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GENERAL CABLE 1992 EARNINGS RELEASE

 HIGHLAND HEIGHTS, Ky., March 1 /PRNewswire/ -- Due to restructuring charges, an anticipated loss from the previously announced sale of a small wire and cable subsidiary and other factors, General Cable Corporation (NASDAQ: GENC) today reported a 1992 net loss of $64.4 million after recognizing a $7.5 million gain, which was the cumulative effect of an accounting change. The company's net loss in 1991 was $113.0 million. Net sales for 1992 were $969.2 million as compared to net sales of $1,024.5 million in 1991. The company's Wire and Cable Group accounted for $840.3 million of 1992 net sales and $868.3 million of 1991 net sales. The company's materials handling business operated through Marathon LeTourneau Company (Marathon) accounted for $128.9 of 1992 net sales and $156.2 million of net sales in 1991.
 Cash and temporary investments at Dec. 31, 1992 amounted to $54.1 million, an increase of $27.0 million over the level at July 1, 1992, when the company was spun off from The Penn Central Corporation (Penn Central). Shareholders' equity at Dec. 31, 1992 was $218.7 million or $16.82 per share after recognizing the cumulative effect of the adoption of Statement of Financial Accounting Standards -- "Accounting for Income Taxes" (SFAS No. 109) effective Jan. 1, 1992.
 General Cable's operating results for the full year 1992 include (1) interest expense of $14.4 million primarily for notes issued to Penn Central in connection with the distribution of General Cable's common stock on July 1, 1992; (2) an $11.5 million provision for the reestimation of restructuring reserves previously established for the reconfiguration of certain manufacturing plants and the consolidation of the general and administrative functions of the Wire and Cable business; (3) a $10 million loss from the anticipated sale in the first half of 1993 of stock of the company's Indiana Steel & Wire Company subsidiary; and (4) a $4.0 million charge principally for strike-related variances at a wire and cable plant. The net loss for 1991 includes a fourth quarter provision for restructuring and goodwill write-off of $84.9 million.
 General Cable's net loss for the fourth quarter of 1992 was $39.8 million, compared with a 1991 fourth quarter net loss of $93.5 million. Net sales for the 1992 fourth quarter increased to $253.9 million from $243.1 million in the same period of 1991. The net loss for the fourth quarter of 1992 includes $7.0 million in interest expense, an $11.5 million provision for restructuring, and a $10 million loss on the expected disposition of Indiana Steel & Wire Company.
 General Cable was a subsidiary of Penn Central until July 1, 1992. On that date, Penn Central distributed to holders of record of Penn Central common stock on June 19, 1992, one share of General Cable common stock for every four shares of Penn Central common stock out As part of the distribution, General Cable issued to Penn Central a $255.0 million, fifteen year, 9.98 percent subordinated note and a short-term note of $36.9 million, payable on June 30, 1993, with interest based on a floating rate equal to the prime rate, adjusted quarterly.
 Giving pro forma effect to the distribution, including an additional $13.8 million of interest expense attributable to the issuance of the notes and an estimated $1.7 million of incremental public company costs, General Cable's net loss in 1992 would have been $79.9 million or $6.15 per share. This amount includes recognition of the cumulative effect of $7.5 million or $.58 per share from the adoption of SFAS No. 109.
 Ronald F. Walker, president and chief executive officer, said, "As we move into 1993, General Cable continues to reconfigure and consolidate its operations, as reflected in year-end restructuring provisions for the wire and cable business, and to further reduce operating costs. These steps will lead to enhanced efficiency and productivity and will favorably impact our operating performance. Although our wire and cable business has been operating in a difficult economic environment, I anticipate that some segments of our business, particularly those which supply products to the housing industry, will show improvement as that portion of our economy recovers."
 General Cable also announced that it continues to pursue a potential sale of Marathon, which had shareholders' equity at Dec. 31, 1992 of $79.1 million, through The First Boston Corporation. The company indicated that the selling effort is progressing and a number of firms have been contacted by First Boston concerning their potential interest in acquisition of Marathon's heavy equipment business. The company reported that the sale process is still in an early marketing stage.
 General Cable manufactures and markets electrical, electronic and telecommunications wire and cable under the Carol Cable, Capital Wire & Cable, Romex, Saturday's Helper, Philadelphia Insulated Wire and General Cable brand names for the construction, consumer, automotive, OEM, and telecommunications markets.
 Carol Cable, Romex and Saturday's Helper are registered trademarks of General Cable Corporation.
 GENERAL CABLE CORPORATION
 (In Millions, Except Per Share Amounts)
 SUMMARY FINANCIAL INFORMATION
 Three Months Ended Year Ended
 December 31 December 31
 1992 1991 1992 1991
 Net Sales $253.9 $243.1 $969.2 $1,024.5
 Operating income (loss) $(23.5) $(90.8) $(46.5) $ (103.4)
 Income (loss) before
 income taxes $(40.5) $(93.1) $(71.3) $ (112.5)
 Income (loss) before
 cumulative effect of
 accounting change $(39.8) $(93.5) $(71.9) $ (113.0)
 Cumulative effect of
 accounting change --- --- $ 7.5 ---
 Net income (loss) $(39.8) $(93.5) $(64.4) $ (113.0)
 Pro Forma
 Year Ended
 Dec. 31, 1992
 Net Sales $ 969.2
 Operating income (loss) $ (48.2)
 Income (loss) before income taxes $ (85.6)
 Income (loss) before cumulative
 effect of accounting change $ (87.4)
 Cumulative effect of accounting change $ 7.5
 Net income (loss) $ (79.9)
 Income (loss) per share of Common Stock $ (6.15)
 Average common shares outstanding 13.0
 -0- 3/1/93
 /CONTACT: Robert J. Siverd of General Cable Corporation, 606-572-8890/
 (GENC)


CO: General Cable Corporation ST: Kentucky IN: SU: ERN

BM -- CL022 -- 1613 03/01/93 16:57 EST
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Date:Mar 1, 1993
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