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ALLEN GROUP ANNOUNCES FOURTH QUARTER EARNINGS

 BEACHWOOD, Ohio, Feb. 18 /PRNewswire/ -- The Allen Group Inc. (NYSE: ALN) reported today that its primary earnings per common share from continuing operations were $.52 and $1.62 for the fourth quarter and full year 1992, respectively, compared to $.43 and $1.35 per common share for the comparable prior year periods.
 The earnings per share from continuing operations for 1992 includes an additional charge relating to the adoption, effective as of Jan. 1, 1992, for the new accounting standard for post-retirement medical and life insurance benefits (Statement of Financial Accounting Standard No. 106) in the amount of $.01 and $.04 per common share for the quarter and year respectively. In addition, the adoption of this new standard required a one-time non-cash charge of $.47 per common share representing the cumulative effect of the new standard as of Jan. 1, 1992, accordingly, net income per common share for 1992 is $1.15 per common share after this charge.
 Robert G. Paul, President and Chief Executive Officer of the company, stated, "This 20 percent increase in earnings per common share from continuing operations for 1992 represents a record year for the company. This outstanding performance was primarily attributable to the strong performance of the Mobile Communications segment, including the operations of Alliance Telecommunications Corporation, which was acquired in July 1992, and from improved results of our Truck Products segment, offset by reduced sales and earnings of our Automotive Test and Service segment. We anticipate that each segment of our business will reflect improved results in 1993."
 The Allen Group Inc. (NYSE: ALN) manufactures and markets electronic and other products, principally for the telecommunications and automotive industries, including mobile communications equipment, automotive test equipment and truck components.
 THE ALLEN GROUP INC.
 CONSOLIDATED STATEMENTS OF INCOME
 (Amounts in Thousands)
 Three Months Ended Years Ended
 December 31, December 31,
 1992 1991 1992 1991
 MANUFACTURING
 Sales $ 82,186 $ 62,430 $279,565 $246,809
 Cost of Sales 51,033 38,170 176,120 153,515
 Selling, General and
 Administrative Expenses 22,133 19,031 81,226 76,999
 Equity in Loss of
 Joint Ventures (2,070) (1,212) (3,742) (1,399)
 Interest and Financing (Income)
 Expenses 1,252 (80) 2,514 1,763
 Income Before Taxes
 - Manufacturing 5,698 4,097 15,963 13,133
 LEASE FINANCING
 Lease finance revenue 4,308 4,018 16,680 15,187
 Costs and Expenses:
 Interest Expense 923 1,329 4,255 5,195
 Selling, General and
 Administrative Expenses 641 717 2,638 2,995
 Provision for Credit Losses 540 480 2,100 1,780
 Income Before Taxes - Lease
 Financing 2,204 1,492 7,687 5,217
 INCOME BEFORE INCOME TAXES 7,902 5,589 23,650 18,350
 Provision for Income Taxes 1,661 475 3,711 1,720
 INCOME FROM CONTINUING
 OPERATIONS 6,241 5,114 19,939 16,630
 Income From and Net Gain
 on Disposal of
 Discontinued Operations -- 864 -- 852
 INCOME BEFORE CUMULATIVE EFFECT
 OF ACCOUNTING CHANGE 6,241 5,978 19,939 17,482
 Cumulative Effect of Change
 in Accounting for
 Postretirement Benefits Other
 Than Pensions -- -- (4,599) --
 NET INCOME $ 6,241 $ 5,978 $ 15,340 $ 17,482
 Net Income Applicable
 to Common Stock $ 5,235 $ 4,973 $ 11,315 $ 13,457
 EARNINGS (LOSS) PER COMMON SHARE
 Primary:
 From Continuing Operations $.52 $.43 $1.62 $1.35
 Income From and Net Gain
 on Disposal of
 Discontinued Operations -- .09 -- .09
 Cumulative Effect of Change
 in Accounting
 for Postretirement Benefits
 Other Than Pensions -- -- (.47) --
 Net Income $ .52 $ .52 $1.15 $1.44
 Fully Diluted $ .50 $ .52 $1.15 $1.44
 -0- 2/18/93
 /CONTACT: Robert A. Youdelman of The Allen Group, 216-765-5820/
 (ALN)


CO: The Allen Group ST: Ohio IN: SU: ERN

KK -- CL007 -- 7751 02/18/93 09:55 EST
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Date:Feb 18, 1993
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