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CORE REPORTS FOURTH QUARTER EARNINGS UP 79 PERCENT

 BLOOMFIELD HILLS, Mich., Oct. 21 /PRNewswire/ -- Core Industries Inc (NYSE: CRI) today reported net earnings of $2,933,000, or $.30 per share for the fourth quarter ended Aug. 31, 1993 on sales of $57,603,000. The quarter's net earnings are up 79 percent from last year's net earnings of $1,642,000 or $.17 per share on sales of $47,370,000. Included in this year's fourth quarter results is a net favorable $.03 per share related to a litigation settlement.
 Raymond H. Steben, chief financial officer, said, "Our fourth quarter improvement was extremely encouraging since all three of our product groups showed an improvement over last year's fourth quarter. The results represent a continuation of the improvement in our operations following the major restructuring over a year ago."
 Comparing continuing operations, full year 1993 net earnings of $8,565,000 or $.88 per share were 29 percent higher than last year's net earnings of $6,616,000 or $.68 per share excluding the prior year's non- recurring charges, and sales were up 13 percent to $207 million.
 David R. Zimmer, president and chief executive officer, stated, "We are very pleased with our 1993 performance in light of the general economic conditions, especially the severe price discounting in the computer industry and the depressed construction industry. Overall, 1993 performance shows that our focus on creating shareholder value, emphasizing cash flow and return on assets, is producing results. Although the economy continues to pose uncertainties, we are enthusiastic about the future and believe our operations will continue its upward climb in 1994."
 Core Industries Inc manufactures specialty products for three segments: electronics, farm equipment, and fluid controls and construction products.
 CORE INDUSTRIES INC
 COMPARATIVE SUMMARY OF SALES AND EARNINGS
 Three Months Ended Aug. 31 Year Ended Aug. 31
 1993 1992 1993 1992
 Net sales of continuing
 operations $57,603,000 $47,370,000 $207,046,000 $183,734,000
 Items below are
 net of income taxes:
 Net earnings of
 continuing
 operations before
 write-off of
 intangibles and
 non-recurring
 charges $2,933,000(A) $1,642,000 $8,565,000 $6,616,000
 Write-off of intangibles
 and other
 non-recurring
 charges --- --- --- (6,436,000)(B)
 Net earnings of
 continuing
 operations $2,933,000 $1,642,000 $8,565,000 $180,000
 Net loss from
 discontinued
 operations --- --- --- (4,015,000)
 Net loss from disposal
 of discontinued
 operations --- --- --- (20,859,000)
 Cumulative effect of
 accounting changes --- --- --- (1,674,000)
 NET EARNINGS
 (LOSS) $2,933,000 $1,642,000 $8,565,000 ($26,368,000)
 Net earnings (loss)
 per common share:
 Net earnings of
 continuing operations
 before write-off of
 intangibles and
 non-recurring
 charges $.30 $.17 $.88 $.68
 Write-off of
 intangibles
 and other
 non-recurring
 charges --- --- --- (.66)
 Net loss from
 discontinued
 operations --- --- --- (.41)
 Net loss from disposal
 of discontinued
 operations --- --- --- (2.14)
 Cumulative effect
 of accounting
 changes --- --- --- (.17)
 NET EARNINGS (LOSS) $.30 $.17 $.88 ($2.70)
 Note (A): Includes pretax gain of approximately $500,000 from settlement of litigation.
 Note (B): Includes losses of $2,721,000 from write-off of intangibles and $3,715,000 from other non-recurring charges (total of $.66 per share) associated with management's reassessment of the strategic direction of the company.
 COMPARATIVE CONDENSED BALANCE SHEET
 Aug. 31, 1993 Aug. 31, 1992
 Current assets $109,414,000 $114,841,000
 Current liabilities 28,407,000 37,186,000
 Working capital $81,007,000 $77,655,000
 Property, plant and equipment
 net of depreciation 28,887,000 28,934,000
 Other assets 12,976,000 12,808,000
 Long-term debt less amount
 due in one year (47,134,000) (50,146,000)
 Deferred taxes on income (1,580,000) (1,650,000)
 Accrued postretirement benefits (3,190,000) (3,156,000)
 Stockholders' equity $70,966,000 $64,445,000
 -0- 10/21/93
 /CONTACT: Raymond H. Steben Jr. of Core Industries Inc, 313-642-3400/
 (CRI)


CO: Core Industries Inc ST: Michigan IN: SU: ERN

KR-DC -- DE014 -- 5135 10/21/93 11:28 EDT
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Publication:PR Newswire
Date:Oct 21, 1993
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