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AMERICAN FINANCIAL ENTERPRISES' FIRST QUARTER 1992 EARNINGS SUMMARY -- BELATEDLY RELEASED DUE TO PROCEDURAL ERROR

 AMERICAN FINANCIAL ENTERPRISES' FIRST QUARTER 1992 EARNINGS
 SUMMARY -- BELATEDLY RELEASED DUE TO PROCEDURAL ERROR
 CINCINNATI, June 9 /PRNewswire/ -- American Financial Enterprises, Inc. ("AFEI") announced today that its net earnings for the first three months of 1992 were $1.1 million or $.08 per share compared to net earnings of $4.0 million or $.30 per share in 1991.
 At March 31, 1992, AFEI owned 31 percent of the common stock of The Penn Central Corporation (NYSE: PC) and 21 percent of Sprague Technologies, Inc. (NYSE: SPG). AFEI accounts for these investments on the equity method by recording a proportionate share of the investees' reported net earnings and losses in its results of operations. Results for 1992 and 1991 include $5.0 million and $9.9 million, respectively, of equity in net earnings of these two companies.
 AFEI's Common Stock is listed on the Pacific and Midwest Stock Exchanges. Approximately 82 percent of the stock is owned by American Financial Corporation.
 AFEI's results of operations for the three months ended March 31, 1992 and 1991 were as follows (in thousands, except per share data):
 Three months ended
 March 31,
 1992 1991
 Revenues $5,072 $9,921
 Earnings before federal income taxes 402 5,032
 Net earnings 1,050 3,984
 Net earnings per common share $.08 $.30
 Average number of common shares 13,291 13,291
 -0- 6/9/92
 /CONTACT: Sandra W. Heimann of American Financial Enterprises, 513-579-2172/ CO: American Financial Enterprises, Inc. ST: Ohio IN: FIN SU: ERN


CG -- CL016 -- 8451 06/09/92 15:35 EDT
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Publication:PR Newswire
Date:Jun 9, 1992
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