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UNC EARNINGS UP 70 PERCENT IN THIRD QUARTER

 UNC EARNINGS UP 70 PERCENT IN THIRD QUARTER
 ANNAPOLIS, Md., Oct. 28 /PRNewswire/ -- UNC Incorporated (NYSE: UNC)


today reported earnings for the third quarter of 1992 of $.18 per share.
 Net earnings for the quarter were 70 percent higher than the third quarter of 1991. Year-to-date earnings were also significantly higher than the year- earlier period at an increase of 71.9 percent over 1991.
 Sales for the third quarter were $95.3 million vs. $91.6 million in the third quarter of 1991. Operating income was $6.6 million for the quarter, level with 1991. Interest expense at $2.9 million for the quarter was down 29 percent from the 1991 third quarter of $4.1 million. Net earnings for the third quarter were $3.2 million vs. $1.9 million in 1991.
 Revenues for the first nine months were $269.0 million, up 2 percent over the same period for 1991. Operating income was reported at $19.1 million vs. 1991 nine months income of $18.9 million. Net earnings for the nine months were $8.4 million or $.48/share as compared to 1991 net earnings for the same period of $4.9 million or $.28/share.
 Dan A. Colussy, chairman and chief executive officer of UNC, said, "UNC has been able to show continued improvement in its quarterly results in spite of a sluggish economic situation. We continue to take actions that will improve our earnings outlook and we expect to achieve our planned 1992 profit objectives."
 UNC Incorporated, listed on the New York Stock Exchange, is engaged in the manufacturing and remanufacturing of jet engine and aircraft components; the overhaul of aircraft accessories, aircraft engines and helicopters; and in providing aircraft maintenance and pilot training services.
 UNC INCORPORATED & SUBSIDIARIES
 SUMMARY OF EARNINGS
 (In Thousands, Except Per Share Amounts)
 Periods ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 Aviation Sales $95,285 $91,624 $269,033 $261,886
 Non-aviation Sales --- --- --- 2,472
 Total Sales $95,285 $91,624 $269,033 $264,358
 Operating Income $ 6,603 $ 6,597 $ 19,130 $ 18,971
 Interest Expense (2,927) (4,126) (9,149) (12,732)
 Pretax Earnings 3,425 2,437 9,838 6,237
 Net Earnings 3,232 1,901 8,362 4,865
 Earnings per Share $ 0.18 $ 0.11 $ 0.48 $ 0.28
 Average shares 17,285 17,129 17,273 17,124
 UNC INCORPORATED & SUBSIDIARIES
 BALANCE SHEET
 (Dollars in thousands)
 Sept. 30, Dec. 31,
 1992 1991
 Assets:
 Cash $ 925 $ 1,240
 Receivables 70,055 72,476
 Litigation receivable --- 67,500
 Inventories 99,190 89,840
 Other current assets 24,050 25,718
 Total current assets 194,220 256,774
 Net, discontinued assets 19,692 29,267
 Net, property, plant
 and equipment 58,370 57,363
 Other assets 118,126 111,690
 Total Assets $390,408 $455,094
 Liabilities and Shareholders' Equity:
 Current portion of
 long-term debt $ 373 $ 77,887
 Other current liabilities 58,318 90,508
 Total current liabilities 58,691 168,395
 Long-term debt, less current
 portion Revolving Sr. Bank
 Debt, prime plus 1/2 percent 34,500 ---
 11-1/2 percent Sr. Sub. Debt 23,492 23,408
 7-1/2 percent Conv. Debt 69,000 69,000
 Other 7,351 7,534
 Total long-term debt 134,343 99,942
 Other liabilities 44,777 43,265
 Total liabilities 237,811 311,602
 Shareholders' equity 152,597 143,492
 Total liabilities and
 shareholders' equity $390,408 $455,094
 UNC INCORPORATED & SUBSIDIARIES
 FINANCIAL POSITION DATA
 (Dollars in thousands)
 Sept. 30, Dec. 31,
 1992 1991
 Working capital $135,529 $88,379
 Current ratio 3.3:1 1.5:1
 Total debt $134,716 $177,829
 Debt to capitalization (pct.) 46.9 55.3
 OPERATING DATA
 (Dollars in thousands, except per-share amount)
 Nine months ended Sept. 30 1992 1991
 EBITDA $ 26,473 $ 26,771
 Capital Expenditures $ 5,364 $ 6,019
 EBIT/Interest expense 2.1x 1.5x
 EBITDA/Interest expense 2.9x 2.1x
 Trailing 12 months EPS $.60 ---
 -0- 10/28/92 R
 /CONTACT: Gregory M. Bubb, vice president and treasurer of UNC, 410-266-7333/
 (UNC) CO: UNC Incorporated ST: Maryland IN: AIR SU: ERN


CC-MK -- PH001 -- 5975 10/28/92 12:09 EST
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