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CARPENTER TECHNOLOGY REPORTS SALES AND EARNINGS FOR THE YEAR ENDED JUNE 30, 1992

 CARPENTER TECHNOLOGY REPORTS SALES AND EARNINGS
 FOR THE YEAR ENDED JUNE 30, 1992
 READING, Pa., July 27 /PRNewswire/ -- Carpenter Technology Corporation (NYSE: CRS) today reported its sales and earnings for the fourth quarter and full fiscal year ended June 30, 1992.
 For the full fiscal year, net sales were $570.2 million, 1 percent higher than the $562.5 million reported for the prior year. Net income was $13.6 million compared with $30.1 million reported for the prior year.
 Fiscal year 1992 earnings were adversely impacted by an extraordinary charge in the March 1992 quarter and a special charge in the June 1992 quarter. The extraordinary charge of $1.2 million after tax or $.15 per share was related to the premium paid for the repurchase of a portion of the company's 12-7/8 percent debentures. The special charge, previously reported for a work force reduction, was $4.9 million after tax or $.59 per share.
 Fiscal year 1991 earnings were adversely impacted by a special charge of $4.3 million after tax or $.50 a share to increase the estimated costs of the Bridgeport, Conn., plant closing.
 On a per-share basis, fiscal year 1992 earnings before all extraordinary and special charges were $2.22 per share vs. $4.02 per share for the prior year, a decrease of 45 percent.
 For the fourth quarter ended June 30, 1992, the company reported a loss of $.8 million vs. net income of $7.6 million for the same period a year ago. Earnings results for the quarter included the special charge of $4.9 million or $.59 per share. Excluding the effect of this special charge, earnings per share were $.45 vs. $.89 for the same period a year ago.
 Unit volume shipments increased 3 percent for the fourth quarter and 4 percent for the full fiscal year due chiefly to market share increases.
 The year-to-year decrease in net income for the fourth quarter and fiscal year resulted from lower unit selling prices, a less profitable sales mix and cost increases. Employment and supply costs were higher but were partially offset by lower raw material costs. Inventory reductions as a result of improved manufacturing lead times adversely affected earnings in the fourth quarter and the year. In addition, research and development costs increased significantly during the year as a result of expenditures for structural ceramics development.
 Robert W. Cardy, chairman, president and chief executive officer, said, "While fiscal year 1992 was a difficult year, we managed through this recessionary period maintaining our financial strength and supporting process improvement programs and quality enhancements."
 He added, "It appears that the economy is improving slowly. If this trend continues, we are expecting favorable volume comparisons in the periods ahead."
 CARPENTER TECHNOLOGY CORPORATION
 (In Thousands, Except Per-Share Data)
 Three months Year
 Periods ended (Unaudited)
 June 30 1992 1991 1992 1991
 Net sales $146,706 $149,882 $570,200 $562,476
 Costs and expenses:
 Cost of sales 114,862 112,281 439,785 409,225
 Selling and
 administrative expenses 19,808 21,378 80,829 79,959
 Interest expense 5,328 4,814 19,637 19,795
 Special charge 7,500 --- 7,500 7,000
 Other expense (income) 438 (269) (378) (201)
 Total 147,936 138,204 547,373 515,778
 Income (loss) bef. income taxes
 and extraordinary charge (1,230) 11,678 22,827 46,698
 Income taxes (429) 4,097 7,943 16,627
 Net income (loss) before
 extraordinary charge (801) 7,581 14,884 30,071
 Extraordinary charge, net
 of income taxes --- --- 1,238 ---
 Net income (loss) (801) 7,581 13,646 30,071
 Earnings (loss) per share:
 Income before extraordinary
 and special charges $.45 $.89 $2.22 $4.02
 Extraordinary charge
 after taxes --- --- .15 ---
 Special charges after taxes .59 --- .59 .50
 Net income (loss) (.14) .89 1.48 3.52
 Cash dividends per share .60 .60 2.40 2.40
 Average shares outstanding 8,209 8,543 8,342 8,550
 /delval/
 -0- 7/27/92
 /CONTACT: John A. Schuler, treasurer of Carpenter Technology, 215-208-2165/
 (CRS) CO: Carpenter Technology Corporation ST: Pennsylvania IN: MNG SU: ERN


MP-MK -- PH003 -- 3414 07/27/92 10:14 EDT
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Publication:PR Newswire
Date:Jul 27, 1992
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