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GATX ANNOUNCES YEAR-END AND FOURTH QUARTER RESULTS; SECOND MOST PROFITABLE YEAR; EXPECT LOWER 1992 EARNINGS

 GATX ANNOUNCES YEAR-END AND FOURTH QUARTER RESULTS;
 SECOND MOST PROFITABLE YEAR; EXPECT LOWER 1992 EARNINGS
 CHICAGO, Jan. 23 /PRNewswire/ -- GATX Corp. (NYSE: GMT) today announced net earnings of $82.7 million, or $3.56 per common share for 1991, compared to net earnings of $82.9 million, or $3.61 per common share for 1990.
 James J. Glasser, chairman of the board, president and chief executive officer, stated, "Despite the recessionary impact of the economy on many of the industries served by GATX, the long-term leases and value of the services provided to our customers made 1991 the second most profitable in GATX's history. By focusing on a broad spectrum of logistic services, GATX provides value-added services to its customers to meet their transportation, distribution, warehousing and equipment financing needs. The quality of GATX's earnings are enhanced by its strong cash flow from operations and portfolio proceeds which grew to more than $425 million, up from $404 million for 1990.
 "As we announced this past October, 1992 results will be less than 1991 earnings. Historically, GATX earnings have lagged recessionary downturns. Importantly, GATX's cash flow from operations and portfolio proceeds have maintained a high degree of stability in recessionary periods, and we anticipate they will remain strong during this economic cycle."
 Net income for the three months ended Dec. 31, 1991, was $21.1 million or $.91 per common share compared to $24.3 million or $1.09 per common share in the same period last year. The decline in fourth quarter earnings primarily reflects a lower level of disposition gains and reduced results from railcar leasing compared to the previous year.
 Railcar Leasing & Management
 General American Transportation Corp. reported earnings of $55.2 million compared to $57.2 million in 1990. Earnings for the fourth quarter of 1991 were $13.5 million compared to $15.9 million for the fourth quarter of 1990. Transportation's operating results reflect a slightly lower utilization in the current environment and higher maintenance, state tax and other costs. Further contributing to the decline in earnings are lower interest rates on invested funds. Fleet utilization was 93 percent at the end of 1991, down 2 percent from a year ago. In 1991, General American added 1,557 new and used cars, bringing its fleet total to 53,600.
 Financial Services
 GATX Capital reported earnings of $28.5 million for 1991 compared to earnings of $31.6 million for 1990. Earnings for the fourth quarter of 1991 were $4.1 million compared to earnings of $9.2 million for the fourth quarter of 1990. For the fourth quarter, disposition gains were $10.2 million compared to $20.2 million in the prior year quarter. Disposition gains do not fall evenly throughout the year, and the quarter-to-quarter decline is the primary reason for lower fourth quarter earnings. Pre-tax disposition gains for the year were $52.3 million compared to $48.6 million for 1990. During the quarter, a provision of $13 million, approximately the same level as last year, was added to the loss reserve, raising it to a total of $72 million, reflecting the increased size of the portfolio and economic problems in the airline industry.
 Terminals and Pipelines
 GATX Terminals Corp. reported earnings of $19.0 million for 1991 compared to earnings of $19.4 million for 1990. Earnings for the fourth quarter of 1991 were $6.6 million compared to $5.8 million for the fourth quarter of 1990. Throughput of 650 million barrels and utilization of 88 percent equaled last year's levels.
 Great Lakes Shipping
 American Steamship Company, GATX's Great Lakes shipping operation, earned $6.3 million for 1991 compared to earnings of $4.0 million in 1990. For the fourth quarter of 1991, American Steamship reported earnings of $2.1 million compared to earnings of $1.0 million for the fourth quarter of 1990. Despite a lower level of tonnage movement on the Great Lakes, American Steamship benefitted from increased operating efficiency, lower fuel prices, improved pricing, and a favorable tax settlement.
 Warehousing and Distribution
 The Unit Companies reported a loss of $.7 million for 1991 compared to a loss of $.4 million in 1990. For the fourth quarter 1991, Unit reported breakeven results compared to a loss of $.2 million for the fourth quarter of 1990. As a result of aggressive expansion, revenues increased 77 percent to $174 million. Empty warehouse space -- a symptom of the overall economy -- continues to impact margins unfavorably.
 GATX Corp. is a $3.5 billion service-based asset company which provides long-lived, complementary distribution assets and related value-added services that it owns or controls. GATX's rail equipment, aircraft, dry and liquid storage terminals, pipelines, and ships are an integral part of its customers' transportation/distribution/storage logistic network. GATX Corp. is listed on the New York, London, and other stock exchanges.
 GATX CORP.
 (In millions, except per share data)
 Three months ended Dec. 31 1991 1990
 Gross income $ 262.5 $ 241.9
 Net income $ 21.1 $ 24.3
 Net income per share $ .91 $ 1.09
 Fully diluted net income per share $ .89 $ 1.04
 Average number of common shares and
 common share equivalents outstanding 19,537,000 19,266,000
 Year ended Dec. 31 1991 1990
 Gross income $ 989.1 $ 870.4
 Net income $ 82.7 $ 82.9
 Net income per share $ 3.56 $ 3.61
 Fully diluted net income per share $ 3.51 $ 3.54
 Average number of common shares and
 common share equivalents outstanding 19,506,000 19,279,000
 GATX CORP.
 Fourth Quarter and Full Year
 1991 vs. 1990
 (In millions, except per share data)
 FOURTH QUARTER 1991 1990
 Railcar Leasing & Management $13.5 $15.9
 Financial Services 4.1 9.2
 Terminals & Pipelines 6.6 0.0 (0.2)
 Corporate & other (5.2) (7.4)
 Net income $21.1 $24.3
 EPS $ .91 $ 1.09
 FULL YEAR 1991 1990
 Railcar Leasing & Management $55.2 $57.2
 Financial Services 28.5 31.6
 Terminals & Pipelines 19.0 19.4
 Great Lakes Shipping 6.3 4.0
 Warehousing & Distribution (0.7) (0.4)
 Corporate & other (25.6) (28.9)
 Net income $82.7 $82.9
 EPS $ 3.56 $ 3.61
 -0- 1/23/92
 /CONTACT: George S. Lowman of GATX, 312-621-6599/
 (GMT) CO: GATX Corp. ST: Illinois IN: TRN SU: ERN


GK -- NY043 -- 2759 01/23/92 11:36 EST
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Date:Jan 23, 1992
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