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WALBRO CORPORATION REPORTS RECORD QUARTERLY RESULTS FROM OPERATIONS

 CASS CITY, Mich., April 15 /PRNewswire/ -- L.E. Althaver, chairman, president and chief executive officer, Walbro Corporation (NASDAQ-NMS: WALB), reported sales of $66,903,000 for the quarter ended March 31, 1993, compared with $60,778,000 for the first quarter of 1992. Income before cumulative effect of accounting change for the first quarter was $3,746,000 compared with $3,527,000 for the same period in 1992. Income per share before cumulative effect of accounting change was $.44 for the first quarter of 1993, fully diluted, compared with $.49 fully diluted for the same period in 1992. Average shares outstanding were 8,528,744 in 1993 and 7,481,167 in 1992.
 As required by the Financial Accounting Standards Board and as previously reported, the company adopted FASB 106 relating to accounting for post-retirement health care and dental benefits to employees who retired from its Lambertville, Mich., plant (closed in 1992) and certain other employees who have previously retired. As a result, in the first quarter 1993, the company recorded a charge equal to the discounted present value of all expected payments for such employees. This one- time cumulative catch-up adjustment was $2.9 million, net of tax. On an ongoing basis, this accounting treatment will reduce employee expense as compared with the company's prior policy of recognizing these expenses as premiums were paid.
 This new accounting method will have no effect on the company's cash outlays for retiree benefits. The income per share effect of adopting FASB 106 was $.34, fully diluted.
 "The outlook for 1993 remains positive, with an expected increase in sales and earnings above 1992 levels," Althaver said in announcing Walbro's first-quarter results.
 "During the first quarter, sales of automotive fuel system products in the U.S. were up compared with a year ago, but did not meet planned levels," Althaver said.
 "Demand for Walbro's small engine fuel system products has been extremely strong. However, exceptionally high order levels have resulted in temporarily increased costs due to expenses required to meet customer schedules," according to the Walbro chief executive.
 "In the future, Walbro Corporation will continue to be characterized by growth. The company has a strong future as a supplier of fuel storage and delivery systems to the automotive industry, in a 'tier one' role that will provide greater value per vehicle," he said.
 Althaver noted that global automotive growth will be aided by Walbro do Brazil, which will serve the important South American market. He also noted that the company is exploring a variety of opportunities in other important markets, including Mexico.
 "Walbro Engine Management Corporation is expected to play a leading role in helping small engine customers meet the challenge of emission regulations in the 1990s," Althaver added.
 Walbro Corporation is a designer and manufacturer of automotive and small engine fuel system components. Walbro Corporation is headquartered in Cass City, and has subsidiaries and joint ventures throughout the world, including the United States, Mexico, Brazil, Japan, Singapore, Korea and France. Walbro Corporation common stock is traded on the NASDAQ National Market System under the symbol WALB.
 Walbro Corporation's annual meeting will be held at Walbro Automotive Corporation Headquarters in Auburn Hills, Mich., on April 20, 1993, at 11 a.m.
 WALBRO CORPORATION
 (In thousands, except share data)
 Three Months Ended
 March 31,
 1993 1992
 Net sales $66,903 $60,778
 Income before cumulative effect
 of accounting change 3,746 3,527
 Cumulative effect of accounting change 2,900 ---
 Net income 846 3,527
 Income per share before cumulative
 effect of accounting change
 Primary .45 .53
 Fully diluted .44 .49
 Income per share - cumulative effect
 of accounting change
 Primary .35 ---
 Fully diluted .34 ---
 Net income per share
 Primary .10 .53
 Fully diluted .10 .49
 Primary average shares outstanding 8,357,061 6,664,603
 Fully diluted shares 8,528,744 7,481,167
 -0- 4/15/93
 /CONTACT: L.E. Althaver, Gary Vollmar or Dan Hittler of Walbro Corporation, 517-872-2131/
 (WALB)


CO: Walbro Corporation ST: Michigan IN: AUT SU: ERN

KE-JG -- DE034 -- 6452 04/15/93 16:40 EDT
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Publication:PR Newswire
Date:Apr 15, 1993
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