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ATHLONE REPORTS NINE MONTHS EARNINGS

 ATHLONE REPORTS NINE MONTHS EARNINGS
 PARSIPPANY, N.J., Oct. 26 /PRNewswire/ -- Athlone Industries, Inc.


(NYSE: ATH), today announced that net earnings for the first nine months of 1992 were $4,707,000 or $.78 per common share, compared to $2,855,000 or $.39 per common share in 1991. Net sales for the current nine months were $155,727,000 compared to $158,107,000 in 1991.
 Net earnings for the third quarter of 1992 were $1,568,000 or $.26 per common share, compared to $713,000 or $.12 per common share in 1991. Net sales for the third quarter of 1992 were $51,043,000 compared to $49,772,000 in 1991.
 Earnings from continuing operations in the first nine months of 1992 were $.78 per common share compared to $.89 per common share in 1991. The 1991 earnings included $.15 per common share resulting from the favorable disposition of a tax claim.
 On Oct. 13, 1992, the board of directors declared the regular quarterly dividend of $.25 per common share payable Nov. 12, 1992, to stockholders of record Oct. 29, 1992.
 A comparison of net sales and net earnings follows:
 ATHLONE INDUSTRIES, INC.
 Consolidated Earnings
 (In thousands, except per share data)
 Periods ended Three Months Nine Months
 Sept. 30 1992 1991 1992 1991
 Net sales $51,043 $49,772 $155,727 $158,107
 Earnings from continuing
 operations before provision
 for income taxes 2,757 1,691 8,279 10,098
 Provision for income taxes 1,189 972 3,572 4,166
 Earnings from cont. opers. 1,568 719 4,707 5,932
 Loss from discontinued
 operations, net of taxes -- -- -- (2,988)
 Earnings before
 extraordinary item 1,568 719 4,707 2,944
 Extraordinary item,
 net of taxes -- (6) -- (89)
 Net earnings $ 1,568 $ 713 $ 4,707 $ 2,855
 Earnings (loss) per common
 share:
 Continuing operations $.26 $.12 $.78 $ .89
 Discontinued operations -- -- -- (.49)
 Extraordinary item -- -- -- (.01)
 Net earnings per common share $.26 $.12 $.78 $ .39
 Notes to Consolidated Earnings:
 -- The loss from discontinued operations of $2,988,000 for the nine months ended Sept. 30, 1991, results from the discontinuance of the company's swimwear business and consists of a net operating loss of $10,000, an aftertax provision for disposal costs of $990,000 and a noncash write-off of goodwill of $1,988,000.
 -- Extraordinary item is in connection with the early retirement of the company's 15-5/8 percent subordinated notes and its 11 percent subordinated sinking fund debentures.
 -- Earnings per common share are computed by dividing net earnings (less preferred stock dividends and accretion of $480,000 for the nine month period ended Sept. 30, 1991) by the average common shares outstanding during each period or 6,040,000 in 1992 and 6,168,000 in 1991.
 -0- 10/26/92
 /CONTACT: Fred Engelhardt, vice president, treasurer and chief financial officer of Athlone, 201-887-9100 or 212-425-6550/
 (ATH) CO: Athlone Industries, Inc. ST: New Jersey IN: CST SU: ERN


GK-OS -- NY025 -- 4633 10/26/92 09:57 EST
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Publication:PR Newswire
Date:Oct 26, 1992
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