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COLTEC INDUSTRIES REPORTS FIRST QUARTER RESULTS

 COLTEC INDUSTRIES REPORTS FIRST QUARTER RESULTS
 NEW YORK, April 15 /PRNewswire/ -- Coltec Industries Inc


(NYSE: COT) today reported operating income increased 7 percent in the first quarter of 1992.
 Operating income for the quarter ended March 29, 1992, rose to $52.3 million from $48.9 million in the comparable period of the prior year. Sales for the 1992 first quarter were $337.6 million versus $337.1 million in the first quarter a year ago. The company's operating margin for the 1992 first quarter increased to 15.5 percent from 14.5 percent in 1991.
 In the Aerospace/Government segment, operating income in the 1992 first quarter declined 7 percent on a 4 percent sales decrease from the comparable 1991 period. Operating income in the Automotive segment improved 52 percent on a 6 percent sales increase, and operating income in the Industrial segment rose 5 percent on a slight sales increase.
 For the 1992 first quarter, the company reported a net loss of $2.7 million, equal to 11 cents per share, versus a net loss of $1.7 million, or 7 cents per share, a year ago. However, the net loss reflected substantial interest expense that has been reduced significantly by a recapitalization of the company that was completed on April 1, 1992.
 Giving pro forma effect to the recapitalization as if it had occurred on Jan. 1, 1992, the company would have reported net earnings for the 1992 first quarter of $15.0 million, or 22 cents per share.
 Coltec Industries Inc is a New York-based manufacturing company serving aerospace, automotive and other industrial markets.
 COLTEC INDUSTRIES INC AND SUBSIDIARIES
 Summary Consolidated Statement of Earnings (A)
 (In thousands except per share data; unaudited)
 Three months ended 3/31/91 3/29/92
 Net sales $337,087 $337,557
 Costs and expenses 288,153 285,264
 Operating income 48,934 52,293
 Dividend income 702 --
 Earnings bef. interest, inc. taxes
 and extraord. item 49,636 52,293
 Interest, net 49,875 48,720
 Earnings (loss) bef. inc. taxes and
 extraord. item (239) 3,573
 Provision for income taxes 2,024 6,286
 Earnings (loss) bef. extraord. item (2,263) (2,713)
 Extraordinary item 591 --
 Net earnings (loss) (B) $ (1,672) (2,713)
 Earnings (loss) per common share (B):
 Before extraordinary item $(.09) $(.11)
 Extraordinary item (.02) --
 Net earnings (loss) $(.07) $(.11)
 Aver. no. of com. and com.
 equivalent shares (B) 25,000 25,000
 (A) -- The unaudited summary consolidated statement of earnings reflects the interest and finance cost related to the outstanding 14-3/4 percent senior discount debentures of Coltec Holdings Inc. because the net proceeds of the issuance and sale of senior notes and senior subordinated notes by the company in April 1992, together with bank borrowings, were used to repay such indebtedness.
 (B) -- Giving pro forma effect to the April 1992 recapitalization as if it had occurred at Jan. 1, 1992, the company would have reported net earnings for the 1992 first quarter of $15.0 million or $.22 per common share based on an average number of common and common equivalent shares of 69.3 million. The $17.7 million increase in net earnings results from a reduction in interest expense of $19.2 million, partially offset by a $1.5 million increase in income taxes. The pro forma effective tax rate for the 1992 first quarter is 34.2 percent.
 COLTEC INDUSTRIES INC AND SUBSIDIARIES
 Industry Segment Information
 (In millions; unaudited)
 Three months ended 3/31/91 3/29/92
 Sales:
 Aerospace/Government $139.4 $134.0
 Automotive 86.2 91.7
 Industrial 111.7 112.4
 Intersegment elimination (.2) (.5)
 Total $337.1 $337.6
 Operating income:
 Aerospace/Government $ 25.2 $ 23.4
 Automotive 10.4 15.8
 Industrial 20.1 21.1
 Total segments 55.7 60.3
 Corporate unallocated (6.8) (8.0)
 Operating income $ 48.9 $ 52.3
 In the Aerospace/Government segment, sales declines were reported by Menasco, Walbar and Chandler Evans due to continued reductions in defense spending and stretchout of certain commercial programs. Higher sales and operating income were reported by Delavan Gas Turbine and Fairbanks Morse Engine. The strong performance in the Automotive segment was aided by increased new car and truck production. Higher sales of mechanical emission control air pumps for use on light trucks and vans, selected price increases and the introduction of new automotive products having higher margins contributed to the improved operating results for the Automotive segment. The earnings improvement in the Industrial segment reflects primarily increased sales at Quincy Compressor and Garlock Bearings and cost reductions at Delavan Commercial and Garlock Mechanical Packing.
 -0- 4/15/92
 /CONTACT: Michael Dunn of Coltec Industries, 212-940-0523/
 (COT) CO: Coltec Industries Inc ST: New York IN: ARO SU: ERN


GK-AH -- NY033 -- 8635 04/15/92 11:21 EDT
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Date:Apr 15, 1992
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