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COOPER INDUSTRIES' SECOND-QUARTER NET INCOME ROSE 6 PERCENT

 COOPER INDUSTRIES' SECOND-QUARTER NET INCOME ROSE 6 PERCENT
 HOUSTON, July 28 /PRNewswire/ -- Second-quarter net income for Cooper Industries, Inc. (NYSE: CBE) in 1992 rose six percent. Net income increased to $115.4 million, or 87 cents a fully diluted share, from $109.1 million, or 84 cents a fully diluted share, in the comparable 1991 period. Revenues dipped to $1.53 billion from $1.60 billion in the second quarter of 1991.
 For the first six months of 1992, net income was up seven percent to $186.4 million, or $1.41 a fully diluted share, from $173.8 million, or $1.33 a fully diluted share, in 1991. Six-month revenues declined slightly to $3.04 billion from $3.10 billion in the first half of 1991.
 Chairman and Chief Executive Officer Robert Cizik said Cooper's improved earnings performance resulted primarily from reduced interest expense. He said it is particularly gratifying that the anticipated decline in the performance of the Petroleum & Industrial Equipment segment was largely offset by benefits from the company's ongoing cost improvement programs. Earlier plant consolidations, manufacturing efficiency investments and management of overhead costs continue to improve operating productivity. Notable quarterly earnings gains were achieved in the Electrical Products and Automotive Products segments.
 The continued sluggishness in the general economy during the second quarter affected revenues to some degree in all of the company's five business segments. Cizik said a decline in revenues of the Petroleum & Industrial Equipment segment was caused primarily by a drop in spending for domestic oil and natural gas drilling and exploration. In addition, several international economies remain weak or are continuing to soften, which resulted in lower demand for many of Cooper's products sold in Canadian and Western European markets. Hand tool and drapery hardware sales have been most affected by these conditions.
 Spending by electric utilities for distribution and power transformers continues to be sluggish, which has led to modest declines in revenues of the Electrical Power Equipment segment. Sales of Electrical Products, which usually reflect the condition of the general economy, were slightly ahead of last year, adjusted for a recent divestiture. The automotive aftermarket remains steady, resulting in relatively stable revenues for Cooper's Automotive Products segment.
 "We're hopeful that we can continue to add to our string of 36 consecutive quarterly earnings increases. We are still looking for a sustained improvement in the general economy that will translate into higher revenues in all of our business segments. In the meantime, we are continuing our programs to reduce costs and increase productivity throughout our operations. Cooper Industries is positioned for stronger earnings growth whenever the economic recovery takes off," Cizik concluded.
 Comparisons of 1992 and 1991 second-quarter and six-month results follow.
 COOPER INDUSTRIES
 (In millions, except share data)
 Three months ended June 30, 1992 1991
 Revenues $1,529.6 $1,602.3
 Costs and Expenses:
 Cost of Sales 1,016.1 1,074.1
 Depreciation and
 Amortization 68.3 63.6
 Selling and
 Administrative 225.5 240.0
 Interest Expense 27.5 40.8
 Total 1,337.4 1,418.5
 Income before Income Taxes 192.2 183.8
 Taxes on Income 76.8 74.7
 Net Income $ 115.4 $ 109.1
 Net Income Per Common Share:
 Primary $.90 $.86
 Fully Diluted $.87(A) $.84(A)
 Shares Utilized in Computation
 of Net Income Per Common Share:
 Primary 113,911,000 112,320,000
 Fully Diluted 132,262,000(A) 130,778,000(A)
 (A) The computation of fully diluted earnings per share for the quarter assumes the conversion of the 7 percent debentures and the $1.60 preferred stock to common stock. As a result, interest on the debentures, net of tax, is added back to net income and preferred dividends are not deducted in this computation.
 COOPER INDUSTRIES
 (In millions, except share data)
 Six months ended June 30, 1992 1991
 Revenues $3,037.5 $3,099.1
 Costs and Expenses:
 Cost of Sales 2,057.6 2,105.8
 Depreciation and
 Amortization 136.4 127.7
 Selling and
 Administrative 467.8 482.5
 Interest Expense 60.8 86.6
 Total 2,722.6 2,802.6
 Income before Income Taxes 314.9 296.5
 Taxes on Income 128.5 122.7
 Net Income 186.4 173.8
 Preferred Dividends 26.4 25.2
 Net Income Applicable to
 Common Stock $ 160.0 $ 148.6
 Net Income Per Common Share:
 Primary $1.41 $1.33
 Fully Diluted $1.41 $1.33
 Shares Utilized in Computation
 of Net Income Per Common Share:
 Primary 113,769,000 111,926,000
 Fully Diluted 113,769,000 112,162,000
 Cooper Industries, with 1991 revenues of $6.2 billion, is a diversified, worldwide manufacturer of electrical products, electrical power equipment, tools and hardware, automotive products, and petroleum and industrial equipment.
 -0- 7/28/92
 /CONTACT: Ellen H. Myers of Cooper Industries, 713-739-5423/
 (CBE) CO: Cooper Industries Inc. ST: Texas IN: OIL SU: ERN


SM -- NY050 -- 4069 07/28/92 11:55 EDT
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Date:Jul 28, 1992
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