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GENERAL CABLE CORPORATION REPORTS RESULTS

 GENERAL CABLE CORPORATION REPORTS RESULTS
 HIGHLAND HEIGHTS, Ky., Oct. 29 /PRNewswire/ -- General Cable


Corporation (NASDAQ: GENC) today reported a 1992 third quarter net loss of $13.5 million, compared with a 1991 third quarter net loss of $5.7 million in sales. Net sales for the 1992 third quarter of $246.0 million decreased from $260.5 million in the same period of 1991. The net loss for the third quarter of 1992 includes $7.2 million in interest expense primarily for amounts due to The Penn Central Corporation ("Penn Central") in connection with the distribution of General Cable's common stock on July 1, 1992. Lower sales in the period more than offset the savings and efficiencies from recent restructuring activities in the wire and cable segment.
 General Cable's net loss for the first nine months of 1992 was $24.6 million after recognizing a $7.5 million gain which was the cumulative effect of the adoption of Statement of Financial Accounting Standards ("SFAS") No. 109 -- "Accounting for Income Taxes" effective Jan. 1, 1992. In the first nine months of 1991, the company's net loss was $19.5 million. Operating results for the 1992 period include interest expense of $7.4 million and a $4.0 million charge principally related to strike-related variances at a wire and cable plant. Net sales for the nine months ended Sept. 30, 1992 were $715.3 million versus net sales of $781.4 million in the 1991 period. Shareholders' equity at Sept. 30, 1992 was $259.6 million or $20.03 per share after recognizing the cumulative effect of the adoption of SFAS No. 109.
 General Cable previously was a subsidiary of Penn Central until July 1, 1992. On that date, Penn Central distributed one share of General Cable common stock for every four shares of Penn Central common stock outstanding to holders of record of Penn Central common stock on June 19, 1992. 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 for the nine months ended Sept. 30, 1992 would have been $40.1 million or $3.08 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.
 General Cable also announced today its intention to pursue the sale of Marathon LeTourneau Company of Longview, Texas ("Marathon LeTourneau"), one of its wholly-owned subsidiaries. General Cable has retained The First Boston Corporation to advise and assist in the selling effort. A sale of Marathon LeTourneau will permit General Cable to focus financial and management resources on its core wire and cable businesses. Marathon LeTourneau manufactures and markets significantly different product lines, including steel plate and large industrial equipment for the mining, timber, container handling and offshore drilling industry. General Cable indicated that Marathon LeTourneau is well-positioned in its markets with strong manufacturing, technological and international distribution capabilities. General Cable management believes that companies with complementary product lines could benefit especially from these marketplace advantages through an association with Marathon LeTourneau.
 General Cable primarily manufactures and markets electrical and communications wire and cable for the construction, consumer and telecommunications markets.
 GENERAL CABLE CORPORATION
 (In Millions, Except Per Share Amounts)
 SUMMARY FINANCIAL INFORMATION
 Three Months Ended Nine Months Ended
 Sept. 30 Sept. 30
 1992 1991 1992 1991
 Net sales $246.0 $260.5 $715.3 $781.4
 Operating income (loss) $ (5.2) $ (3.6) $(23.0) $(12.6)
 Income (loss) before
 income taxes $(12.9) $ (5.7) $(30.8) $(19.4)
 Income (loss) before
 cumulative effect of
 accounting change $(13.5) $ (5.7) $(32.1) $(19.5)
 Cumulative effect of
 accounting change $ --- $ --- $ 7.5 $ ---
 Net income (loss) $(13.5) $ (5.7) $(24.6) $(19.5)
 Pro Forma
 Nine Months Ended
 Sept. 30,
 1992
 Net sales $ 715.3
 Operating income (loss) $ (24.7)
 Income (loss) before income taxes $ (46.3)
 Income (loss) before cumulative
 effect of accounting change $ (47.6)
 Cumulative effect of accounting change $ 7.5
 Net income (loss) $ (40.1)
 Income (loss) per share of Common Stock $ (3.08)
 Average common shares outstanding 13.0
 -0- 10/29/92
 /CONTACT: Robert J. Siverd, senior vice president of General Cable Corporation, 606-572-8890/
 (GENC) CO: General Cable Corporation ST: Kentucky IN: SU: ERN


KK -- CL025 -- 6734 10/29/92 15:59 EST
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Date:Oct 29, 1992
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