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COLTEC HOLDINGS REPORTS RESULTS

 COLTEC HOLDINGS REPORTS RESULTS
 NEW YORK, Feb. 5 /PRNewswire/ -- Coltec Holdings Inc. today reported


that operating income for the year ended Dec. 31, 1991, declined 17 percent compared with the year ended Dec. 31, 1990 on an 8 percent reduction in sales.
 Operating income for 1991 was $192.7 million on sales of $1,373 million. This compares with operating income for 1990 of $232.3 million on sales of $1,487 million. Holdings' operating margin was 14 percent for 1991 compared with 15.6 percent in 1990. Operating results for the Automotive and Industrial segments were adversely impacted in 1991 by the slowdown in the automotive industry and the general downturn in the economy. In the Automotive segment, operating income declined 43 percent on a 14 percent reduction in sales, and in the Industrial segment operating income declined by 18 percent on a 7 percent reduction in sales. Operating income for the Aerospace/Government segment increased by 2 percent and sales declined by 3 percent in 1991.
 Earnings from continuing operations before interest, income taxes and extraordinary item includes $1.4 million of dividend income from Holdings' minority interest in Crucible Materials Corporation compared with $9.2 million in 1990. Net interest expense declined $5.3 million, or 3 percent in 1991, due to repayment of long-term debt, offset in part by the accretion of interest on its 14-3/4 percent senior discount debentures. The provision for income taxes was $34.8 million in 1991 compared to $38.8 million in 1990. The provision for income taxes reflects the nondeductibility for tax purposes of the purchase accounting adjustments.
 COLTEC HOLDINGS INC. AND SUBSIDIARIES
 Summary Consolidated Statement of Earnings
 (In thousands)
 Year ended Dec. 31 1991 1990
 Net sales $1,372,979 $1,487,181
 Costs and expenses 1,180,250 1,254,833
 Operating income 192,729 232,348
 Dividend income 1,431 9,194
 Earnings from continuing opers.
 before interest, income taxes
 and extraordinary items 194,160 241,542
 Interest - net 200,521 205,843
 Earnings (loss) from continuing
 opers. before income
 taxes and extraord. item (6,361) 35,699
 Provision for income taxes 34,794 38,839
 Earnings (loss) from continuing
 opers. before extraord. item (41,155) (3,140)
 Discontinued operations -- 5,271
 Earnings (loss) before
 extraord. item (41,155) 2,131
 Extraordinary item 796 (1,815)
 Net earnings (loss) $(40,359) $316
 -0- 2/5/92
 /CONTACT: Michael Dunn of Coltec Holdings, 212-940-0523/ CO: Coltec Holdings Inc. ST: Delaware IN: SU: ERN


PS-SM -- NY085 -- 7436 02/05/92 18:33 EST
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Publication:PR Newswire
Date:Feb 5, 1992
Words:425
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