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ABEX REPORTS RESULTS

 HAMPTON, N.H., May 17 /PRNewswire/ -- Abex Inc. (NYSE: ABE) for the first three months of 1993 recorded a loss before extraordinary item of $30.2 million, or $1.53 per share, reflecting a charge of $33.5 million related to the agreement to sell the Cleveland Pneumatic Company operating unit to The BFGoodrich Company for approximately $200 million in cash plus the assumption of certain liabilities. The net loss for the first quarter was $33.5 million, or $1.70 per share.
 Net sales of the manufacturer of aerospace and industrial products for the latest quarter were $159 million, compared with $183.3 million for the corresponding period in 1992. The company posted a net loss of $4 million, or 20 cents per share, for the first three months of last year.
 Proceeds of the sale of Cleveland Pneumatic, a manufacturer of aircraft landing gear, will be used to reduce Abex's outstanding indebtedness, thus continuing the deleveraging of the company started in 1989.
 Michael D. Dingman, chairman and chief executive officer, said, "The transaction will enhance our ability to diversify Abex into a more broadly based industrial company. To that end, we are continuing our search for attractive acquisition opportunities while we improve the operating performance of our remaining units."
 The sales decline in this year's first period resulted from the continuing weakness of aerospace operations as well as lower sales of aircraft passenger boarding bridges, partially offset by increased sales of brake materials for cars and trucks.
 Excluding both the $3.3 million extraordinary charge for the write- off of debt origination fees related to the retirement of bank debt from the proceeds of the sale of Cleveland Pneumatic and the pretax loss on the transaction, Abex earned $3.3 million, or 17 cents per share, in the latest quarter.
 The sale of Cleveland Pneumatic, which is subject to regulatory review, is expected to close within 30 days.
 ABEX INC.
 Financial Highlights
 (In millions, expect per share amounts)
 Three months ended March 31 1993 1992
 Net sales $159.0 $183.3
 Loss before extraordinary item(a) (30.2) (4.0)
 Net loss (a) (33.5) (4.0)
 Loss per common share:
 Before extraordinary item (1.53) (.20)
 Net loss (1.70) (.20)
 Weighted average common
 shares outstanding(b) 19.8 19.8
 (a) The three months ended March 31, 1993 includes a $33.5 million pretax loss on the sale of the company's Cleveland Pneumatic Company division (CPC). The net loss for the period also reflects of a $3.3 million extraordinary charge for the write-off of debt origination fees related to the bank debt to be retired with the proceeds of the sale of CPC.
 (b) Assumes the 19,757,752 shares of common stock outstanding following the July 1992 distribution of Abex Inc. common stock were outstanding from January 1992.
 -0- 5/17/93
 /CONTACT: Norman Ritter of Abex, 603-929-2322/
 (ABE)


CO: Abex, Inc. ST: New Hampshire IN: ARO SU: ERN

SM -- NE008 -- 9063 05/17/93 09:56 EDT
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Publication:PR Newswire
Date:May 17, 1993
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