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UNC SECOND QUARTER EARNINGS INCREASE 90 PERCENT; FIRST HALF EARNINGS UP 73 PERCENT

 UNC SECOND QUARTER EARNINGS INCREASE 90 PERCENT;
 FIRST HALF EARNINGS UP 73 PERCENT
 ANNAPOLIS, Md., July 28 /PRNewswire/ -- UNC Incorporated (NYSE: UNC) today reported significantly improved earnings for the second quarter and first half of 1992.
 Net earnings in the second quarter were 90 percent higher than last year's quarter while first half earnings were 73 percent higher than the 1991 period.
 Sales for the second quarter of 1992 were $87.6 million compared with $87.2 million in the second quarter of 1991. Operating income rose 4 percent to $6.5 million compared with $6.3 million a year earlier. Interest expense for the quarter was $2.9 million, down 34 percent from $4.4 million in the second quarter of 1991. Net earnings were $2.9 million, or $.17 per share, compared with $1.5 million, or $.09 per share, reported in the year earlier quarter.
 In the first half of 1992, sales were $173.7 million, slightly more than the $172.7 million in the 1991 period. Operating income was $12.5 million compared with $12.4 million reported in the first half of 1991. Interest expense declined to $6.2 million from $8.6 million a year earlier. Net earnings in the first half of 1992 were $5.1 million, or $.30 per share, compared with $3.0 million, or $.17 per share, in the first half of 1991.
 The company also announced that it has renegotiated its Revolving Credit Agreement which was set to expire in October of this year. The new agreement will provide the company with a three year credit line with a borrowing capacity of $55 million. Pricing on the loan will be prime-based with decreasing rates available based on the company's performance.
 Dan A. Colussy, chairman and chief executive officer of UNC Incorporated, said, "We are very pleased with our second quarter and first half results and the progress UNC has made in 1992, especially in light of the extremely slow pace of the economic recovery. We will continue to take all necessary actions to continue our earnings improvement to achieve our 1992 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
 (In thousands, except per-share amounts)
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 Aviation Sales $87,563 $87,197 $173,748 $170,262
 Non-aviation Sales --- --- --- 2,472
 Total Sales $87,563 $87,197 $173,748 $172,734
 Operating Income $ 6,523 $ 6,268 $ 12,527 $ 12,374
 Interest Expense (2,876) (4,366) (6,222) (8,606)
 Pretax Earnings 3,618 1,950 6,413 3,800
 Net Earnings 2,894 1,521 5,130 2,964
 Earnings per Share $ 0.17 $ 0.09 $ 0.30 $ 0.17
 Average shares 17,278 17,128 17,267 17,122
 UNC Incorporated & Subsidiaries
 Balance Sheet
 (Dollars in thousands)
 June 30, 1992 Dec. 31, 1991
 Assets
 Cash $ 3,659 $ 1,240
 Receivables 58,884 72,476
 Litigation receivable --- 67,500
 Inventories 103,055 89,840
 Other current assets 21,577 25,718
 Total current assets 187,175 256,774
 Net, discontinued assets 20,266 29,267
 Net, property, plant
 and equipment 57,958 57,363
 Other assets 115,873 111,690
 Total Assets $381,272 $455,094
 Liabilities and Shareholders' Equity
 Current portion of
 long-term debt $ 1,463 $ 77,887
 Other current liabilities 56,285 90,508
 Total current liabilities 57,748 168,395
 Long-term debt, less current portion
 Revolving Sr. Bank Debt,
 prime + 1/2 percent 28,500 ---
 11 1/2 percent Sr. Sub. Debt 23,463 23,408
 7 1/2 percent Conv. Debt 69,000 69,000
 Other 7,362 7,534
 Total long-term debt 128,325 99,942
 Other liabilities 45,889 43,265
 Total liabilities 231,962 311,602
 Shareholders' equity 149,310 143,492
 Total liabilities and
 shareholders' equity $381,272 $455,094
 UNC Incorporated & Subsidiaries
 Financial Position Data
 (Dollars in thousands)
 June 30, 1992 Dec. 31, 1991
 Working capital $129,427 $88,379
 Current ratio 3.2:1 1.5:1
 Total debt $129,788 $177,829
 Debt to capitalization 46.5 pct. 55.3 pct.
 Operating Data
 (Dollars in thousands, except per-share amount)
 Six months ended June 30 1992 1991
 EBITDA $ 17,635 $ 17,593
 Capital Expenditures $ 3,638 $ 3,942
 EBIT/Interest expense 2.0x 1.4x
 EBITDA/Interest expense 2.8x 2.0x
 Trailing 12 Months EPS $ 0.53 ---
 -0- 7/28/92
 /CONTACT: David L. Dragics of UNC, 301-266-7333/
 (UNC) CO: UNC Incorporated ST: Maryland IN: AIR SU: ERN


CC -- PH002 -- 3833 07/28/92 08:34 EDT
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Date:Jul 28, 1992
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