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BF GOODRICH REPORTS THIRD QUARTER NET INCOME OF $4.4 MILLION

 BF GOODRICH REPORTS THIRD QUARTER NET INCOME OF $4.4 MILLION
 AKRON, Ohio, Oct. 15 /PRNewswire/ -- The BFGoodrich Company (NYSE: GR) today reported third-quarter net income of $4.4 million. These results are in line with the company's previous announcement that it expected to report a modest profit for the quarter just ended. Net income for the third quarter of 1991 was $20.7 million. After dividends on preferred shares, earnings per common share were 9 cents for the third quarter of 1992 and 73 cents in the quarter a year ago.
 Sales for the 1992 third quarter were $649.1 million, compared with $649.5 million in the third quarter of 1991.
 Commenting on the company's performance, BFGoodrich Chairman John Ong said, "It became apparent as the quarter progressed that a further slowing in the economy would reverse the progress we made earlier this year. The weaker economic conditions led to more intense pressures in our polyvinyl chloride business and continued to hamper results in certain of our specialty chemicals units.
 "Our aerospace businesses continue to perform well. This segment is well on the way to surpassing the sales and income records it set last year," he said.
 The Aerospace Products & Services business segment reported operating income of $22.0 million in the 1992 third quarter, compared with $21.7 million a year ago. Sales of wheels and brakes slowed from the very strong rates of the first half and results in the instrument and avionics area were down. This was offset by growth in the aircraft maintenance unit, Tramco, and by continued profitability gains in the Simmonds units (engine and fuel systems) and the segment's specialty components businesses.
 The Specialty Chemicals business segment had operating income of $18.7 million, compared with $27.1 million in the third quarter last year. While Tremco's Swiggle Strip insulating glass sealants unit had another strong quarter, the continued weakness in construction markets worldwide hurt other units. The costs of new business programs in the specialty chemicals segment were higher as well.
 The Geon Vinyl Products business segment had a loss of $2.1 million, compared with operating income of $12.8 million last year. Results for the 1991 quarter include a $5.3 million gain related to a pension issue. During the 1992 third quarter, demand for PVC resins and compounds was fairly good, but not as strong as during the second quarter. As a result, the business was unable to increase prices to recover rising feedstock costs.
 Net income for the first nine months of 1992 was $17.6 million, or 44 cents per share after the payment of preferred dividends. For the first nine months of 1991, net income was $26.1 million, or 78 cents per share.
 Sales for the first nine months this year were $1.91 billion, compared with $1.86 billion in 1991.
 BFGoodrich supplies components and services to the aerospace industry, and produces specialty chemicals, vinyl resins and compounds.
 The following table summarizes sales and income results for BFGoodrich and for the company's business segments for the third quarter and first nine months of 1992 and compares them with results for the same periods in 1991.
 THE BFGOODRICH COMPANY
 ($ in millions, except per share amounts)
 Three Months Ended Nine Months Ended
 September 30, September 30,
 1992 1991 1992 1991
 Sales $ 649.1 $ 649.5 $1,911.7 $1,864.2
 Pretax Income $ 6.8 $ 34.4 $ 26.5 $ 42.3
 Income Tax (2.4) (13.7) (8.9) (16.2)
 Net Income $ 4.4 $ 20.7 $ 17.6 $ 26.1
 Net Income Per Share:
 Primary $ .09 $ .73 $ .44 $ .78
 Fully diluted $ .09 $ .73 $ .44 $ .78
 SEGMENT REPORTING
 Sales:
 Aerospace Products
 and Services $ 186.3 $ 174.2 $ 569.7 $ 504.9
 Specialty Chemicals 221.7 222.2 623.7 601.8
 Geon Vinyl Products 241.1 253.1 718.3 757.5
 Totals $ 649.1 $ 649.5 $1,911.7 $1,864.2
 Segment Operating
 Income (Loss):
 Aerospace Products
 and Services $ 22.0 $ 21.7 $ 68.8 $ 58.1
 Specialty Chemicals 18.7 27.1 38.1 45.9
 Geon Vinyl Products (2.1) 12.8 12.7 10.2
 Totals $ 38.6 $ 61.6 $ 119.6 $ 114.2
 Weighted Average Number
 of Shares Outstanding
 (in millions) 25.6 25.4 25.5 25.4
 -0- 10/15/92
 /CONTACT: Rob Jewell, media, 216-374-2999, or Tom Waltermire, investors, 216-374-2556, both of The BFGoodrich Company/
 (GR) CO: The BFGoodrich Company ST: Ohio IN: ARO SU: ERN


BM -- CL001 -- 0628 10/15/92 16:32 EDT
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Publication:PR Newswire
Date:Oct 15, 1992
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