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AMAX REPORTS FIRST QUARTER RESULTS

 NEW YORK, April 22 /PRNewswire/ -- AMAX (NYSE: AMX) today reported a net loss for the year's first quarter of $29.8 million ($0.42 per primary common share). The net loss for the first quarter of 1992 was $76.6 million ($0.88 per primary common share).
 The company said it recorded a $3.7 million profit from operations during the first quarter, compared with a $2.0 million loss from operations in the first quarter of 1992. First quarter 1992 results have been restated to include a net aftertax charge of $99.0 million for the adoption as of Jan. 1, 1992 of mandatory accounting changes relating to post-retirement benefits and income taxes. Also included in 1992 first quarter results was a $55.6 million pretax gain from issuance of Amax Gold Inc. stock to acquire the Fort Knox gold property in Alaska. The gain represented AMAX's interest in the increase of book value per share.
 Sales in the first quarter of 1993 were $847.2 million, while sales in the first quarter of 1992 totalled $876.9 million.
 Earnings from AMAX's energy companies, Amax Coal Industries, Inc. and Amax Oil & Gas Inc., increased from the previous year; losses in the company's aluminum sector narrowed, while results in the gold unit declined. Coal's Western and Midwestern operations improved considerably while weather dampened results from Eastern operations. Volumes and prices of natural gas sales were strong; AMAX expects to see continuing strength in volume and pricing of gas. While aluminum consumption remains reasonably strong, primary aluminum prices declined further during the quarter due to exports from CIS countries, existing large inventories and continued sluggish Western World economies. Amax Gold posted an operating loss due to reduced production, increased costs and continuing low prices for gold.
 Allen Born, chairman and chief executive officer of AMAX, said the company is continuing to reduce costs, increase productivity and dispose of non-core assets.
 "There are bright spots in our outlook," Born said. "We've completed start-up of our new Lauralco aluminum plant; it's running full steam. Our new Guanaco gold mine in Chile is on stream. We're reducing molybdenum inventories. And we see price improvements in moly and natural gas. However, we don't foresee real improvement in prices or earnings until later this year."
 AMAX is a low-cost producer of quality metals and energy. Its principal businesses are aluminum, coal, natural gas, gold, molybdenum and other metals.
 AMAX INC.
 (In millions except per share amounts)
 Quarter ended March 31 1993 1992
 Sales $847.2 $876.9
 Earnings (loss) from operations 3.7 (2.0)
 Earnings (loss) before cumulative
 effect of accounting changes (29.8) 22.4
 Cumulative effect of
 accounting changes -- (99.0)
 Net earnings (loss) (29.8) (76.6)
 Weighted average common
 shares outstanding 87.7 87.0
 Net earnings (loss) per primary
 common share:
 Before cumulative effect
 of accounting changes $(.42) $ .25
 Cumulative effect of
 accounting changes -- (1.13)
 Primary loss per common share $(.42) $(.88)
 -0- 4/22/93
 /CONTACT: Jerry Cooper of AMAX, 212-856-5982/
 (AMX)


CO: AMAX Inc. ST: New York IN: MNG SU: ERN

TS -- NY033 -- 9253 04/22/93 09:45 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
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