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FANSTEEL REPORTS THIRD QUARTER RESULTS

 FANSTEEL REPORTS THIRD QUARTER RESULTS
 NORTH CHICAGO, Ill., Oct. 28 /PRNewswire/ -- Fansteel Inc. reported


net sales of $29,727,000 for the third quarter of 1992, compared to $31,916,000 for the third quarter of 1991. Net income for the third quarter 1992 was $1,698,000 or $.20 per share compared to a net loss of $1,856,000 or $.22 per share in the third quarter 1991. Net income for the current quarter 1992 included LIFO inventory liquidation profit of $547,000 or $.06 per share related primarily to the phase-out by the end of 1992 of the Precision Sheet Metal (PSM) facility in Los Angeles, Calif. The net loss for the third quarter 1991 included special charges, after income tax benefit, of $1,629,000 or $.19 per share resulting primarily from inventory adjustments at the company's PSM facility.
 For the nine months ended Sept. 30, 1992, net sales were $97,048,000 compared to $101,882,000 for the same period of 1991. Net income for the nine months of 1992 was $4,260,000 or $.50 per share which included $1,362,000 or $.16 per share related to LIFO inventory liquidation profit. Net loss of $8,511,000 or $.99 per share for the first nine months of 1991 included a net loss of $.85 per share related to special charges resulting from inventory adjustments and a net loss from discontinued operations of $.17 per share.
 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)
 THIRD QUARTER NINE MONTHS
 1992 1991 1992 1991
 Net sales $29,727,482 $31,916,460 $97,048,101 $101,882,386
 Operating income
 (loss) 2,541,212 (3,129,591) 6,531,933 (11,955,890)
 Other income 212,018 138,419 396,569 522,719
 Income (loss) from
 continuing
 operations before
 income taxes 2,753,230 (2,991,172) 6,928,502 (11,433,171)
 Income tax pro-
 vision (benefit)1,055,000 (1,135,000) 2,669,000 (4,352,000)
 Income (loss)
 from continuing
 operations 1,698,230 (1,856,172) 4,259,502 (7,081,171)
 (Loss) from dis-
 continued operations,
 net of income tax
 benefit 0 0 0 (1,429,937)
 Net income (loss) $1,698,230 $(1,856,172) $4,259,502 $(8,511,108)
 Net income (loss) per share
 Continuing operations $0.20 $(0.22) $0.50 $(0.82)
 Discontinued operations $0.00 $ 0.00 $0.00 $(0.17)
 Total $0.20 $(0.22) $0.50 $(0.99)
 Average shares
 outstanding 8,598,858 8,598,858 8,598,858 8,598,858
 -0- 10/28/92
 /CONTACT: K.R. Garrity, 708-689-4900, for Fansteel/
 (FNL) CO: Fansteel Inc. ST: Illinois IN: SU: ERN


LR -- NY107 -- 6157 10/28/92 15:30 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Oct 28, 1992
Words:498
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