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CARPENTER TECHNOLOGY REPORTS SALES AND EARNINGS FOR ITS THIRD FISCAL QUARTER

 CARPENTER TECHNOLOGY REPORTS SALES AND EARNINGS
 FOR ITS THIRD FISCAL QUARTER
 READING, Pa., April 21 /PRNewswire/ -- Carpenter Technology Corporation (NYSE: CRS) today reported its sales and earnings for the third fiscal quarter ended March 31, 1992.
 Third quarter sales were $162.8 million, up 11 percent from the $146.8 million in the same period last year. Net income was $6 million, compared with $6.4 million for the previous year. Earnings per share were $.68, compared with $.75 reported last year.
 For the first nine months of the current fiscal year, net income was $14.4 million compared with the $22.5 million reported for the same period last year. Earnings per share were $1.62, down 38 percent compared with the $2.63 per share reported last year. Sales were $423.5 million, up 3 percent from $412.6 million reported for the prior year.
 Earnings results for the quarter and nine-month periods of both fiscal years were adversely affected by special charges. For the current fiscal year, the company repurchased a portion of its 12-7/8 percent debentures at a premium in order to reduce future interest costs. The extraordinary charge for the premium was $1.2 million after tax, or $.15 per share. During the third quarter of the prior fiscal year, earnings were reduced by $4.3 million after tax, or $.50 per share, for an increase in the estimated costs to close and dispose of the company's Bridgeport, Conn., plant.
 Excluding the effects of the extraordinary and special charges, earnings for the March 1992 quarter were $.83 per share, down 34 percent from the $1.25 per share reported a year ago. Nine-month earnings, without these charges, were $1.77 per share, down 43 percent from the year-earlier period.
 The higher sales were a result of increased unit volume shipments of 13 percent for the third fiscal quarter and 5 percent for the nine months.
 The decrease in net income for both periods was partially a result of lower unit selling prices and a less profitable sales mix, reflecting the current highly competitive environment. In addition, profit margins were squeezed by higher medical, wage, supply and environmental costs, partially offset by lower raw material costs.
 Paul R. Roedel, chairman of the board and chief executive officer, said, "While we were pleased to increase our market share as indicated by the higher sales levels, our margins continue to be under pressure. We continue to manage costs tightly and to support process improvement programs and quality enhancements in order to relieve the pressure on margins in future periods."
 CARPENTER TECHNOLOGY CORPORATION
 (Unaudited; In Thousands, Except Per-Share Data)
 Periods ended Three months Nine months
 March 31 1992 1991 1992 1991
 Net sales $162,846 $146,766 $423,494 $412,594
 Costs and expenses:
 Cost of sales 125,838 105,131 324,923 296,944
 Selling and
 administrative expenses 21,137 20,055 61,021 58,581
 Interest expense 4,825 4,992 14,309 14,981
 Special charge --- 7,000 --- 7,000
 Other expense (income) (70) 137 (816) 68
 Total 151,730 137,315 399,437 377,574
 Income before income taxes
 and extraordinary charge 11,116 9,451 24,057 35,020
 Income taxes 3,868 3,044 8,372 12,530
 Net income before
 extraordinary charge 7,248 6,407 15,685 22,490
 Extraordinary charge, net
 of income taxes 1,238 --- 1,238 ---
 Net income 6,010 6,407 14,447 22,490
 Earnings per share:
 Income before extraordinary
 and special charges $.83 $1.25 $1.77 $3.13
 Extraordinary and special
 charges after taxes .15 .50 .15 .50
 Net income .68 .75 1.62 2.63
 Cash dividends per share .60 .60 1.80 1.80
 Average shares outstanding 8,345 8,543 8,387 8,552
 /delval/
 -0- 4/21/92
 /CONTACT: John A. Schuler, treasurer of Carpenter Technology, 215-371-2165/
 (CRS) CO: Carpenter Technology Corporation ST: Pennsylvania IN: MNG SU: ERN


LJ-JS -- PH012 -- 0515 04/21/92 10:27 EDT
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Date:Apr 21, 1992
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