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U.S. BANKNOTE ANNOUNCES 1991 YEAR END RESULTS

 U.S. BANKNOTE ANNOUNCES 1991 YEAR END RESULTS
 NEW YORK, March 9 /PRNewswire/ -- United States Banknote Corporation


(AMEX: UBK) today reported income from continuing operations for the year ended Dec. 31, 1991, of $4,758,000, or $.26 per share, compared to a loss for 1990 of $1,411,000, or $.35 per share. Sales for the 1991 year were $161,192,000, compared to $125,523,000 in 1990.
 Net income for the 1991 year was $4,758,000, or $.26 per share, compared to net income for 1990 of $4,957,000, or $.55 per share. 1990's net income figure included income from discontinued operations of $6,808,000, or $.96 per share, and an extraordinary charge of $440,000, or $.06 per share.
 Income from continuing operations for the fourth quarter ended Dec. 31, 1991, was $2,362,000, or $.15 per share, compared to income for 1990 of $1,030,000, or $.05 per share. Sales for the fourth quarter of 1991 were $42,918,000, an increase of 31 percent over the $32,743,000 recorded in the fourth quarter of 1990.
 Net income for the fourth quarter ended Dec. 31, 1991, was $1,199,000, or $.07 per share, after an extraordinary charge resulting from a revision of the company's estimated 1991 tax provision of $1,163,000, or $.08 per share. This compares to net income for 1990 of $757,000, or $.02 per share, which included a loss from discontinued operations of $273,000, or $.03 per share.
 Results for 1991 reflect the merger of International Banknote Company, Inc. ("IBK"), with United States Banknote Company L.P. for a full year. The company's results for 1990 include 72 percent of IBK's results of operations from the tender offer date (Feb. 26, 1990) to the date of merger (July 25, 1990) and 100 percent thereafter.
 Morris Weissman, chairman and CEO of United States Banknote, said, "We are extremely pleased with both the fourth quarter and yearly results. Our 1991 revenues increased across almost all of our product lines and we are optimistic about our prospects for 1992. We are continuing to explore new markets for our products both domestically and overseas as well as seeking to improve margins by refining our manufacturing consolidation."
 United States Banknote is the largest printer of security documents in North America. The company prints U.S. food stamps, postage stamps and treasury checks, stock and bond certificates, travelers cheques and currency for foreign countries using the intaglio method. United States Banknote is also the world leader in holography for security applications, producing all of the three-dimensional holograms used in the Visa, MasterCard and Eurocheque credit cards around the world.
 -0- 3/9/92
 /CONTACT: Jeffrey A. Oberg of United States Banknote, 212-741-8500; or Gregory W. Miller of Robinson, Lake, Lerer & Montgomery, 212-484-7404, for United States Banknote/
 (UBK) CO: United States Banknote Corporation ST: New York IN: FIN SU: ERN


GK -- NY028 -- 6315 03/09/92 10:36 EST
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Publication:PR Newswire
Date:Mar 9, 1992
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