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ANACOMP INC. REPORTS FOURTH QUARTER AND 1991 YEAR-END RESULTS

    ANACOMP INC. REPORTS FOURTH QUARTER AND 1991 YEAR-END RESULTS
    ATLANTA, Nov. 21 /PRNewswire/ -- Anacomp Inc. (NYSE: AAC) reported net income of $10.6 million or 24 cents a share on revenues of $167.0 million for the fourth quarter ended Sept. 30.
    For the comparable period of the prior year, the company had a net loss of $6.1 million or 16 cents a share on revenues of $178.6 million.
    For the full year, net income was $27.0 million or 65 cents a share compared with $7.4 million or 20 cents a share a year earlier. Revenues for the current year totaled $635.4 million compared with $652.2 million for fiscal 1990.
    Louis P. Ferrero, chairman and CEO, noted that Anacomp to date has repaid $42.5 million in debt obligations since the company refinanced its long-term debt in October 1990, exceeding required payments by $17.5 million.  "We intend to continue using our strong cash flow for accelerated debt repayment with the objective of substantially deleveraging our balance sheet and increasing shareholder equity," he observed.
    Commenting on the company's overall results, Ferrero said: "During this recessionary year, we were pleased with our relative performance.  The majority of our core business -- micrographics services, supplies and maintenance -- continues to demonstrate resistance to the effects of the general recessionary business decline.  Also, our international business and our computer tape sales held up well.  Hardware systems, which represent 11 percent of our volume, accounted for most of the revenue decline as a result of customer cutbacks and postponements in capital expenditures.  Our cost containment programs and reductions in interest expense during the year contributed to our favorable earnings and cash flow results."
    A Fortune 500 information and image management company, Anacomp is the world's largest provider of micrographics equipment, supplies and services.  Anacomp serves clients in banking, insurance, manufacturing, healthcare, retailing and other businesses, as well as government and military agencies.
                    ANACOMP, INC. AND SUBSIDIARIES
                CONSOLIDATED STATEMENTS OF OPERATIONS
                            (Unaudited)
                                    3 mos. ended          Year ended
                                9/30/91    9/30/90    9/30/91    9/30/90
       (Dollars in thousands, except per share amounts)
       Revenues:
    Services provided          $ 57,375   $ 54,060   $224,502   $213,658
    Equipment and supply sales  109,663    124,551    410,859    438,580
    Total                       167,038    178,611    635,361    652,238
       Operating costs and expenses:
    Costs of services provided   36,971     36,716    142,151    136,124
    Costs of equipment sold      76,766     83,680    281,805    294,923
    Selling, general and administrative
     expenses                    26,424     30,907    105,861    108,589
    Total                       140,161    151,303    529,817    539,636
    Income from cont. opers. before
     interest, other income, income
     taxes and extraord. credit  26,877     27,308    105,544    112,602
    Interest income                 795      1,052      4,115      3,999
    Interest expense and fee
     amortization               (18,656)   (19,003)   (76,949)   (81,080)
    Refinancing costs and other,
     net                         (1,380)   (16,639)       801    (18,112)
    Total                       (19,241)   (34,590)   (72,033)   (95,193)
    Income (loss) from cont. opers.
     before income taxes and
     extraord. credit             7,636     (7,282)    33,511     17,409
    Prov. for income taxes         (100)    (1,305)    13,800     11,900
    Income (loss) from cont. opers.
     before extraord. credit      7,736     (5,977)    19,711      5,509
    Loss from discont. opers., net
     of income tax benefits        (292)      (519)    (1,606)    (2,067)
    Income (loss) before extraord.
     credit                       7,444     (6,496)    18,105      3,442
    Extraord. credit resulting from
     utilization of tax loss
     carryforward                 3,700        900     11,100      6,134
    Net income (loss)            11,144     (5,596)    29,205      9,576
    Preferred stock dividends and
     discount accretion             539        539      2,158      2,158
    Net income available to common
     stockholders              $ 10,605   $ (6,135)  $ 27,047   $  7,418
    Avg. shrs. outstanding   43,483,036 37,917,552 41,689,577 37,987,953
       Primary earnings per common share:
       Income (loss) before extraord. credit:
    Cont. opers. (net of preferred
     stock dividends and discount
     accretion)                $   0.17   $  (0.17)  $   0.42   $   0.09
    Discont. opers.               (0.01)     (0.01)     (0.04)     (0.05)
    Extraord. credit               0.08       0.02       0.27       0.16
    Net income (loss)          $   0.24   $  (0.16)  $   0.65   $   0.20
    -0-                 11/21/91
    /CONTACT:  Dennis Lindsey, vice president/Communications of Anacomp, 404-262-2667, or Sue Sherman of Cameron Associates, 212-683-4545, for Anacomp/
    (AAC) CO:  Anacomp, Inc. ST:  Georgia IN:  CPR SU:  ERN BR-BN -- AT001 -- 5713 11/21/91 08:39 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 21, 1991
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