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COLTEC INDUSTRIES REPORTS FIRST QUARTER RESULTS

 NEW YORK, April 15 /PRNewswire/ -- Coltec Industries Inc. (NYSE: COT) today reported operating income increased 5 percent in the first quarter of 1993 on a slight increase in sales.
 Operating income for the quarter ended April 4, 1993, increased to $55.0 million from $52.3 million in the comparable period of the prior year. Sales for the 1993 first quarter were $339.9 million versus $337.6 million in the first quarter a year ago. The company's operating margin for the 1993 first quarter increased to 16.2 percent from 15.5 percent in 1992.
 In the Aerospace/Government segment, operating income in the 1993 first quarter declined 24 percent on a 16 percent sales decrease from the comparable 1992 period. Operating income in the Automotive segment improved 71 percent on a 27 percent sales increase, and operating income in the Industrial segment was down 3 percent on a slight decline in sales.
 John W. Guffey, Jr., president and chief operating officer of Coltec Industries, noted, "Current business prospects remain mixed. While new car sales at our largest customers show continued strength, the Industrial segment orders and sales have not shown the momentum anticipated due to the continuing sluggish economic environment. Also, commercial aircraft production schedules were reduced further in the first quarter dimming the prospects for growth this year in consolidated sales and operating income."
 For the 1993 first quarter, the company reported net earnings of $17.2 million, equal to 25 cents per share, versus a net loss of $2.7 million, or 11 cents per share, a year ago. The extraordinary charge in the first quarter of 1993 is from the write-off of deferred financing costs from early extinguishment of debt. The 1992 net loss included substantial interest expense that was reduced significantly by a recapitalization 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 earnings before extraordinary item 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.
 Summary Consolidated Statement of Earnings(A)
 (Unaudited, in thousands, except per share data)
 Three months ended 4/4/93 3/29/92
 Net sales $339,934 $337,557
 Costs and expenses 284,967 285,264
 Operating income 54,967 52,293
 Interest, net 28,059 48,720
 Earnings before income taxes
 and extraordinary item 26,908 3,573
 Provision for income taxes 9,418 6,286
 Earnings (loss) before
 extraordinary item(B) 17,490 (2,713)
 Extraordinary item (264) --
 Net earnings (loss) 17,226 (2,713)
 Earnings (loss) per common
 share:
 Before extraordinary item(B) $.25 ($.11)
 Extraordinary item -- --
 Net earnings (loss) $.25 ($.11)
 Average number of common
 and common equivalent shares 69,599 25,000
 (A) -- The unaudited summary consolidated statement of earnings for the first quarter of 1992 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 earnings before extraordinary items for the three months ended March 29, 1992 as follows (in millions, except per share data):
 Operating income $52.3
 Interest, net 29.5
 Earnings before income
 taxes and extraordinary item 22.8
 Provision for income taxes 7.8
 Earnings before extraordinary item 15.0
 Earnings per common share:
 Before extraordinary item $.22
 COLTEC INDUSTRIES INC. AND SUBSIDIARIES
 Industry Segment Information
 (Unaudited, in millions)
 Three months ended 4/4/93 3/29/92
 Sales:
 Aerospace/government $113.1 $134.0
 Automotive 113.1 89.3
 Industrial 114.0 114.8
 Intersegment elimination (.3) (.5)
 Total $339.9 $337.6
 Operating income:
 Aerospace government 17.7 23.4
 Automotive 26.3 15.4
 Industrial 20.8 21.5
 Total segments 64.8 60.3
 Corporate unallocated (9.8) (8.0)
 Operating income $55.0 $52.3
 The decline in sales and operating income for the Aerospace/Government segment reflects lower demand for new commercial aircraft and the resultant cutback in production schedules, as well as continued declines in defense spending. The strong performance in the Automotive segment reflects higher new car and truck production, increased aftermarket sales and the introduction of new automotive products. All divisions within the automotive segment reported improved sales and earnings in the first quarter 1993. In the Industrial segment, higher sales and earnings were reported by Quincy Compressor, Garlock Bearings and the Sterling Die and Haber Tool Operations, while Central Moloney Transformer and Garlock Valves & Industrial Plat?ics reported lower results.
 -0- 4/15/93
 /CONTACT: Michael Dunn of Coltec Industries Inc., 212-940-0523/
 (COT)


CO: Coltec Industries Inc. ST: New York IN: ARO SU: ERN

AH-TS -- NY036 -- 6190 04/15/93 11:27 EDT
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Publication:PR Newswire
Date:Apr 15, 1993
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