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BEARINGS, INC. REPORTS IMPROVED SECOND QUARTER AND SIX MONTH EARNINGS; DECLARES DIVIDEND

 CLEVELAND, Jan. 21 /PRNewswire/ -- Bearings, Inc. (NYSE: BER) today reported improved net income for the second quarter and six months ended Dec. 31, 1992.
 Chairman of the Board and Chief Executive Officer, John C. Dannemiller, reported that net income for the quarter ended Dec. 31, 1992 increased to $1,755,000 or $.24 per share on sales of $198,535,000. Net income in the same quarter last year was $381,000 or $.05 per share on sales of $198,639,000.
 For the six months ended Dec. 31, 1992, net income increased to $3,260,000 on sales of $402,710,000. Comparable net income was $1,418,000 on sales of $400,677,000 during the prior year. Earnings per share increased to $.45 per share compared to $.20 in the same period last year.
 Dannemiller commented, "Improved operating results for the quarter were achieved through productivity gains and from continued implementation of the restructuring of operations that began in the fourth quarter of the prior fiscal year. Gross margins improved compared to the first quarter. Interest expense was lower due to reduced borrowing requirements and from lower short-term interest rates compared with the same quarter a year ago."
 Dannemiller also noted, "In December 1992, we obtained $80 million of long-term financing under a previously announced facility with The Prudential Insurance Company of America. The proceeds from these Senior Unsecured Term Notes were used to repay previously existing short-term debt. This arrangement will provide a cost effective means of improving our long-term capital structure."
 Dannemiller added, "Operations at our new 150,000 square feet distribution center in Florence, Kentucky began in December 1992 on schedule. Two previously existing distribution centers have already been consolidated into this new center with two additional centers scheduled to be consolidated into this center by March 1993. After this consolidation is complete, we will have six strategically located distribution centers supporting more than 300 branch locations in 37 states."
 No shares were purchased during the quarter under the company's authorization to acquire additional shares of its common stock. The company has remaining authorization to acquire up to 263,000 shares of its common stock in open market and negotiated transactions from time- to-time depending on market conditions.
 On Jan. 21, 1993, the board of directors declared a regular quarterly dividend of $.16 per share, payable March 2, 1993 to shareholders of record Feb. 15, 1993.
 Bearings, Inc. is the nation's leading independent distributor of bearings, mechanical and electrical drive systems, industrial rubber products, fluid power components and specialty maintenance and repair products.
 BEARINGS, INC. AND SUBSIDIARIES
 STATEMENTS OF CONSOLIDATED INCOME
 (Unaudited)(Thousands, except per share data)
 Three Months Ended
 Dec. 31
 1992 1991
 Net Sales $198,535 $198,639
 Cost and Expenses
 Cost of sales 146,948 146,507
 Selling, distribution
 and administrative 47,525 49,617
 194,473 196,124
 Operating Income 4,062 2,515
 Interest expense 1,338 1,878
 Interest income (246) (111)
 1,092 1,767
 Income Before Income Taxes 2,970 748
 Income Taxes
 Federal 1,021 313
 State and local 194 54
 1,215 367
 Net Income $ 1,755 $ 381
 Net Income Per Share $ .24 $ .05
 Average Shares Outstanding 7,232 7,075
 Six Months Ended
 Dec. 31
 1992 1991
 Net Sales $402,710 $400,677
 Cost and Expenses
 Cost of sales 300,520 296,924
 Selling, distribution
 and administrative 94,524 97,699
 395,044 394,623
 Operating Income 7,666 6,054
 Interest expense 2,524 3,793
 Interest income (346) (232)
 2,178 3,561
 Income Before Income Taxes 5,488 2,493
 Income Taxes
 Federal 1,834 898
 State and local 394 177
 2,228 1,075
 Net Income $ 3,260 $ 1,418
 Net Income Per Share $ .45 $ .20
 Average Shares Outstanding 7,173 7,069
 NOTE TO STATEMENTS OF CONSOLIDATED INCOME: For its quarterly statements of consolidated income, the company uses estimated gross profit percentages to compute cost of sales. An adjustment to actual cost is made at the end of the fiscal year based on the annual physical inventory.
 -0- 1/21/93
 /CONTACT: John R. Whitten, vice president-finance and treasurer, Bearings, Inc., 216-881-8900, ext. 245/
 (BER)


CO: Bearings, Inc. ST: Ohio IN: MAC SU: ERN DIV

BM -- CL012 -- 7464 01/21/93 13:39 EST
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Date:Jan 21, 1993
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