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HANDY & HARMAN ANNOUNCES SECOND QUARTER RESULTS

 NEW YORK, Aug. 9 /PRNewswire/ -- Handy & Harman (NYSE: HNH) announced second quarter results today which reflect modest earnings improvement.
 Second quarter earnings amounted to $3,332,000 or $.24 per share compared to $3,205,000 or $.23 per share for the comparable period in 1992.
 Sales for the second quarter of 1993 increased to $161,991,000, a 10 percent increase over the $147,822,000 reported in the comparable 1992 period.
 Net income for the first half of 1993 amounted to $7,034,000 or $.50 per share compared to net income of $6,020,000 or $.43 per share for the first six months of 1992. Included in the first half of 1993 results is the cumulative effect of the company's adoption of SFAS No. 109 "Accounting for Income Taxes," which contributed $576,000 or $.04 per share.
 Sales for the six months ended June 30, 1993, amounted to $319,800,000, a 12 percent increase over the $286,168,000 reported in the comparable 1992 period.
 Commenting on the results Richard N. Daniel, chairman and chief executive officer, said, "We exceeded our growth objectives in both our Automotive O.E.M. and Wire and Tubing segments. However, this performance was offset by the disappointing results of our precious metal segment.
 "Until we see a positive change in the economic environment we continue to expect only modest improvement in the company's operating performance for the second half of 1993."
 Handy & Harman, a leading fabricator, processor and refiner of precious metals, also produces a variety of specialty metals products for industrial uses through subsidiaries here and abroad. Founded in 1867, Handy & Harman is headquartered in New York. The shares of Handy & Harman are traded on the New York Stock Exchange with ticker symbol: HNH.
 HANDY & HARMAN AND SUBSIDIARIES
 (In thousands, except per share data)
 Periods ended Quarter Six Months
 June 30 1993 1992 1993 1992
 Net sales $161,991 $147,822 $319,800 $286,168
 Earnings before
 income taxes 5,609 5,405 10,872 10,150
 Income before
 cumulative effect of
 accounting change 3,332 3,205 6,458 6,020
 Cumulative effect of
 accounting change -- -- 576 --
 Net income 3,332 3,205 7,034 6,020
 Per share amounts:
 Income before
 cumulative effect of
 accounting change $.24 $.23 $.46 $.43
 Cumulative effect of
 accounting change -- -- .04 --
 Net income $.24 $.23 $.50 $.43
 Average number of
 shares outstanding 14,021 13,997 14,018 13,992
 In the first quarter of 1993 the company adopted FASB statement No. 109, "Accounting for Income Taxes." The cumulative effect for years prior to 1993 is a benefit of $576,000 or $.04 per share.
 -0- 8/9/93
 /CONTACT: Dennis C. Kelly, controller of Handy & Harman, 914-925-4462/
 (HNH)


CO: Handy & Harman ST: New York IN: MNG SU: ERN

PS-SM -- NY024 -- 0693 08/09/93 10:59 EDT
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Publication:PR Newswire
Date:Aug 9, 1993
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