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UNC REPORTS EARNINGS UP 64 PERCENT IN 1992

 ANNAPOLIS, Md., Feb. 11 /PRNewswire/ -- UNC Incorporated (NYSE: UNC) today reported net earnings for 1992 of $11.4 million or $.66 per share, an increase of 64 percent over 1991 earnings of $.40 per share.
 Net earnings for the fourth quarter were $3 million or $.17 per share, up 47 percent from last year's fourth quarter. Sales for 1992 were $365.2 million, vs. 1991 sales of $358.1 million. Fourth quarter sales were level with fourth quarter 1991 sales at $96 million.
 The company also reported a significantly improved balance sheet from last year. UNC used the proceeds from a previously announced litigation settlement with the U.S. government plus cash flow from operations to reduce debt by $52 million in 1992. The deleveraging effect on the company's capital structure was to lower the year-end debt to capitalization ratio from 55.3 percent in 1991 to 44.7 percent in 1992.
 Dan A. Colussy, chairman and CEO of UNC, said, "UNC achieved its financial and operational goals for 1992, in spite of a difficult economic climate. Our cost reduction efforts including a strong focus on TQM programs had a substantial impact on costs this year. Selling and General and Administrative expenses alone were reduced $4.2 million or 8.5 percent versus 1991. These efforts have strengthened our operations and will continue to favorably impact 1993."
 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 and aircraft engines; the refurbishment and overhaul of helicopters and in providing aircraft maintenance and pilot training services.
 UNC INCORPORATED & SUBSIDIARIES
 Summary of Earnings
 (Dollars in thousands, except per-share amount)
 Periods ended Three months 12 months
 Dec. 31 1992 1991 1992 1991
 Aviation Sales $96,119 $96,213 $365,152 $358,099
 Non-aviation Sales --- --- --- 2,472
 Total Sales $96,119 $96,213 $365,152 $360,571
 Operating Income $ 6,632 ($25,600) $ 25,762 ($6,629)
 Interest Expense (3,055) (4,799) (12,204) (17,531)
 Pretax Earnings from
 continuing operations 3,013 (30,370) 12,851 (24,133)
 Earnings from
 discontinued operations --- 34,100 --- 34,100
 Extraordinary item --- (1,700) --- (1,700)
 Net Earnings 3,007 2,050 11,369 6,915
 Earnings per share $ 0.17 $ 0.12 $ 0.66 $ 0.40
 Average shares 17,296 17,138 17,279 17,128
 Balance Sheet
 (Dollars in thousands)
 Dec. 31 1992 1991
 Assets:
 Cash $ 1,968 $ 1,240
 Receivables 71,809 72,476
 Litigation receivable --- 67,500
 Inventories 94,682 89,840
 Other current assets 23,381 25,718
 Total current assets 191,840 256,774
 Net, discontinued assets 18,534 29,267
 Net, property, plant
 and equipment 57,857 57,363
 Other assets 117,771 111,690
 Total Assets $386,002 $455,094
 Liabilities and Shareholders' Equity:
 Current portion of
 long-term debt $ 158 $ 77,887
 Other current liabilities 61,561 90,508
 Total current liabilities 61,719 168,395
 Long-term debt, less current
 portion Revolving Sr. Bank
 Debt, prime plus 1/2 percent 27,000 ---
 11-1/2 percent Sr. Sub. Debt 23,521 23,408
 7-1/2 percent Conv. Debt 69,000 69,000
 Other 6,044 7,534
 Total long-term debt 125,565 99,942
 Other liabilities 43,079 43,265
 Total liabilities 230,363 311,602
 Shareholders' equity 155,639 143,492
 Total liabilities and
 shareholders' equity $386,002 $455,094
 Financial Position Data
 (Dollars in thousands)
 Dec. 31 1992 1991
 Working capital $130,121 $88,379
 Current ratio 3.1:1 1.5:1
 Total debt $125,723 $177,829
 Debt to capitalization (pct.) 44.7 55.3
 Operating Data
 (Dollars in thousands, except per-share amount)
 12 months ended Dec. 31 1992 1991
 EBITDA $ 35,217 $ 3,594
 Capital Expenditures $ 6,602 $ 7,280
 EBIT/Interest expense 2.1x -0.4x
 EBITDA/Interest expense 2.9x 0.2x
 EPS $.66 $.40
 -0- 2/11/93
 /CONTACT: Gregory M. Bubb or Robert L. Pevenstein of UNC, 410-266-7333/
 (UNC)


CO: UNC Incorporated ST: Maryland IN: AIR SU: ERN

MP-MK -- PH005 -- 5531 02/11/93 08:57 EST
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Date:Feb 11, 1993
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