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AMERICAN FILTRONA REPORTS SALES

 RICHMOND, Va., Jan. 27 /PRNewswire/ -- American Filtrona Corporation (NASDAQ-NMS: AFIL) today reported sales of $144.7 million for the year 1992, a slight increase over 1991 sales. Bonded fiber products sales of $51 million rose by 6 percent because of higher sales in each of its product lines. Plastic products sales were up marginally to $71.3 million, with plastic extrusion sales offsetting a decline in flexible packaging sales. Industrial filtration products sales decreased 11 percent to $22.4 million since increases in certain markets served by continuing operations did not compensate fully for the loss of revenues of United Engine Life Company after its sale as of May 31, 1991.
 Pretax income, after deducting special charges of $6.5 million, ($4.6 million after taxes, or $1.24 per share), was $2.5 million, down 78 percent from $11.4 million in 1991. The special charges consisted of $4.8 million attributable to industrial filtration businesses or assets sold in prior years, including adjustments to the carrying value of deferred purchase price obligations, anticipated remediation costs at a former plant site and related other costs, and $1.7 million attributable to the ongoing industrial filtration business, including reductions in the carrying value of goodwill and certain other assets. Net income was $1.2 million, down 83 percent from $7.3 million. Earnings per share of 33 cents were down 83 percent from $1.96 in 1991. Net income and earnings per share would have been down 20 percent except for the special charges.
 Performance declined in bonded fiber products in the fourth quarter primarily because of the effects of lower sales and of start- up expenses related to a new manufacturing facility. Actual production of conventional and dual tobacco filters commenced in that facility in early January 1993. Satisfactory results at our established plastic extrusion operations did not compensate for losses in the start-up facility in Phoenix. Overall results in plastic products were off slightly. Industrial filtration products performance was very poor as a result of low prices and depressed margins. Investment and other income was down because of lower interest income and sharply reduced commissions in the first half of the year.
 For the fourth quarter of 1992 sales of $34 million were down slightly from $34.2 million in 1991. The pretax loss was $3.9 million compared to pretax income of $2.8 million, the net loss was $2.9 million compared to net income of $1.8 million, and the loss per share was 77 cents compared to earnings per share of 49 cents. Without the special charges and related tax benefits, fourth quarter earnings per share would have been 47 cents.
 Today, the board of directors declared a regular quarterly dividend of 23.5 cents per share payable on Feb. 25, 1993, to shareholders of record as of Feb. 10, 1993.
 Unaudited amounts (in thousands) for the three months and 12 months ended Dec. 31 follow:
 AMERICAN FILTRONA CORPORATION
 Three Months Twelve Months
 1992 1991 1992 1991
 Net sales $33,999 $34,226 $144,655 $144,020
 Investment and
 other income 170 352 768 1,841
 Total revenues 34,169 34,578 145,423 145,861
 Costs and expenses
 (including special
 charges of $6,500
 in 1992) 38,023 31,816 142,961 134,455
 Income (loss) before
 income taxes (3,854) 2,762 2,462 11,406
 Income taxes (975) 950 1,250 4,100
 Net income (loss) $(2,879) $1,812 $1,212 $7,306
 Average shares
 outstanding 3,718 3,715 3,716 3,719
 Earnings (loss)
 per share $(0.77) $0.49 $0.33 $1.96
 -0- 1/27/93
 /CONTACT: John L. Morgan or John D. Barlow Jr., 804-346-2400, both of American Filtrona Corporation/
 (AFIL)


CO: American Filtrona Corporation ST: Virginia IN: TOB SU: ERN

KD -- DC009 -- 9618 01/27/93 11:48 EST
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Publication:PR Newswire
Date:Jan 27, 1993
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