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A. P. GREEN ANNOUNCES ADOPTION OF ACCOUNTING CHANGES; TAKES CHARGES IN 1992

 MEXICO, Mo., Nov. 23 ~PRNewswire~ -- A. P. Green Industries, Inc. (NASDAQ: APGI) today announced it has adopted FAS 106, "Employer Accounting for Postretirement Benefits Other Than Pensions", and FAS 109, "Accounting for Income Taxes", retroactively to Jan. 1, 1992.
 The cumulative after-tax effect of such adoptions for years prior to 1992 is a charge to earnings in the first quarter of 1992 of $4,200,000, or $1.55 per share of common stock. The cumulative net charge to earnings in the first quarter of 1992 for postretirement benefits, principally costs associated with retiree health care, amounted to $8,000,000, or $2.99 per share. This was partially offset by the cumulative effect of the change in accounting for income taxes which resulted in an earnings increase in the first quarter of $3,800,000, or $1.44 per share.
 The company will restate its earnings for the first three quarters of 1992 as a result of this action. The company expects to report restated net earnings of $550,000, or $0.20 per share of common stock in its third quarter ended Sept. 30, 1992 and a restated net loss of $5,300,000, or $1.99 per share of common stock for the first nine months of 1992.
 Paul F. Hummer, president and chief executive officer of the company said: "After careful consideration, the decision was made to adopt these changes effective this year. While this will require the company to restate its results for the first three quarter of this year, we believe that these accounting changes should be put behind us. This action removes the uncertainty regarding the impact of these accounting changes and clears the decks for 1993."
 A. P. Green Industries, Inc., headquartered in Mexico, Mo., mines, processes, manufactures and distributes specialty minerals and mineral- based products, including refractories and industrial lime products in the United States and international markets. The company operates 13 plants in the United States, Canada and the United Kingdom.
 -0- 11~23~92
 ~CONTACT: Gary L. Roberts, vice president, chief financial officer and treasurer of A. P. Green Industries, Inc., 314-473-3626~
 (APGI)


CO: A.P. Green Industries, Inc. ST: Missouri IN: MNG SU:

AH -- NY052 -- 0554 11~23~92 12:41 EST
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Publication:PR Newswire
Date:Nov 23, 1992
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