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ANACOMP REPORTS STRONG FOURTH QUARTER REVENUES, REGAINS POSITIVE NET WORTH

 ATLANTA, Nov. 23 ~PRNewswire~ -- Anacomp Inc. (NYSE: AAC) announced today its fourth quarter and year-end financial results for the period ended Sept. 30.
 The Fortune 500 information and image management company had fourth quarter revenue increases of $4.2 million over 1991, boosted by strong performance in the hardware systems product line. Sales of the company's flagship Computer Output Microfilm (COM) system, the XFP 2000, were at an all-time high. In fiscal 1992, Anacomp sales of XFP systems were approximately $50 million. This represents an 80 percent increase over the prior year.
 The company returned to a positive stockholders' equity position during the fourth quarter. Furthermore, the company has also repaid $104 million of its long-term loans as of Oct. 26, the second anniversary of the refinancing of its debt. Significant positive cash flow over the past two years has permitted the company to exceed required debt payments by $44 million as of Oct. 26.
 Income from continuing operations in the fourth quarter of 1992 was $7.5 million, compared to $3.4 million in 1991 before the $4.3 million increase in the fourth quarter of 1991 to recognize a final tax settlement. Income from continuing operations was 42 cents per common share for each year.
 Net income in the fourth quarter was $10.9 million, or 25 cents per common share, in 1992, compared to $11.1 million, or 24 cents per common share, in 1991. For the year, net income was $24.8 million, or 59 cents per common share, on sales of $628.9 million, compared to $27.0 million, or 65 cents per common share, on sales of $635.4 million in 1991. The variation in net income between years is caused by the accounting treatment of the tax bet?s realized in the use of certain foreign net operating loss carryforwards.
 Anacomp completed two major factory consolidations during the third and fourth quarters in which its manufacturing operations in Hartford, Wis., and San Diego County, Calif., were relocated to single site in Poway, Calif. One-time costs of $3.2 million associated with these moves are reflected in 1992 operating results. The consolidations will generate significant productivity gains and savings of about $60 million over the next 10 years.
 During fiscal 1992 Anacomp successfully sold substantially all remaining unused real estate held for disposition. Anacomp received proceeds in excess of $7 million in fiscal 1992 and an additional $7 million in October of 1992 from these sales.
 "We are quite pleased with the progress we made in fiscal 1992 in further deleveraging our company and returning to a positive shareholders' equity," commented Louis P. Ferrero, chairman and chief executive officer. "Our balance sheet is improving rapidly, and we have nothing but confidence in our ability to continue to accelerate debt repayment and to profitably expand the growth of our company."
 ANACOMP, INC. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 9~30~92 9~30~91
 (Dollars in thousands, except per share amounts)
 Assets
 Current assets:
 Cash and cash equivalents $ 29,881 $ 19,811
 Accounts and notes receivable,
 less allowances for doubtful
 accounts of $7,365 and $8,619
 respectively 118,623 122,939
 Current portion of long-term
 receivables 6,542 5,343
 Inventories 70,338 65,931
 Net assets held for disposition 9,729 17,223
 Prepaid expenses and other 5,911 6,975
 Total current assets 241,024 238,222
 Property & equip. at cost less
 accumulated deprec. & amort.
 of $103,928 and $91,035,
 respectively 71,282 70,609
 Long-term receivables, net of
 current portion 17,160 18,084
 Excess of purchase price over net
 assets of businesses acquired and
 other intangibles 310,333 318,575
 Other assets 41,762 40,572
 Total $681,561 $686,062
 Liabilities and Stockholders' Equity (Deficit)
 Current liabilities:
 Current portion of long-term debt $ 48,163 $ 63,435
 Accounts payable 57,683 35,108
 Accrued compensation, benefits
 and withholdings 17,393 15,675
 Accrued income taxes 11,868 17,457
 Accrued costs related to
 discontinued operations 1,498 4,456
 Other accrued liabilities 62,080 67,128
 Total current liabilities 198,685 203,259
 Long-term debt, net of
 current portion 429,140 451,314
 Other noncurrent liabilities 21,159 32,315
 Total noncurrent liabilities 450,299 483,629
 Redeemable preferred stock,
 $.01 par value, issued &
 outst. 500,000 shares (aggregate
 preference value of $25,000) 24,287 24,191
 Stockholders' equity (deficit):
 Common stock, $.01 par value,
 authorized 100,000,000 shares,
 39,662,623 and 38,678,408 issued,
 respectively 397 387
 Capital in excess of par value
 of common stock 161,198 157,128
 Cum. translation adjustment 8,200 3,736
 Accumulated deficit (161,505) (186,268)
 Total stockholders' equity (deficit) 8,290 (25,017)
 Total $681,561 $686,062
 ANACOMP, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
 Year ended Sept. 30 1992 1991 1990
 (Dollars in thousands, except per share amounts)
 Revenues:
 Services provided $220,544 $211,293 $208,550
 Equipment and supply sales 408,396 424,068 443,688
 Total 628,940 635,361 652,238
 Operating costs and expenses:
 Costs of services provided 147,040 142,151 136,124
 Costs of equip. and supplies sold 281,268 281,805 294,923
 Selling, general and administrative
 expenses 100,330 105,861 108,589
 Total 528,638 529,817 539,636
 Income from cont. opers. before
 interest, other income, income taxes
 and extraordinary credits 100,302 105,544 112,602
 Interest income 3,081 4,115 3,999
 Interest expense and fee
 amortization (69,101) (76,949) (81,080)
 Refinancing costs and other 985 801 (18,112)
 Total (65,035) (72,033) (95,193)
 Income from cont. opers.
 before income taxes and
 extraord. credits 35,267 33,511 17,409
 Prov. for income taxes 15,400 13,800 11,900
 Income from cont. opers.
 before extraord. credits 19,867 19,711 5,509
 Loss from discont. opers., net
 of income tax benefits (1,646) (1,606) (2,067)
 Income before extraord. credits 18,221 18,105 3,442
 Extraord. credits:
 Reduction of inc. taxes arising
 from utilization of tax loss
 carryforwards 8,700 11,100 5,700
 Gain on early extinguishment of
 debt, net of income tax effects --- --- 434
 Total 8,700 11,100 6,134
 Net income 26,921 29,205 9,576
 Preferred stock dividends and
 discount accretion 2,158 2,158 2,158
 Net income available to common
 stockholders $ 24,763 $ 27,047 $ 7,418
 Earnings per common and common
 equivalent share:
 Income (loss) before extraordinary credits:
 Continuing operations (net
 of preferred stock dividends
 and discount accretion) $ .42 $ .42 $ .09
 Discontinued operations (.04) (.04) (.05)
 Extraord. credits .21 .27 .16
 Net income $ .59 $ .65 .20
 -0- 11~23~92
 ~CONTACT: Dennis Lindsey, VP~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

EA-BR -- AT004 -- 0334 11~23~92 09:48 EST
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Date:Nov 23, 1992
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