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 CINCINNATI, Nov. 12 /PRNewswire/ -- American Financial Enterprises, Inc. ("AFEI") announced today that its net earnings for the first nine months of 1993 were $37.5 million or $2.82 per share. In the same period a year ago, earnings before accounting changes were $2.6 million or $.20 per share; including the accounting changes, net earnings were $51.7 million or $3.89 per share. The 1992 accounting changes related principally to an investee's implementation of FASB Statement No. 109, "Accounting for Income Taxes."
 For the quarter ended Sept. 30, 1993, AFEI recorded net earnings of $17.4 million or $1.31 per share compared to net earnings of $550,000 or $.04 per share in 1992. During the third quarter of 1993, AFEI realized a pretax gain of approximately $7.1 million on the sale of 4.5 million shares of Penn Central common stock in a secondary public offering. AFEI used the proceeds from the sale to redeem all of its 13-7/8 percent notes and to repay $40 million of its bank debt.
 At Sept. 30, 1993, AFEI owned 22 percent of the common stock of The Penn Central Corporation (NYSE: PC), 28 percent of General Cable Corporation (NASDAQ: GENC) and 11 percent of American Annuity Group, Inc. (NYSE: AAG). 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 the first nine months of 1993 and 1992 include $57.2 million and $14.3 million (excluding accounting changes), respectively, of equity in net earnings of these companies.
 AFEI's common stock is listed on the Pacific and Midwest Stock Exchanges. Approximately 83 percent of the stock is owned by American Financial Corporation.
 American Financial Enterprises, Inc.
 Condensed Summary of Operations
 (In Thousands, Except Per Share Amounts)
 Three months ended Nine months ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Revenues $28,725 $4,210 $64,521 $14,350
 Earnings (loss) before
 federal income taxes and
 accounting changes 25,754 (354) 52,231 379
 Provision (credit) for
 federal income taxes 8,381 (904) 14,706 (2,224)
 Earnings before accounting
 changes 17,373 550 37,525 2,603
 Cumulative effect of
 accounting changes, net --- --- --- 49,067
 Net earnings 17,373 550 37,525 51,670
 Net earnings per common share:
 Before accounting changes $1.31 $.04 $2.82 $ .20
 Cumulative effect of
 accounting changes --- --- --- 3.69
 Net earnings 1.31 .04 2.82 3.89
 Average number of common
 shares 13,291 13,291 13,291 13,291
 -0- 11/12/93
 /CONTACT: Sandra W. Heimann of American Financial Enterprises, 513-579-2172/

CO: American Financial Enterprises, Inc. ST: Ohio IN: FIN SU: ERN

AR-BM -- CL018 -- 3892 11/12/93 16:51 EST
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Publication:PR Newswire
Date:Nov 12, 1993

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