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AMERICAN FILTRONA CORPORATION ANNOUNCES EARNINGS; DECLARES DIVIDEND

 AMERICAN FILTRONA CORPORATION ANNOUNCES EARNINGS; DECLARES DIVIDEND
 RICHMOND, Va., Oct. 21 /PRNewswire/ -- American Filtrona Corporation (NASDAQ-NMS: AFIL) reported today that results for the first nine months of 1992 compared to the same 1991 period were: net sales of $110.7 million, up 1 percent from $109.8 million; pretax income of $6.3 million, down 27 percent from $8.6 million; net income of $4.1 million, down 26 percent from $5.5 million; and earnings per share of $1.10, down 25 percent from $1.47.
 For the third quarter this year compared with the corresponding 1991 period, net sales of $36.3 million were up 2 percent from $35.5 million; pretax income of $2.3 million was down 13 percent from $2.7 million; net income of $1.5 million was down 12 percent from $1.7 million; and earnings per share of 41 cents were down 11 percent from 46 cents.
 Results for the third quarter improved compared to the first and second quarters of this year, although trailing last year's third quarter. Bonded fibers segment operating results fell behind the comparable 1991 period for the first time this year; however, results remain ahead year-to-date. In the plastic products segment, earnings of our established plastic extrusion companies improved over last year's third quarter, but are slightly behind for the nine months. Losses continued at the start-up extrusion plant in Phoenix. Although Filpac's results were better, losses continued in a very weak market. Industrial filtration segment earnings were off in the quarter and, therefore, are further behind year-to-date. Investment and other income is down because of lower interest income and sharply reduced commissions in the first half of the year.
 The Board of Directors declared a quarterly dividend of 23.5 cents per share payable on November 25, 1992 to shareholders of record as of November 10, 1992.
 Unaudited amounts (in thousands) for the three months and nine months ended September 30 follow:
 Three Months Nine Months
 1992 1991 1992 1991
 Net sales $36,330 $35,517 $110,656 $109,794
 Investment and
 other income 171 350 598 1,489
 Total revenues 36,501 35,867 111,254 111,283
 Costs and expenses 34,156 33,163 104,938 102,639
 Income before
 income taxes 2,345 2,704 6,316 8,644
 Income taxes 825 975 2,225 3,150
 Net income $ 1,520 $ 1,729 $ 4,091 $ 5,494
 Average shares
 outstanding 3,718 3,723 3,715 3,721
 Earnings per share $ 0.41 $ 0.46 $ 1.10 $ 1.47
 -0- 10/21/92
 /CONTACT: John L. Morgan or John D. Barlow, Jr., American Filtrona Corporation, 804-346-2400/
 (AFI) CO: American Filtrona Corporation ST: Virginia IN: TOB SU: ERN


CM -- CH003 -- 2830 10/21/92 11:19 EDT
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Publication:PR Newswire
Date:Oct 21, 1992
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