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CORE THIRD-QUARTER EARNINGS UP 33 PERCENT

 BLOOMFIELD HILLS, Mich., June 21 /PRNewswire/ -- Core Industries Inc (NYSE: CRI) today reported net earnings of $2,245,000 or $.23 per share for the third quarter ended May 31, 1993, on sales of $56,484,000. This year's net earnings are up 33 percent from last year's net earnings of $1,682,000 or $.17 per share on sales of $47,601,000.
 David R. Zimmer, president and chief executive officer, said, "Our third-quarter results represent a continuation of the improvement in our operations following the restructuring over a year ago. Our divisions are working hard to generate added value for our shareholders by establishing a solid base for earnings growth. The programs we are putting in place are beginning to show their results in our bottom line and improved working capital utilization."
 In the third quarter compared with last year, earnings were up in the Farm Equipment Group and the Fluid Controls and Construction Products Group, while the Electronics Group's earnings were lower primarily reflecting an anticipated shift in sales from the third to the fourth quarter at one division and lower margins in the computer industry.
 Last week, Core Industries announced that Raymond H. Steben Jr. had joined the company as vice president, Finance and chief financial officer. Previously, the CFO duties had been temporarily assumed by Lawrence J. Murphy, executive vice president of the company.
 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 Nine Months Ended
 May 31, May 31,
 1993 1992 1993 1992
 Net sales of
 continuing
 operations $56,484,000 $47,601,000 $149,443,000 $136,364,000
 Items below are
 net of income
 taxes:
 Net earnings of
 continuing
 operations before
 write-off of
 intangibles and
 non-recurring
 charges $2,245,000 $1,682,000 $5,632,000 $4,974,000
 Write-off of
 intangibles
 and other
 non-recurring
 charges (Note A) --- --- --- (6,436,000)
 Net earnings (loss)
 of continuing
 operations $2,245,000 $1,682,000 $5,632,000 ($1,462,000)
 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) $2,245,000 $1,682,000 $5,632,000 ($28,010,000)
 Net earnings
 (loss) per
 common share:
 Net earnings of
 continuing
 operations before
 write-off of
 intangibles and
 non-recurring
 charges $.23 $.17 $.58 $.51
 Write-off of
 intangibles
 and other
 non-recurring
 charges (Note A) --- --- --- (.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) $.23 $.17 $.58 ($2.87)
 Average shares
 outstanding 9,777,000 9,775,000 9,776,000 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.
 COMPARATIVE CONDENSED BALANCE SHEET
 (Unaudited)
 May 31, 1993 May 31, 1992
 Current assets $108,894,000 $114,363,000
 Current liabilities 26,544,000 37,375,000
 Working capital $82,350,000 $76,988,000
 Property, plant and
 equipment net of
 depreciation 28,499,000 28,311,000
 Other assets 12,769,000 13,681,000
 Long-term debt less amount
 due in one year (50,140,000) (52,041,000)
 Deferred taxes on income (1,760,000) (770,000)
 Accrued postretirement
 benefits (3,196,000) (2,993,000)
 Stockholders' equity $68,522,000 $63,176,000
 -0- 6/21/93
 /CONTACT: Lawrence J. Murphy of Core Industries Inc, 313-642-3400/
 (CRI)


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

KE-JG -- DE015 -- 4059 06/21/93 12:43 EDT
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Date:Jun 21, 1993
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