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ALLIS-CHALMERS RESTATES RESULTS

 ALLIS-CHALMERS RESTATES RESULTS
 MILWAUKEE, Wis., June 12 /PRNewswire/ -- Allis-Chalmers


Corporation, in a restatement of results, today reported a net loss of $68,000 in the first quarter of 1992 compared with net income of $197,000 in the same period of 1991.
 The company, which previously had reported net income of $134,000 for the 1992 period, said further analysis of operating results showed that the cost of sales was originally understated. It said the net loss was attributable primarily to an operating loss in its machine repair business and a reduction in profitability in the molded fabric products business, resulting from severely competitive conditions in the markets served by of those operations.
 ALLIS-CHALMERS
 (in thousands except per share)
 Periods ended Three Months
 March 31 1992 1991
 Sales 3,430 3,388
 Net (loss) income (68) (197)
 Average common shares 15,272 15,272
 Income per share -- .01
 -0- 6/12/92
 /CONTACT: Dennis Thisted of Allis-Chalmers, 414-475-3343/ CO: Allis-Chalmers Corporation ST: Wisconsin IN: SU: ERN


KD-AH -- NY070 -- 9828 06/12/92 16:39 EDT
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Publication:PR Newswire
Date:Jun 12, 1992
Words:175
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