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ACME-CLEVELAND REPORTS HIGHER FIRST QUARTER EARNINGS

 ACME-CLEVELAND REPORTS HIGHER FIRST QUARTER EARNINGS
 CLEVELAND, Jan. 20 /PRNewswire/ -- Acme-Cleveland Corporation


(NYSE: AMT) today reported net earnings for the first quarter of fiscal 1992 of $1.8 million, or $.27 a common share, on sales of $43.8 million. This compares to net earnings for the first quarter of fiscal 1991 of $1.0 million, or $.14 a common share, on sales of $48.3 million. Results for the first quarter of fiscal 1992 included income of $1.1 million, or $.17 a common share, from the sale of a building and the utilization of tax loss carryforwards. Results for the first quarter of fiscal 1991 included income of $.2 million, or $.03 a common share, from the utilization of tax loss carryforwards.
 First quarter consolidated orders booked were $47.1 million, up from $41.4 million for the previous quarter, and comparable with the $47.8 million booked during the first quarter of fiscal 1991. The order backlog at Dec. 31, 1991 was $23.8 million compared to $21.0 million at Sept. 30, 1991 and $28.9 million one year ago.
 In commenting on the first quarter, David L. Swift, president and chief executive officer, said, "The year-over-year decrease in sales for the quarter reflected lower shipments in our Metalworking Product segment and resulted from our relatively low backlog position entering the fiscal year and weak economic conditions that existed throughout the quarter. Cost reduction actions offset the pretax earnings impact of the lower sales. The quarter-to-quarter improvement in orders booked resulted mainly from several large orders, primarily for quality inspection systems and telecommunications test products.
 "We believe that, absent a sustainable improvement in the economy, the corporation's immediate challenge is to match last year's earnings from operations. Recent external forecast data indicates that an improvement in the economy should begin later in the calendar year, but will be modest. The corporation will likely not realize any benefit until fiscal 1993. We are continuously re-assessing spending alternatives for further cost savings to mitigate the impact of the soft economy on earnings."
 Acme-Cleveland Corporation manufactures and sells telecommunications 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
 1991 1990
 Net Sales $43,786 $48,325
 Earnings Before Income Taxes
 and Extraordinary Credit $2,417 $1,589
 Income Taxes 1,120 795
 Earnings Before Extraordinary Credit 1,297 794
 Extraordinary Credit-Utilization of
 Net Operating Loss Carryforward 480 170
 Net Earnings $1,777 $964
 Earnings per Common Share:
 Before Extraordinary Credit $.19 $.11
 Extraordinary Credit .08 .03
 Net Earnings per Common Share $.27 $.14
 Number of Shares Used in Computation of
 Net Earnings per Common Share 6,323 6,291
 -0- 1/20/92
 /CONTACT: Francis R. Appeldorn, vice president-finance of Acme-Cleveland Corporation, 216-292-2100/
 (AMT) CO: Acme-Cleveland Corporation ST: Ohio IN: CPR SU: ERN


KK -- CL011 -- 1495 01/20/92 15:22 EST
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Date:Jan 20, 1992
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