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ATHEY PRODUCTS ANNOUNCES EARNINGS

 ATHEY PRODUCTS ANNOUNCES EARNINGS
 RALEIGH, N.C., March 12 /PRNewswire/ -- The following is an earnings


announcement letter to shareholders of Athey Products Corporation (NASDAQ-NMS: ATPC) from Company President and Chief Executive Officer James D. Cloonan:
 TO THE SHAREHOLDERS:
 Athey Products Corporation finished the year of 1991 with Net Sales of $23,417,547 as compared to $30,614,439 in 1990, and a Net Loss of $2,184,008 or $0.57 per share in 1991 as compared to net earnings of $409,205 or $0.11 per share in 1990. The losses noted above reflect a decrease in sales and non-recurring adjustments to inventory.
 The Company also announced its intention to consolidate some of the assembly operations from its Sioux Falls plant into the Raleigh plant, and the decision of the Board of Directors to authorize the buy-back of up to ten percent of the Company's common stock (250,000 to 300,000 shares).
 1991 1990
 4th Quarter 12 Months 4th Quarter 12 Months
 Net Sales $ 4,567,441 $23,417,547 $6,115,162 $30,614,439
 Earnings Before
 Income Taxes (2,563,833) (3,333,008) (546,382) 573,705
 Provision For
 Income Taxes (840,800) (1,149,000) (246,500) 164,500
 Net Earnings $(1,723,033) $(2,184,008) $ (299,882) $ 409,205
 Per Share(A) $ (0.45) $ (0.57) $ (0.08) $ 0.11
 (A) Based on 3,831,503 Shares Outstanding.
 Along with more complete information, the figures here reported will be included in the 1991 Annual Report, which will be sent to you along with proxy material for the Annual Meeting.
 Very Truly,
 ATHEY PRODUCTS CORPORATION
 (Sig)
 James D. Cloonan
 President and
 Chief Executive Officer
 -0- 3/12/92 R
 /CONTACT: James D. Cloonan, President and Chief Executive Officer, Athey Products Corporation, 919-556-5171/
 (ATPC) CO: Athey Products Corporation ST: North Carolina IN: MAC SU: ERN


CM -- CH002 -- 7729 03/12/92 11:06 EST
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Date:Mar 12, 1992
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