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CORE REPORTS HIGHER SECOND QUARTER EARNINGS

 BLOOMFIELD HILLS, Mich., March 23 /PRNewswire/ -- Core Industries Inc (NYSE: CRI) today reported net earnings of $1,761,000 or $.18 per share for the second quarter ended Feb. 28, 1993, on sales of $46,875,000. Comparing continuing operations, this year's net earnings were 30 percent higher than last year's second quarter net earnings of $1,358,000 or $.14 per share excluding the prior year's non-recurring charges, and sales were up 9 percent. Last year the Company reported a total net loss of $2.92 per share in the second quarter which included $3.06 per share in charges for discontinued operations, special restructuring adjustments and accounting changes including the adoption of FASB 106.
 David R. Zimmer, President and CEO, said "We are very pleased with our performance for the first six months in light of the general economic conditions, especially the severe price discounting in the computer industry and the depressed construction industry. Our Farm Equipment Group continues to do well and reported a strong improvement. With new products being introduced by our test, measurement, and control companies the overall outlook for the second half remains positive for Core. Our results clearly indicate that the restructuring of the Company a year ago was necessary and has positioned the Company with a strong base for growth. Our earnings are strong and improving and we expect to see continuing improved operating results for the remainder of our year."
 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
 (Unaudited)
 Three Months Ended Six Months Ended
 Feb. 28, Feb. 29, Feb. 28, Feb. 29,
 1993 1992 1993 1992
 Net sales of
 continuing
 operations $46,875,000 $43,119,000 $92,959,000 $88,763,000
 Items below are net
 of income taxes:
 Net earnings of
 continuing operations
 before write-off of
 intangibles and
 non-recurring
 charges $1,761,000 $1,358,000 $3,387,000 $3,292,000
 Write-off of
 intangibles and
 other non-recurring
 charges (Note A) --- (6,436,000) --- (6,436,000)
 Net earnings (loss) of
 continuing
 operations $1,761,000 ($5,078,000) $3,387,000 ($3,144,000)
 Net loss from
 discontinued
 operations --- (2,528,000) --- (4,015,000)
 Net loss from disposal
 of discontinued
 operations --- (20,859,000) --- (20,859,000)
 Cumulative effect
 of accounting
 changes --- --- --- (1,674,000)
 Net earnings
 (loss) $1,761,000 ($28,465,000) $3,387,000 ($29,692,000)
 Net earnings (loss)
 per common share:
 Net earnings of
 continuing
 operations before
 write-off of
 intangibles and
 non-recurring
 charges $.18 $.14 $.35 $.34
 Write-off of
 intangibles and
 other non-recurring
 charges (Note A) --- (.66) --- (.66)
 Net loss from
 discontinued
 operations --- (.26) --- (.41)
 Net loss from
 disposal of
 discontinued
 operations --- (2.14) --- (2.14)
 Cumulative effect
 of accounting
 changes --- --- --- (.17)
 Net earnings (loss) $.18 ($2.92) $.35 ($3.04)
 Average shares
 outstanding 9,776,000 9,775,000 9,775,000 9,775,000
 Note A: 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.
 -0- 3/23/93
 /CONTACT: Lawrence J. Murphy of Core Industries, 313-642-3400/
 (CRI)


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

SB-SM -- DE014 -- 8651 03/23/93 11:57 EST
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Date:Mar 23, 1993
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