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DRS INDUSTRIES FILES FORM 10-Q

 NEW YORK, Dec. 17 /PRNewswire/ -- DRS Industries, Inc. (NASDAQ: DRSS, DRSSU) recently filed its report on Form 10-Q reporting the company's results for the quarter ended Oct. 31, 1992.
 DRS reported net revenues for the quarter of $16,653,000, which was generated by Houston-based Mandel-Kahn Industries, Inc., the company's principal operating subsidiary. DRS also reported income from continuing operations of $7,000, consisting of income from operations Mandel-Kahn of $369,000 offset by administrative expenses and by interest expenses and prepayment and other fees incurred in connection with certain private placements and other financings. The company also recorded a charge of ($4,623,000) representing its investment in and advances to its C-B/Murray Corporation subsidiary, which is now being liquidated under Chapter 11 of the U.S. bankruptcy code. This charge resulted in a net loss for the quarter of ($4,616,000), or ($.58) per share.
 A DRS spokesperson reported that the financial difficulties at C-B/Murray leading to the Chapter 11 filing would not require the company to restate its historical financial statements. The company has, however, deconsolidated the results of operations of C-B/Murray.
 The spokesperson added that the pending liquidation of C-B/Murray has not affected the operations of Mandel-Kahn, nor has it affected DRS' previously announced plans to acquire 88 percent of the stock of FBS Holdings, Inc., subject to various conditions. FBS Holdings owns and operates Family Bargains Center, an off-price apparel retailer headquartered in San Diego.
 -0- 12/17/92
 /CONTACT: John A. Selzer of DRS Industries, 212-980-9670/
 (DRSS)


CO: DRS Industries, Inc. ST: New York IN: SU:

AH-SM -- NY017 -- 8099 12/17/92 09:54 EST
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Date:Dec 17, 1992
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