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ANACOMP INC. REPORTS SECOND QUARTER EARNINGS

 ANACOMP INC. REPORTS SECOND QUARTER EARNINGS
 ATLANTA, May 5 /PRNewswire/ -- Anacomp Inc. (NYSE: AAC) today


reported income from continuing operations on a fully diluted basis before extraordinary credits of $4.93 million, or 10 cents per common share, for the second quarter of 1992.
 This compares with $4.96 million, or 10 cents per common share, for the second quarter of 1991.
 Net income on a fully diluted basis was $5.6 million, or 13 cents per common share, on revenues of $157.4 million for the period ended March 31. This compares with net income of $6.6 million, or 15 cents per common share, and revenues of $161.1 million for the second quarter last year.
 For the first half of Anacomp's fiscal year, net income totaled $9.7 million compared with $12.0 million for the first six months of fiscal 1991. Revenues were $303.9 million at March 31, compared with $318.1 million a year earlier.
 "Though our revenues have decreased slightly, largely as a result of foreign currency translations and the soft economy, we anticipate improvement in our revenue growth in the next few months. Daily contacts with thousands of customers indicate that their capacities for capital expenditures are improving," said Louis P. Ferrero, chairman and chief executive officer.
 Ferrero also noted that the company continues to make excellent progress in the accelerated repayment of its debt. During the second quarter, Anacomp completed a 10-year supply agreement with companies of the Sunkyong Group, a $13 billion Korean general trading company and manufacturer. Through a combination of favorable trade payment terms, reduced inventory costs and reduced plant and equipment expenditures, the arrangement will generate over the next two years approximately $30 million in decreased operating cash requirements which will be applied directly to the accelerated repayment of Anacomp's senior long-term debt.
 ANACOMP, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 3 mos. ended 3/31/92 3/31/91
 (Dollars in thousands, except per share amounts)
 Revenues:
 Services provided $ 57,338 $ 57,677
 Equipment and supply sales 100,057 103,414
 Total 157,395 161,091
 Operating costs and expenses:
 Costs of services provided 37,997 35,564
 Costs of equipment sold 69,137 70,863
 Selling, general and administrative
 expenses 25,189 27,458
 Total 132,323 133,885
 Income from cont. opers. before
 interest, other income, income
 taxes and extraord. credits 25,072 27,206
 Interest income 736 1,006
 Interest expense (17,219) (19,399)
 Other income (expense), net (608) 1,246
 Total (17,091) (17,147)
 Income from cont. operations
 before income taxes and
 extraord. credits 7,981 10,059
 Prov. for income taxes 3,050 5,100
 Income from cont. operations
 before extraord. credits 4,931 4,959
 Loss from discont. opers., net
 of income tax benefits (435) (503)
 Income before extraordinary
 credits 4,496 4,456
 Extraordinary credits:
 Reduction of income taxes arising
 from utilization of tax loss
 carryforwards 1,600 2,700
 Net income 6,096 7,156
 Preferred stock dividends and
 discount accretion 539 539
 Net income available to common
 stockholders $ 5,557 $ 6,617
 Earnings per common and common equivalent share:
 Income (loss) before extraordinary credits:
 Continuing operations $ .10 $ .11
 Discontinued operations (.01) (.01)
 Extraordinary credits .04 .06
 Net income $ .13 $ .16
 Earnings per common share assuming full dilution:
 Income (loss) before extraordinary credits:
 Continuing operations $ .10 $ .10
 Discontinued operations (.01) (.01)
 Extraordinary credits .04 .06
 Net income $ .13 $ .15
 6 mos. ended 3/31/92 3/31/91
 (Dollars in thousands, except per share amounts)
 Revenues:
 Services provided $113,072 $112,143
 Equipment and supply sales 190,870 205,997
 Total 303,942 318,140
 Operating costs and expenses:
 Costs of services provided 73,377 69,196
 Costs of equipment sold 132,623 140,711
 Selling, general and administrative
 expenses 48,538 54,457
 Total 254,538 264,364
 Income from cont. opers. before
 interest, other income, income
 taxes and extraord. credits 49,404 53,776
 Interest income 1,479 2,169
 Interest expense (34,903) (39,428)
 Other income (expense), net (353) 1,858
 Total (33,777) (35,401)
 Income from cont. operations
 before income taxes and
 extraord. credits 15,627 18,375
 Prov. for income taxes 6,900 9,800
 Income from cont. operations
 before extraord. credits 8,727 8,575
 Loss from discont. opers., net
 of income tax benefits (902) (919)
 Income before extraordinary
 credits 7,825 7,656
 Extraordinary credits:
 Reduction of income taxes arising
 from utilization of tax loss
 carryforwards 3,000 5,400
 Net income 10,825 13,056
 Preferred stock dividends and
 discount accretion 1,079 1,079
 Net income available to common
 stockholders $ 9,746 $ 11,977
 Earnings per common and common equivalent share:
 Income (loss) before extraordinary credits:
 Continuing operations $ .18 $ .19
 Discontinued operations (.02) (.02)
 Extraordinary credits .07 .13
 Net income $ .23 $ .30
 Earnings per common share assuming full dilution:
 Income (loss) before extraordinary credits:
 Continuing operations $ .18 $ .17
 Discontinued operations (.02) (.02)
 Extraordinary credits .07 .13
 Net income $ .23 $ .28
 -0- 5/5/92
 /CONTACT: Dennis Lindsey, vice president/Communications of Anacomp, 404-262-2667, or Susan Sherman of Cameron Associates, 212-644-9560, for Anacomp/
 (AAC) CO: Anacomp, Inc. ST: Georgia IN: CPR SU: ERN


BN-BR -- AT001 -- 6379 05/05/92 09:02 EDT
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