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ACME-CLEVELAND REPORTS FIRST QUARTER RESULTS

 CLEVELAND, Jan. 22 /PRNewswire/ -- Acme-Cleveland Corporation (NYSE: AMT) today reported net earnings for the first quarter of fiscal 1993 of $1.2 million, or $.17 a common share, on sales of $45.8 million. For the comparable quarter in fiscal 1992, the corporation reported net earnings of $1.8 million, or $.27 a common share, on sales of $43.8 million. Such earnings included income from the utilization of tax loss carryforwards of $.3 million, or $.04 a common share, in fiscal 1993 and $.5 million, or $.08 a common share, in fiscal 1992. Fiscal 1992 results also included income of $.5 million before extraordinary tax credits from the sale of idle assets. There was no such income in the first quarter of fiscal 1993. Income from the liquidation of LIFO inventories was comparable in both fiscal years at $.2 million.
 First quarter consolidated orders booked were $47.4 million, up from $45.5 million for the previous quarter, and comparable with the $47.1 million booked during the first quarter of fiscal 1992. The order backlog at Dec. 31, 1992 was $26.6 million, up from $25.6 million at Sept. 30, 1992 and $23.8 million one year ago.
 In commenting on the first quarter, David L. Swift, president and chief executive officer, said, "The year-over-year sales increase reflected higher shipments in our Metalworking Products segment, primarily for cutting tools, quality inspection systems, and rotary positioning products. The earnings pullthrough on the additional volume was offset by increased spending for discretionary expenses that were temporarily suspended in fiscal 1992 because of economic conditions, strike related performance problems at our cutting tool operation in Mexico, and lower income from a minority equity investment. The corporation realized quarter-to-quarter order gains in all domestic business segments. International operations, on the other hand, were down because of adverse exchange rate movements and relatively soft local economies.
 "We remain optimistic for modest near-term growth prospects for the U.S. economy, although a sustaining and broad based recovery across our served markets has proved elusive thus far. The European market will likely remain soft for much of the fiscal year. Our immediate task continues to be one of cost containment while pushing ahead on manufacturing improvement programs."
 Acme-Cleveland Corporation manufactures and sells telecommunication products, sensor devices and controls, cutting tools, multiple spindle machine tools, quality assurance products and systems, and related parts and services.
 STATEMENT OF CONSOLIDATED OPERATIONS
 ACME-CLEVELAND CORPORATION AND SUBSIDIARIES
 (Unaudited)
 (In thousands, except per share data)
 Three Months Ended
 December 31
 1992 1991
 Net Sales $45,782 $43,786
 Earnings Before Income
 Taxes and Extraordinary Item $ 1,857 $ 2,417
 Income Taxes 925 1,120
 Earnings Before Extraordinary Item 932 1,297
 Extraordinary Item-Utilization of
 Net Operating Loss Carryforward 250 480
 Net Earnings $ 1,182 $ 1,777
 Earnings per Common Share:
 Before Extraordinary Item $.13 $.19
 Extraordinary Item .04 .08
 Net Earnings per Common Share $.17 $.27
 Number of Shares Used in Computation
 of Net Earnings per Common Share 6,351 6,323
 -0- 1/22/93
 /CONTACT: Francis R. Appeldorn, vice president-finance of Acme-Cleveland Corporation, 216-432-5406/
 (AMT)


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

BM -- CL006 -- 7868 01/22/93 11:07 EST
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Publication:PR Newswire
Date:Jan 22, 1993
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