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 CHICAGO, Nov. 4 /PRNewswire/ -- Borg-Warner Automotive, Inc. (NYSE:BWA) today reported net income of $6.4 million, or $0.28 per share, and revenue of $220.4 million in the quarter ended Sept. 30, 1993, its first reporting period as a publicly held company. A net loss of $4.2 million was incurred in the 1992 third quarter, on revenue of $226.5 million.
 For the 1993 nine months, the company recorded earnings of $18.3 million, or $0.79 per share, before the cumulative effect of an accounting charge of $130.8 million to recognize post-retirement benefits in accordance with new accounting principles. A net loss of $112.5 million was recorded, compared with a net loss of $9.7 million for the 1992 nine months. Revenue for the 1993 nine months totaled $708.3 million, up 6 percent from $667.5 million in the year-earlier period.
 On a pro forma basis, assuming the capital structure of Borg-Warner Automotive at the time of its spin-off in January 1993, net income for the 1993 third quarter was $6.4 million, or $0.28 per share, versus pro forma net income of $0.3 million in 1992. Pro forma net income for the 1993 nine months totaled $19.2 million, or $0.83 per share compared with a pro forma net loss of $0.2 million in the 1992 period.
 J. Gordon Amedee, Borg-Warner Automotive's chairman and chief executive officer, said that each of the three operating groups contributed to third-quarter earnings growth. He added that the slight sales decline in 1993 resulted from completion of the company's final automatic transmission order at its U.K. plant in March 1993. Sales generated by that order totaled approximately $8 million in the third quarter of 1992.
 Borg-Warner Automotive, Inc. is a leading supplier of highly engineered components and systems, primarily for automotive drivetrain applications. The company operates manufacturing facilities in nine countries serving the North American, European and Asian automotive markets.
 Summary Income Information
 1993 AND 1992
 (in millions, except per share)
 Periods ended Sept. 30 Three Months
 1993 1992
 Revenue $220.4 226.5
 Net income (loss) 6.4 (4.2)
 Pro forma 6.4 0.3
 Per share 0.28
 Pro forma 0.28
 Average shares outstanding -- Pro forma 23.2
 Nine months
 Periods ended Sept. 30 1993 1992
 Revenue $708.3 $667.5
 Net income (loss) before cumulative
 effect of accounting change 18.3 (9.7)
 Cumulative effect of accounting change (130.8)
 Net income (loss) (112.5) (9.7)
 Pro forma 19.2 (0.2)
 Per share -- Before cumulative
 effect 0.79
 Net loss (4.84)
 Pro forma 0.83
 Average shares outstanding -- Pro forma 23.2
 NOTE: Average shares outstanding have been calculated assuming that shares issued in the initial public offering had been outstanding for all of 1993. Pro forma results assume the spin-off occurred on Jan. 1 of the year indicated, and that the post-spin-off capital structure existed at that time. Pro forma results do not reflect the application of the initial public offering proceeds for periods prior to its August 1993 completion.
 -0- 11/4/93
 /CONTACT: Lynne M. Glovka of Borg-Warner Automotive, 312-322-8511/

CO: Borg-Warner Automotive, Inc. ST: Illinois IN: AUT SU: ERN

TM -- NY126 -- 1018 11/04/93 18:53 EST
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Publication:PR Newswire
Date:Nov 4, 1993

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