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CORE REPORTS THIRD-QUARTER EARNINGS OF $.17 PER SHARE

 CORE REPORTS THIRD-QUARTER EARNINGS OF $.17 PER SHARE
 BLOOMFIELD HILLS, Mich., June 25 /PRNewswire/ -- Core Industries Inc


(NYSE: CRI) today announced net earnings of $1,682,000 or $.17 per share for the third quarter ended May 31, 1992, on sales of $47,601,000. This compares with net earnings of $773,000 or $.08 per share reported for the third quarter of fiscal 1991, which included net earnings from continuing operations of $2,275,000 or $.23 per share on sales of $52,520,000.
 David R. Zimmer, president and CEO, commented, "These results are consistent with internal plans developed in March to improve earnings and shareholder value. Results from continuing operations were on plan in the third quarter despite weak economic conditions, especially in the farm equipment market. In addition, many positive steps are under way to both strengthen operations and refine our strategy for future growth and earnings. We remain optimistic and excited about the outlook for the company."
 The company announced at the end of its second quarter that it was divesting three electronics companies which in recent periods were causing the Electronics Group to be unprofitable. Without these companies, which are now reported as discontinued operations, the Electronics Group reported improved earnings and higher sales for both the third quarter and nine months. Core's Farm Equipment Group reported sharply lower sales and earnings due to very depressed market conditions and is the primary reason for the 1992 decline in earnings from continuing operations. The company's third segment, Fluid Controls and Construction Products, is contributing strong earnings in line with 1991 results despite lower revenues from mechanical contracting.
 Zimmer stated that progress remains on track toward the goal of divesting the three electronics companies, Anilam Electronics, FlexStar and Hilton Industries. Since all financial charges for these discontinued operations were recorded in the company's second quarter, these operations had no impact on third-quarter results. The company anticipates that the divestiture reserves established in the second quarter will fully cover all disposition costs.
 The loss of $2.87 per share for the nine months ended May 31, 1992, includes, as previously announced, special restructuring charges, losses and provisions relating to discontinued operations and accounting changes, all of which were recorded in the first half. Without the special restructuring charges, nine-month net earnings from continuing operations amounted to $4,974,000 or $.51 per share on sales of $136,364,000. In this period last year, net earnings of $2,404,000 or $.25 per share were reported, including a loss of $3,597,000 or $.36 per share from discontinued operations and earnings of $6,001,000 or $.61 per share from continuing operations on sales of $151,805,000.
 A quarterly dividend of $.06 per share was paid June 22 to shareholders of record on June 1, 1992. It represented the company's 213th quarterly dividend.
 Core Industries Inc is an established manufacturer of specialty products for three industries: Electronics, Farm Equipment, and Fluid Controls and Construction Products.
 CORE INDUSTRIES INC
 COMPARATIVE SUMMARY OF SALES AND EARNINGS
 (Unaudited)
 Three Months Ended May 31
 1992 1991
 Net sales of continuing operations $47,601,000 $52,520,000
 Items below are net of income taxes:
 Net earnings of continuing operations
 before write-off of intangibles and
 non-recurring charges $1,682,000 $2,275,000
 Write-off of intangibles and other
 non-recurring charges(A) --- ---
 Net earnings (loss) of continuing
 operations $1,682,000 $2,275,000
 Net loss from discontinued operations --- (1,502,000)
 Net loss from disposal of discontinued
 operations --- ---
 Cumulative effect of accounting changes --- ---
 Net earnings (loss) $1,682,000 $773,000
 Net earnings (loss) per common share:
 Net earnings of continuing operations
 before write-off of intangibles and
 non-recurring charges $.17 $.23
 Write-off of intangibles and other
 non-recurring charges(A) --- ---
 Net loss from discontinued operations --- (.15)
 Net loss from disposal of discontinued
 operations --- ---
 Cumulative effect of accounting changes --- ---
 Net earnings (loss) $.17 $.08
 Average shares outstanding 9,775,000 9,775,000
 Nine Months Ended May 31
 1992 1991
 Net sales of continuing operations $136,364,000 $151,805,000
 Items below are net of income taxes:
 Net earnings of continuing operations
 before write-off of intangibles and
 non-recurring charges $4,974,000 $6,001,000
 Write-off of intangibles and other
 non-recurring charges(A) (6,436,000) ---
 Net earnings (loss) of continuing
 operations ($1,462,000) $6,001,000
 Net loss from discontinued operations (4,015,000) (3,597,000)
 Net loss from disposal of discontinued
 operations (20,859,000) ---
 Cumulative effect of accounting changes (1,674,000) ---
 Net earnings (loss) ($28,010,000) $2,404,000
 Net earnings (loss) per common share:
 Net earnings of continuing operations
 before write-off of intangibles and
 non-recurring charges $.51 $.61
 Write-off of intangibles and other
 non-recurring charges(A) (.66) ---
 Net loss from discontinued operations (.41) (.36)
 Net loss from disposal of discontinued
 operations (2.14) ---
 Cumulative effect of accounting changes (.17) ---
 Net earnings (loss) ($2.87) $.25
 Average shares outstanding 9,775,000 9,775,000
 (A) Includes losses recorded as of Feb. 29, 1992, 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- 6/25/92
 /CONTACT: David R. Zimmer of Core Industries Inc, 313-642-3400/
 (CRI) CO: Core Industries Inc ST: Michigan IN: SU: ERN


SB-ML -- DE012 -- 3694 06/25/92 10:44 EDT
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Date:Jun 25, 1992
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