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DURIRON ANNOUNCES 1992 ANNUAL AND FOURTH QUARTER RESULTS; DECLARES DIVIDEND

 DAYTON, Ohio, Feb. 11 /PRNewswire/ -- A relatively strong operating performance was turned into a loss by the cumulative effect of two significant and non-recurring events as The Duriron Company, Inc. (NASDAQ: DURI) reported 1992 fourth quarter and annual results at its board of directors meeting today in Dayton, Ohio.
 Duriron's record 1992 sales of $300.4 million yielded net operating income of $18.0 million, or $1.42 per share from operations before adjustments. In 1991, sales of $296.5 million resulted in net earnings of $19.6 million, or $1.55 per share.
 As announced December 22, 1992, management chose early adoption of Statement of Financial Accounting Standard No. 106 (SFAS 106), which covers non-pension, postretirement benefits, and also decided to initiate a restructuring program. These cumulative charges of $2.04 per share are comprised of a one-time "transition obligation" of $1.66 per share plus an $0.08 per share ongoing annual expense to comply with SFAS 106, and a one-time $0.30 per share restructuring expense. The result of these actions is a net loss of ($0.62) per share for 1992. Neither of these occurrences had an immediate impact on cash flow.
 Fourth quarter 1992 sales were $79.9 million with net operating income of $4.6 million, or $0.36 per share before adjustments. This compares to 1991 fourth quarter sales of $75.6 million with net earnings of $5.1 million, or $0.41 per share.
 Year-end 1992 backlog of $65.2 million was $10.4 million more than 1991's level.
 Both 1992 sales of $300.4 million and incoming business of $311.5 million reflect consolidated results that include the Kammer acquisition completed last September. Without Kammer, sales were essentially flat with 1991.
 According to William M. Jordan, Duriron's president and chief executive officer, "We are generally pleased with our performance in a very difficult worldwide business environment, which saw highly competitive pricing pressures and a shift to a less profitable product sales mix. In spite of lower than anticipated business levels and without building significant inventory, we experienced only marginal deterioration of operating margins. This once again testifies to the advantages of our focused factory programs and suggests the potential for significantly improved profitability once business levels pick up," he said.
 Jordan also explained that, "The Company's planned investments to broaden our international business resulted in steady gains in both sales and incoming business. This is particularly true in Europe where we are gaining market share in spite of that region's economic woes. With Durco's Process Equipment Division, Atomac and our recent Kammer acquisition, we are better positioned than ever to grow in this important market."
 At its meeting today the board of directors declared a regular quarterly dividend of $0.15 per share payable March 12, 1993 to shareholders of record as of February 26, 1993. This will be the company's 229th consecutive quarterly dividend payment.
 THE DURIRON COMPANY, INC.
 Consolidated Financial Summary
 (dollars in thousands except per share data)
 4th Quarter
 December 31, Increase (Decrease)
 FIN. CONDI. 1992(a)(b) 1991 1992(a)(b) 1991
 Current
 assets (c) $135,334 $133,138 $ (3,236) $ 3,932
 Current
 liabilities 50,880 46,291 3,107 4,300
 Working
 capital $ 84,454 $ 86,847 $ (6,343) $ (368)
 Net property
 and other
 assets 115,226 80,247 (1,173) 1,946
 Long term debt
 due after
 one year 41,963 21,064 (6,237) (2,283)
 Postretirement
 benefits
 and other
 def. items 37,590 9,294 968 539
 Shareholders'
 equity $120,127 $136,736 $ (2,247) $ 3,322
 Book value per
 share out-
 standing $ 9.54 $ 10.89 $ (0.18) $ 0.26
 Quarter Ended Twelve Months Ended
 December 31, December 31,
 OPERATIONS 1992(a)(b) 1991 1992(a)(b) 1991
 Net sales $ 79,927 $ 75,624 $300,357 $296,489
 Gross profit
 margin $ 29,697 $ 28,772 $111,500 $112,491
 Selling and
 admin. exp. $ 18,982 $ 17,336 $ 72,169 $ 67,370
 Res., engr.
 and devel.
 expense $ 2,547 $ 2,507 $ 9,193 $ 11,025
 Interest exp. $ 1,190 $ 714 $ 2,916 $ 2,946
 Other deduc-
 tions, net $ 202 $ 277 $ 598 $ 49
 Restructuring
 expense $ 5,965 - $ 5,965 -
 Earn. before
 inc. taxes $ 811 $ 7,938 $ 20,659 $ 31,101
 Provision for
 inc. taxes $ 285 $ 2,810 $ 7,430 $ 11,500
 Cumul. effect
 of chg. in
 method of
 accounting
 for post-
 retirement
 benefits - - $(21,063) -
 Net earnings
 (loss) $ 526 $ 5,128 $ (7,834) $ 19,601
 Gross inc.
 business $ 77,558 $ 71,326 $311,537 $290,746
 End. backlog - - $ 65,166 $ 54,817
 Avg. com. and
 common equiv.
 shares out-
 standing 12,712,685 12,669,018 12,712,685 12,669,018
 Net earnings
 (loss)
 per share $ 0.04 $ 0.41 $ (0.62) $ 1.55
 Dividends pd.
 (on shares
 outstand.) $ 0.15 $ 0.14 $ 0.60 $ 0.56
 (See accompanying notes to financial summary.)
 The amounts shown below reflect select 1992 results of operations without the effect of SFAS 106 and the restructuring.
 Net sales $ 79,927 $ 75,624 $300,357 $296,489
 Gross profit
 margin $ 29,999 $ 28,772 $112,706 $112,491
 Selling and
 admin. exp. $ 18,907 $ 17,336 $ 71,867 $ 67,370
 Net earnings $ 4,582 $ 5,128 $ 18,011 $ 19,601
 Net earnings
 per share $ 0.36 $ 0.41 $ 1.42 $ 1.55


Notes to Financial Summary:
 (a) -- During 1992, the company announced the early adoption of Statement of Financial Accounting Standards (SFAS) 106 covering non- pension, postretirement benefits and the implementation of a restructuring program that resulted in a total pre-tax charge of $40.4 million, or $2.04 per share. The early and immediate recognition of the SFAS 106 cumulative transition obligation decreased pre-tax net earnings by $32.9 million or $1.66 per share and increased on-going annual expense for 1992 by approximately $1.5 million, or $.08 per share and required restatement of previously reported quarterly results of operations for 1992. The restructuring program resulted in a one-time pre-tax charge of approximately $6.0 million, or $.30 per share. This program will cover the closing or write-down of certain under-utilized assets resulting from the company's continued cost reduction and productivity improvement efforts, the inventory write-off of product lines which are being discontinued due to acquisitions, and expenses associated with the reassignment and relocation of personnel throughout the global organization.
 (b) -- On September 23, 1992, the company purchased all outstanding stock of Kammer. The company's income statement and balance sheet reflect the consolidation of Kammer and the appropriate adjustments as required by APB No. 16 purchase accounting.
 (c) -- Domestic inventories included in current assets as of December 31, 1992 and December 31, 1991, were valued using LIFO. Based on current cost, these inventories would be $30,289,000 and $29,660,000 higher, respectively.
 -0- 2/11/93
 /CONTACT: The Duriron Company, Inc., World Headquarters, 513-476-6150/
 (DURI)


CO: The Duriron Company ST: Ohio IN: SU: ERN DIV

BM -- CL008 -- 5656 02/11/93 11:37 EST
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