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GATX TO MAKE FASB 109 AND 106 ADJUSTMENTS IN FIRST QUARTER

 GATX TO MAKE FASB 109 AND 106 ADJUSTMENTS IN FIRST QUARTER
 NEW YORK, March 31 /PRNewswire/ -- GATX Corp. (NYSE: GMT) Chairman James J. Glasser, at a meeting with New York analysts today, announced that the company will be recording the impact of the initial adoption of two new accounting statements, FASB 109 and 106, in its first quarter. These two FASB adjustments will net to a charge of $36-$46 million.
 Glasser stated that "FASB 109, the income tax statement, will generate a benefit of approximately $12-$22 million. FASB 106, the health and other retirement benefits statement, will result in a charge of $48-$58 million."
 EXPECTATIONS FOR 1992
 Glasser said that 1992 expectations for each of the company's subsidiaries are as follows:
 Results from General American Transportation Corp., GATX's railcar leasing subsidiary, will show slightly lower levels of utilization than last year, and an increase in expenses resulting from higher maintenance and repair work in 1992.
 GATX Capital will generate materially lower disposition gains in 1992 compared to 1991. Fewer aircraft are scheduled to come off lease in 1992 which is the primary reason for this decline. This lower level of disposition gains, and the carrying cost of aircraft held in inventory, will cause GATX Capital's net income for 1992 to be significantly lower than 1991.
 GATX Terminals, the bulk liquid storage and pipeline operation, is performing well and should continue to do so throughout the year.
 American Steamship Company, the Great Lakes shipping company, does not operate during the first quarter due to ice on the Great Lakes. However, full-year operating results should be about the same as last year.
 The Unit Companies, GATX's warehouse and distribution subsidiary, is expecting a loss for the first quarter as a result of losing an automotive contract. However, new business in the hospital and pharmaceutical sectors is filling this void. Glasser said the operation is expected to be "better than breakeven" in the second quarter and throughout the balance of the year.
 LOOKING AHEAD TO 1993
 "We have already said that 1992 performance is expected to be below 1991's. Although it will be down in comparison with our last few outstanding years, when measured by historical standards, 1992 will be a good year. As we look to 1993, we expect the company to provide sustainable growth in earnings as a result of (1) increased tank car pricing and utilization; (2) increased pricing at GATX Terminals; (3) profitable growth from Unit; and (4) increasing fee and operating income at GATX Capital," Glasser concluded.
 GATX Corp. is a $3.5 billion service-based asset company which provides capital equipment and related services for use in various domestic and international markets. Customers utilize GATX's rail, aircraft, bulk liquid storage terminals, pipelines, logistics support and warehousing, and shipping assets to operate their businesses on a daily basis. GATX Corp. (GMT) is listed on the New York, London, and other stock exchanges.
 /CONTACT: George S. Lowman of GATX, 312-621-6599/
 (GMT) CO: GATX Corp. ST: Illinois IN: TRN SU:


SH -- NY071 -- 3460 03/31/92 13:40 EST
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Publication:PR Newswire
Date:Mar 31, 1992
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