:
 Cost of sales 174,220 84,207 346,838 173,990
 Marketing, general and
 administrative 53,819 33,082 108,768 67,142
 Research and development 5,162 3,653 10,302 7,442
 Provision for restructured
 operations -- -- 15,000 --
 Total 233,201 120,942 480,908 248,574
 Earnings from operations 31,472 19,658 43,268 43,125
 Other expense - net 11,028 2,277 22,644 5,028
 Earnings before inc. taxes 20,444 17,381 20,624 38,097
 Income taxes 5,418 5,106 5,466 11,528
 Net earnings $ 15,026 $ 12,275 $ 15,158(B) $ 26,569
 Earnings per share $.80 $.72 $.81 $1.56
 Average shares outstanding 18,708 17,048 18,690 17,032
 (A) -- Includes the results of American Electric acquired Jan. 2, 1992.
 (B) -- Includes a $15,000 pre-tax charge for restructured operations.
 THOMAS & BETTS CORPORATION
 Consolidated Balance Sheet
 (Unaudited; in thousands)
 6/30/92(A) 6/30/91
 ASSETS
 Cash and marketable securities $ 103,941 $ 91,630
 Receivables - net 166,762 94,409
 Inventories 209,107 135,545
 Deferred income taxes 12,129 10,350
 Prepaid expenses 8,101 7,185
 Total current assets 500,040 339,119
 Property, plant and equipment - net 300,978 200,851
 Intangible assets - net 314,819 27,737
 Other assets 43,871 13,925
 Total assets $1,159,708 $581,632
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Short-term borrowings and current
 maturities of long-term debt $ 49,654 $ 83,938
 Accounts payable 73,906 22,415
 Accrued liabilities 91,270 35,205
 Income taxes 3,685 10,981
 Dividends payable 10,479 9,556
 Total current liabilities 228,994 162,095
 Long-term debt 450,419 49,375
 Other long-term liabilities 23,548 8,713
 Deferred income taxes 7,400 5,517
 Shareholders' equity 449,347 355,932
 Total liabilities and shareholders'
 equity $1,159,708 $581,632
 (A) -- Reflects the Jan. 2, 1992, acquisition of American Electric.
 -0- 7/28/92
 /CONTACT: Robert V. Berry, senior vice president of Thomas & Betts, 908-707-2337/
 (TNB) CO: Thomas & Betts Corporation ST: New Jersey IN: SU: ERN


GK-OS -- NY017 -- 3969 07/28/92 10:29 EDT
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