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ACME-CLEVELAND REPORTS BETTER FISCAL YEAR RESULTS

 CLEVELAND, Nov. 12 /PRNewswire/ -- Acme-Cleveland Corporation (NYSE: AMT) today reported operational earnings for 1993 of $4.6 million, or $.67 a common share, on sales of $174.9 million, up from $4.2 million, or $.61 a common share, on sales of $177.6 million in 1992. Net earnings were $7.1 million, or $1.07 a common share for 1993 compared with $5.3 million, or $.79 a common share for 1992. Net earnings for 1993 included income from nonrecurring items of $1.0 million, or $.16 a common share, and $1.9 million, or $.30 a common share, from the utilization of tax benefit carryforwards. Net earnings for 1992 included income from nonrecurring items of $.6 million, or $.10 a common share, and $1.7 million, or $.26 a common share, from the utilization of tax benefit carryforwards.
 For the fourth quarter, the company's reported net earnings were $1.5 million, or $.22 a common share, on sales of $42.7 million, compared to net earnings of $.8 million, or $.10 a common share, on sales of $43.0 million last year. Fourth quarter results included charges to earnings before extraordinary item for facility consolidations of $.4 million, or $.06 a common share, in 1993 and $1.2 million, or $.18 a common share, in 1992.
 Consolidated orders booked were $172.7 million for the year and $36.8 million for the fourth quarter compared to $184.7 million and $45.5 million for the corresponding periods in 1992.
 In commenting on the year, David L. Swift, chairman and chief executive officer, said, "The company's financial results improved in 1993 despite sluggish conditions in many of our key markets. Better margins, principally from continuing operating improvement initiatives, more than compensated for the impact of the decrease in sales volume. Increased income from the reduction of LIFO inventories was used to offset restructuring expense associated with cost cutting measures. Bottom line, we were able to improve the company's financial performance during a difficult economic period and better position it for continuing success.
 "Consolidated bookings and sales for the year decreased as a result of the depressed economies in Europe and Mexico and reduced spending by major telephone operating companies for traditional products. Bookings were also impacted by the delay of a major order for quality inspection systems, and unfavorable movement in foreign exchange rates. Fourth quarter orders reflected lower year-over-year demand at most of our businesses."
 Acme-Cleveland Corporation manufactures and sells telecommunication products, sensor devices and controls, quality assurance products and systems, cutting tools, multiple spindle machine tools and related parts and services.
 STATEMENT OF CONSOLIDATED OPERATIONS
 ACME-CLEVELAND CORPORATION AND SUBSIDIARIES
 (Unaudited)
 (In thousands, except per share data)
 Three Months Ended
 Sept. 30
 1993 1992
 Net Sales $42,712 $42,986
 Earnings Before Income Taxes
 and Extraordinary Item $ 1,589 $ 982
 Income Taxes 815 325
 Earnings Before Extraordinary Item 774 657
 Extraordinary Item - Utilization of
 Tax Benefit Carryforwards 700 100
 Net Earnings $ 1,474 $ 757
 Earnings per Common Share:
 Before Extraordinary Item $ .11 $ .09
 Extraordinary Item .11 .01
 Net Earnings Per Common Share $ .22 $ .10
 Number of Shares Used in Computation
 of Net Earnings per Common Share 6,393 6,318
 Twelve Months Ended
 Sept. 30
 1993 1992
 Net Sales $174,928 $177,594
 Earnings Before Income Taxes
 and Extraordinary Item $ 10,045 $ 6,544
 Income Taxes 4,815 2,925
 Earnings Before Extraordinary Item 5,230 3,619
 Extraordinary Item - Utilization of
 Tax Benefit Carryforwards 1,900 1,700
 Net Earnings $ 7,130 $ 5,319
 Earnings per Common Share:
 Before Extraordinary Item $ .77 $ .53
 Extraordinary Item .30 .26
 Net Earnings Per Common Share $ 1.07 $ .79
 Number of Shares Used in Computation
 of Net Earnings per Common Share 6,373 6,326
 -0- 11/12/93 R
 /CONTACT: F. R. Appledorn, vice president, finance, of Acme- Cleveland Corporation, 216-432-5400/
 (AMT)


CO: Acme-Cleveland Corporation ST: Ohio IN: MAC SU: ERN

OP -- CL007R -- 3725 11/12/93 13:30 EST
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Publication:PR Newswire
Date:Nov 12, 1993
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