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FANSTEEL REPORTS 4TH QUARTER AND YEAR-END RESULTS

 NORTH CHICAGO, Ill., Jan. 26 /PRNewswire/ -- Fansteel Inc. (NYSE: FNL) reported net sales of $30,097,000 for the fourth quarter of 1992, compared to $33,061,000 for the fourth quarter of 1991. Net income for the fourth quarter, 1992 was $973,000 or $.11 per share compared to a net loss of ($4,845,000) or ($.56) per share in the fourth quarter, 1991. Net income for the current quarter, 1992 included LIFO inventory liquidation profit of $614,000 or $.07 per share related primarily to the phase-out of the Precision Sheet Metal (PSM) facility in Los Angeles. The net loss for the fourth quarter, 1991 includiract losses, and environmental remediation expense and ($2,688,000) or ($.31) per share from discontinued operations.
 For the year 1992, net sales of $127,145,000 were down compared to net sales of $134,943,000 for 1991. Net income for 1992 was $5,232,000 or $.61 per share which included $2,089,000 or $.24 per share related to LIFO inventory liquidation profit. For 1991, the net loss was ($13,356,000) or ($1.55) per share. The 1991 results included a loss from discontinued operations of ($4,118,000) or ($.48) per share and charges, net of income tax benefit, of ($7,286,000) or ($.85) per share from inventory adjustments and write-offs, and the provisions noted above.
 Fansteel is a specialty metals manufacturer of fabricated aircraft/aerospace and weapons systems components, forgings, sand mold and investment castings, cutting and milling tools, toolholding devices, coal mining tools and accessories, construction tools, wear parts and special wire forms.
 FANSTEEL, INC.
 Statement of Income
 (Unaudited)
 4th Quarter 12 Months
 1992 1991 1992 1991
 Net sales $30,096,738 $33,060,601 $127,144,839 $134,942,987
 Operating
 Income (loss) 1,062,286 (2,473,917) 7,594,219 (14,429,807)
 Other income 515,699 (1,028,042) 912,268 505,323
 Income (loss) from
 continuing
 operations before
 income taxes 1,577,985 (3,501,959) 8,506,487 (14,935,130)
 Income tax provision
 (benefit) 605,000 (1,345,000) 3,274,000 (5,697,000)
 Income (loss) from
 cont. opers. 972,985 (2,156,959) 5,232,487 (9,238,130)
 (Loss) from
 discont. opers., net
 of inc. tax benefit 0 (2,688,000) 0 (4,117,937)
 Net income (loss) $ 972,985 ($4,844,959) $5,232,487 ($13,356,067)
 Net income (loss)
 per share:
 Continuing operations $0.11 ($0.25) $0.61 ($1.07)
 Discontinued operations$0.00 ($0.31) $0.00 ($0.48)
 Total $0.11 ($0.56) $0.61 ($1.55)
 Average shares
 outstandinging 8,598,858 8,598,858 8,598,858 8,598,858
 -0- 01/26/93
 /CONTACT: K.R. Garrity of Fansteel, 708-689-4900/
 (FNL)


CO: Fansteel Inc. ST: Illinois IN: MNG SU: ERN

AH -- NY094 -- 9196 01/26/93 15:16 EST
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Publication:PR Newswire
Date:Jan 26, 1993
Words:484
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