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CORE REPORTS FOURTH-QUARTER EARNINGS OF $.17 EPS AS ANTICIPATED

 CORE REPORTS FOURTH-QUARTER EARNINGS OF $.17 EPS AS ANTICIPATED
 BLOOMFIELD HILLS, Mich., Oct. 23 /PRNewswire/ -- Core Industries Inc (NYSE: CRI) today reported net earnings of $1,642,000 or $.17 per share for the fourth quarter ended Aug. 31, 1992, on sales of $47,370,000. In the same quarter last year, a net loss of $779,000 or $.08 per share was reported including net earnings of $.20 per share from continuing operations and a loss of $.28 per share from discontinued operations. Sales from continuing operations were $48,994,000 in the fourth quarter last year.
 David R. Zimmer, Core president and CEO, said, "These earnings are a repeat of the $.17 per share achieved in the third quarter, demonstrating Core's solid return to profitability. This performance is very encouraging in light of the weak economy. Both quarters are consistent with projections developed midyear when the company announced a major restructuring plan to reverse deteriorating performance and strengthen the company."
 Immediately after Mr. Zimmer joined Core as president and CEO in March, the company adopted a plan to divest three electronics companies representing Core's involvement in the machine tool control, disk-drive test equipment and capacitor business lines. These businesses were incurring significant losses and causing the Electronics Group to be unprofitable. A loss of $2.55 per share, including provisions for divestiture costs, was recorded from discontinued operations in the second quarter ended Feb. 29, 1992. At the same time, a charge equivalent to $.66 per share was recorded for the write-off of intangibles and other special restructuring charges, and accounting changes relating to income taxes and retiree benefits were adopted, reducing 1992 earnings by $.17 per share.
 For the fiscal year ended Aug. 31, 1992, net earnings of $6,616,000 or $.68 per share were reported for continuing operations excluding the special restructuring charges. With the inclusion of charges from discontinued operations, the special restructuring charges and the accounting changes, a fiscal year loss of $2.70 per share was recorded. Net earnings in fiscal 1991 amounted to $1,625,000 or $.17 per share, consisting of $.82 per share net earnings from continuing operations and a loss of $.65 per share from discontinued operations.
 For the fiscal years 1992 and 1991, sales from continuing operations were $183,734,000 and $200,799,000, respectively. The lower sales in fiscal 1992 primarily reflect the soft farm and construction markets. The lower earnings from continuing operations in fiscal 1992 are due principally to lower shipments of farm equipment.
 Mr. Zimmer also stated, "If economic conditions do not deteriorate, we are confident that 1993 earnings will improve."
 Core Industries Inc is a diversified manufacturer of specialty products for three basic industries: Electronics, Farm Equipment and Fluid Controls and Construction Products.
 CORE INDUSTRIES INC
 COMPARATIVE SUMMARY OF SALES AND EARNINGS
 (Unaudited)
 Three Months Ended Aug. 31, Year Ended Aug. 31,
 1992 1991 1992 1991
 Net sales of
 continuing
 operations 47,370,000 $48,994,000 $183,734,000 $200,799,000
 Items below are net
 of income taxes:
 Net earnings of
 continuing
 operations
 before write-off
 of intangibles
 and non-recurring
 charges $1,642,000 $1,974,000 $6,616,000 $7,975,000
 Write-off of
 intangibles and
 other non-recurring
 charges
 (Note A) --- --- (6,436,000) ---
 Net earnings of
 continuing
 operations $1,642,000 $1,974,000 $180,000 $7,975,000
 Net loss from
 discontinued
 operations --- (2,753,000) (4,015,000) (6,350,000)
 Net loss from
 disposal of
 discontinued
 operations --- --- (20,859,000) ---
 Cumulative effect
 of accounting
 changes --- --- (1,674,000) ---
 Net earnings
 (loss) $1,642,000 ($779,000) ($26,368,000) $1,625,000
 Net earnings (loss)
 per common share:
 Net earnings of
 continuing
 operations before
 write-off of
 intangibles and
 non-recurring
 charges $.17 $.20 $.68 $.82
 Write-off of
 intangibles and other
 non-recurring
 charges (Note A) --- --- (.66) ---
 Net loss from
 discontinued
 operations --- (.28) (.41) (.65)
 Net loss from
 disposal of
 discontinued
 operations --- --- (2.14) ---
 Cumulative effect
 of accounting
 changes --- --- (.17) ---
 Net earnings (loss) $.17 ($.08) ($2.70) $.17
 NOTE A: Represents losses of $2,721,000 from write-off of intangibles and $3,715,000 from other non-recurring charges (total of $.66 per share) recorded in the second quarter. These charges are associated with management's reassessment of the strategic direction of the company.
 -0- 10/23/92
 /CONTACT: Neil C. Wester of Core Industries Inc, 313-642-3400/
 (CRI) CO: Core Industries Inc ST: Michigan IN: SU: ERN


ML-SM -- DE017 -- 4116 10/23/92 11:32 EDT
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Date:Oct 23, 1992
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