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ZENITH REPORTS FOURTH-QUARTER RESULTS

 ZENITH REPORTS FOURTH-QUARTER RESULTS
 GLENVIEW, Ill., Feb. 13 /PRNewswire/ -- Zenith Electronics


Corporation (NYSE: ZE) today reported a profit for the fourth quarter of 1991 of $0.5 million, or 2 cents per share, compared with a quarterly loss of $27.4 million, or $1.01 per share, a year ago.
 Fourth-quarter sales were $399 million in 1991, compared with $378 million in 1990.
 Jerry K. Pearlman, Zenith chairman and president, said the improvement over last year's fourth quarter was principally due to cost reductions, increased consumer electronics sales volume, and the non-recurrence of $7 million of severance and other charges in 1990.
 "We are pleased that our efforts have contributed to two consecutive stronger quarters, but we recognize that the continuing, deep recessionary conditions mean that more difficult times are ahead," he said.
 Consumer electronics sales in the fourth quarter rose to $368 million from $342 million in the same period of 1990, principally as a result of increased color TV shipments from last year's fourth quarter level.
 Components sales in the fourth quarter were $31 million, down from $36 million in 1990. The decline resulted primarily from reduced shipments of electronic assemblies and displays to automotive and computer customers.
 1991 Results
 For full-year 1991, Zenith reported a net loss of $51.6 million, or $1.79 per share, for the full year. The 1990 loss was $54.2 million, or $2.02 per share. (In the first quarter of 1990, Zenith also recorded an $11 million charge to discontinued operations for the computer products business sold on Dec. 28, 1989.)
 Overall sales in 1991 were $1,322 million, compared with $1,410 million in 1990. Consumer electronics sales were $1,211 million in 1991, down from $1,229 million in 1990. Components sales were $111 million in 1991, compared with $181 million in 1990.
 First-Half 1992
 Industry color TV sales to dealers in the first five weeks of 1992 were reported to be off by 13 percent from slow levels a year ago. Weak television industry conditions and the production start-up of new "flat tension mask" color display tubes and monitors will contribute to an expected first-half 1992 loss, Pearlman said.
 ZENITH ELECTRONICS CORPORATION
 Statements of Consolidated Income
 (In millions, except per share amounts)
 Periods ended Three Months Twelve Months
 Dec. 31 1991 1990(A) 1991 1990(A)
 Net sales $399.0 $377.8 $1,321.6 $1,409.9
 Costs, expenses & other:
 Cost of products sold 354.3 354.4 1,208.4 1,295.9
 Selling, advertising &
 administrative 27.0 31.9 101.2 106.5
 Engineering & research 13.2 14.6 54.1 55.9
 Other, net 1.0 1.1 .5 (2.0)
 Income:
 Operating income (loss) 3.5 (24.2) (42.6) (46.4)
 Other, net -- -- -- 1.1
 Interest expense, net (3.0) (3.0) (8.8) (8.0)
 Income (loss) before
 income taxes .5 (27.2) (51.4) (53.3)
 Income taxes (credit) -- .2 .2 .9
 Income (loss) from
 continuing operations .5 (27.4) (51.6) (54.2)
 Inc. (loss) from discont.
 opers., net of taxes -- -- -- (11.0)
 Net income (loss) $ .5 $(27.4) $ (51.6) $ (65.2)
 Per share of com. stock:
 Income (loss) from
 continuing opers. $ .02 $(1.01) $ (1.79) $ (2.02)
 Income (loss) from
 discont. opers. -- -- -- (.41)
 Net income (loss)
 per share (primary
 & fully diluted) $ .02 $(1.01) $ (1.79) $ (2.43)
 Average shares outstg. 29.1 27.0 28.8 26.8
 (A) -- Results for fourth-quarter 1990 and full-year 1990 include a $(1.9) million restatement due to a change in the method of accounting for certain inventories.
 -0- 2/13/92
 /CONTACT: John Taylor (media), 708-391-8181, or Seymour Lipton (financial), 708-391-7713, both of Zenith Electronics/
 (ZE) CO: Zenith Electronics Corporation ST: Illinois IN: CPR SU: ERN


GK -- NY024 -- 9643 02/13/92 10:31 EST
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Date:Feb 13, 1992
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