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ATHLONE REPORTS SIX MONTHS EARNINGS

 PARSIPPANY, N.J., July 29 /PRNewswire/ -- Athlone Industries, Inc. (NYSE: ATH) reported net sales of $112,462,000 and net earnings of $1,385,000, or $.23 per common share for the first half of 1993, compared to net sales of $104,684,000 and net earnings of $3,139,000, or $.52 per common share, in 1992. The 1993 pretax results have been reduced by $600,000 of costs incurred in connection with the proposed merger of Allegheny Ludlum Corporation (NYSE: ALS) and the company. In addition, the 1993 pretax results reflect a noncash incremental charge of $1,634,000 resulting from the adoption of FAS 106 in 1993.
 On June 10, 1993, the company announced the signing of a definitive merger agreement with Allegheny Ludlum Corporation under the terms of which the outstanding shares of the company's common stock will be converted into Allegheny Ludlum common stock. The transaction is subject to a number of conditions to closing, including approval by the stockholders of the company and clearance by governmental regulatory authorities.
 On July 14, 1993, the board of directors declared the regular quarterly dividend of $.25 per common share, payable Aug. 11, 1993, to shareholders of record July 28, 1993.
 A comparison of net sales and net earnings follows:
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 (In thousands, except per share data)
 Consolidated Earnings
 Net sales $58,302 $50,684 $112,462 $104,684
 Operating costs and expenses(A):
 Cost of goods sold 46,918 39,067 90,212 80,278
 Selling, general and
 administrative 7,528 7,336 14,685 14,597
 Depreciation 891 880 1,767 1,743
 55,337 47,283 106,664 96,618
 Income from operations 2,965 3,401 5,798 8,066
 Other (income) expense:
 Interest expense, net 1,292 1,306 2,627 2,643
 Merger costs 600 -- 600 --
 Dividends from investments -- (45) (45) (99)
 1,892 1,261 3,182 2,544
 Earnings before provision for
 income taxes 1,073 2,140 2,616 5,522
 Provision for income taxes 559 931 1,231 2,383
 Net earnings $514 $1,209 $1,385 $3,139
 Earnings per common share:
 Net earnings per common share $.09 $.20 $.23 $.52
 Cash dividends paid per
 common share $.25 $.25 $.50 $.50
 Notes to Consolidated Earnings:
 (A) Operating costs and expenses include noncash incremental charges of $751,000 and $1,634,000 for the three and six month periods ended June 30, 1993, resulting from the adoption of FAS 106 in 1993.
 (B) Earnings per common share are computed by dividing net earnings by the average common shares outstanding during each period or 6,043,000 in 1993 and 6,040,000 in 1992.
 -0- 7/29/93
 /CONTACT: Fred Engelhardt, Vice President, Treasurer, and Chief Financial Officer, Athlone Industries, Inc., 201-887-9100 or 212-425-6550/
 (ATH ALS)


CO: Athlone Industries, Inc.; Allegheny Ludlum Corporation ST: New Jersey IN: MNG SU: ERN TNM DIV

SB -- CH004 -- 7397 07/29/93 10:27 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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