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EAGLE-PICHER INDUSTRIES REPORTS SECOND QUARTER RESULTS

 CINCINNATI, June 15 /PRNewswire/ -- Eagle-Picher Industries (NYSE: EPI) today announced that for the second quarter ended May 31, 1993, sales were $176.4 million compared with $160.5 million for the second quarter of 1992. Operating income for the quarter rose to $14.4 million from $14.1 million for the same period last year. Net income was $11.8 million or $1.06 per share compared with $9.3 million or 85 cents per share for the second quarter 1992. Costs with respect to the chapter 11 reorganization were $1.1 million for the quarter. At the end of the second quarter, the company's cash position was $77.7 million.
 Thomas E. Petry, Eagle-Picher chairman, said that, "Results of the company's diversified operations, although somewhat mixed, reflected the fact that the economy performed at a reasonably high level during the second quarter. The Automotive Group, which accounts for slightly over one-half of the company's sales, benefitted from the high level of passenger car and truck production in the U.S. market but was adversely affected by the recession in Europe. In the Machinery Group, start-up costs incurred in manufacturing new product lines by the Construction Equipment Division adversely affected its results. Cincinnati Industrial Machinery, the leading manufacturer of high volume cleaning, coating, and drying machinery for two-piece food and beverage cans, experienced an excellent quarter. The backlog for these machines continued to build. Sales and earnings of the Electronics Division, a manufacturer of special purpose batteries for aerospace, defense, and commercial applications, were also at a high level. Results of the Transicoil Division, which markets a wide range of instrumentation for aircraft and defense use, reflected the weakness in those markets. General weakness in markets served by Ross Aluminum Foundries coupled with operating inefficiencies produced disappointing results for that operation for the quarter. Most Divisions in the Group experienced increasing backlogs during the second quarter. In the Industrial Group, shipments of isotopically pure boron products for nuclear applications and of super clean (totally uncontaminated) containers which conform to strict EPA protocols, were at high levels. These containers are essential for environmental testing and are used by a wide range of industrial and governmental customers. Sales of diatomaceous earth filter aid products for the food and beverage industry performed well.
 "Concerning the reorganization effort, it was previously noted that in the second half of 1992, the U.S. Bankruptcy Court appointed a mediator to assist the parties in negotiating a consensual plan of reorganization. The mediation is continuing. After the close of the quarter, the Unsecured Creditors' Committee and the Equity Security Holders' Committee each filed a motion in the Bankruptcy Court seeking either to broaden or to terminate the mediation process. The Bankruptcy Court has not yet heard arguments on the motions. Although significant progress has been made through the mediation process, it is not possible at this time to predict the timing or terms of a plan of reorganization, or the effect of the reorganization on the company's prepetition creditors or on the interests of the company's equity holders. Because there may not be sufficient assets to satisfy the company's prepetition liabilities, prepetition creditors will likely receive less than 100 percent of the amount of their claims. In that event, there is no assurance, as the company has previously stated, that there will be any value for shareholders. Because of the success of the company's perations and its strong cash position, there is every reason to believe that a successful reorganization will be achieved."
 (Data in thousands except per share)
 Three Months Ended May 31 1993 1992
 Net sales $176,366 $160,537
 Operating income 14,359 14,081
 Other non-operating items (237) (1,590)
 Reorganization items (1,065) (2,401)
 Income before taxes 13,057 10,090
 Net income 11,769 9,290
 Net income per share 1.06 .85
 Average shares 11,041 10,978
 Six Months Ended May 31 1993 1992
 Net sales $323,337 $294,758
 Operating income 23,008 21,135
 Other non-operating items 24 (2,126)
 Reorganization items (2,387) (4,343)
 Income before taxes 20,645 14,666
 Net income 18,427 13,366
 Net income per share 1.67 1.22
 Average shares 11,020 10,978
 -0- 6/15/93
 /CONTACT: J. Rodman Nall of Eagle-Picher Industries, 513-721-7010/
 (EPI)


CO: Eagle-Picher Industries ST: Ohio IN: ARO AUT SU: ERN

AR -- CL011 -- 2067 06/15/93 11:14 EDT
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Publication:PR Newswire
Date:Jun 15, 1993
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