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WEAN INCORPORATED REPORTS RESULTS FOR 1992 AND ANNOUNCES EXPIRATION OF EXCHANGE OFFER AND IMPENDING DEFAULTS

 PITTSBURGH, Feb. 26 /PRNewswire/ -- Wean Incorporated (NYSE: WID) reported a loss of $8,548,000, before the effect of an accounting change, for the year 1992 on sales of $42,618,000.
 This compares to a profit in 1991 of $3,383,000, on sales of $75,747,000, before a tax loss carryforward credit of $980,000.
 In 1992, the company adopted Statement of Financial Accounting Standards No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions" (FASB 106). The company elected to recognize the transition obligation immediately as the cumulative effect of an accounting change. The amount recognized was $14,179,000, which represents the accumulated postretirement benefit obligation existing at Jan. 1, 1992. The total loss for 1992 was $22,727,000, including this provision which is being recognized retroactively to the first quarter of 1992.
 The fourth quarter reflected a loss of $1,809,000 on sales of $14,957,000, compared to a fourth quarter 1991 profit of $1,174,000 on sales of $17,084,000, after a $222,000 tax loss carryforward credit.
 The backlog of orders at Dec. 31, 1992, amounted to $30,000,000, compared to $39,000,000 at Sept. 30, 1992 and $30,000,000 at Dec. 31, 1991.
 R.J. Wean III, president and chief executive officer, said, "The results for 1992 continue to reflect the relatively low level of activity in the company's operations. The low backlog of orders at the beginning of 1992, combined with the disappointing level of new orders during the year, is due to a continuing deferral of most major capital expenditures by our domestic and international customers. There are, however, a number of projects that are active at the present time, and we anticipate that some of them will move forward in the near future. We continue to believe that an upturn in the level of activity for our products will occur, but it is difficult to predict the timing of such an improvement."
 The company also announced that the exchange offer presently being conducted with respect to its 5-1/2 percent convertible subordinated debentures will expire on March 1, 1993, and the offer will not be extended. Since the company's requirement that 90 percent of the debentures be tendered was not met, the company will return all previously tendered debentures.
 The company further announced that it does not expect to make any payments due on March 1, 1993, on its 5-1/2 percent debentures, its 10 percent notes and its 12 percent notes. Approximately $12 million in principal amount of the 5-1/2 percent debentures are outstanding and due on March 1, 1993, along with $331,000 in interest thereon. An aggregate of $278,000 in interest and $454,000 in sinking fund payments on the 10 percent and 12 percent notes is due on March 1, 1993.
 Wean also said, "In view of the company's inability to meet all of its payment obligations on its notes and debentures, the company is continuing to evaluate its alternatives to restructure these obligations. Under the present circumstances, the company does not view a bankruptcy proceeding as a preferred alternative. By omitting the payments due March 1, 1993, the company retains its financial and operational abilities to meet customer commitments and all other obligations. The company said it appreciates the support of its customers, suppliers, employees, debtholders and stockholders and hopes that their support will continue."
 WEAN INCORPORATED
 Consolidated Statement of Earnings
 Periods Ended Three Months Year
 Dec. 31(A) 1992 1991 1992 1991
 Sales $14,957 $17,084 $42,618 $75,747
 Earnings (loss) before
 income taxes (1,476) 1,555 (8,477) 5,385
 Income taxes 333 603 71 2,002
 Earnings before extraordinary
 item and cumulative effect of
 accounting change (1,809) 952 (8,548) 3,383
 Extraordinary item -- 222 -- 980
 Cumulative effect of accounting
 change -- -- (14,179) --
 Net earnings (1,809) 1,174 (22,727) 4,363
 Earnings per share(B)
 Before extraordinary item and
 cumulative effect of accounting
 change ($0.62) $0.27 ($2.92) $0.94
 On extraordinary item -- 0.07 -- 0.32
 On cumulative effect of
 accounting change -- -- (4.59) --
 Net earnings ($0.62) $0.34 ($7.51) $1.26
 Earnings per common share
 assuming full dilution(C)
 Before extraordinary item and
 cumulative effect of
 accounting change ($0.62) $0.27 ($2.92) $0.94
 After extraordinary item and
 cumulative effect of
 accounting change ($0.62) $0.34 ($7.51) $1.26
 (A) Amounts stated in thousands except per share data.
 (B) Based on weighted average number of shares outstanding (3,088,449 for the quarter and year ended Dec. 31, 1992; and 3,088,449 for the quarter and 3,088,393 for the year ended Dec. 31, 1991, respectively) after giving effect to earnings attributed to the preferred stock dividend requirement.
 (C) Assuming conversion at the beginning of the period of the 5-1/2 percent convertible subordinated debentures.
 -0- 2/26/93
 /CONTACT: R.J. Wean III of Wean Incorporated, 412-456-5300/
 (WID)


CO: Wean Incorporated ST: Pennsylvania IN: MNG SU: ERN

CD-JT -- PG010 -- 1072 02/26/93 18:44 EST
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Date:Feb 26, 1993
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