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HAYES WHEELS ANNOUNCES 1992 EARNINGS; RESULTS WELL ABOVE PRIOR YEAR

 ROMULUS, Mich., March 11 /PRNewswire/ -- Hayes Wheels International, Inc. (NYSE: HAY) today reported net income for the fourth quarter of 1992 of $1.0 million, or 11 cents per share, as compared to a net loss of $3.0 million, or 37 cents per share for the similar period last year. Sales for the quarter were $95.6 million, versus $94.9 million in 1991.
 For the year ended Jan. 31, 1993, net income was $3.6 million, or 40 cents per share, versus a net loss of $6.3 million, or 77 cents per share a year ago. Sales were $408.7 million, compared to $398.9 million in the prior year.
 Earnings from operations for the fourth quarter increased by 58 percent versus the same period in the prior year from $6.7 million to $10.6 million while the similar measure for the full year increased by 33 percent over 1991 results from $31.2 million to $41.6 million. The increases were driven by increased sales combined with operating cost improvements. This was partially offset by increased marketing, general and administrative expenses attributable to legal expenses (including both settlements of legal proceedings and attorneys' fees) and environmental compliance expenses with respect to obtaining storm water permits at all locations.
 "Our operating performance continues to be driven by our attention to improving manufacturing processes. These process improvements have generated productivity increases and improved scrap rates which are directly related to our margin improvement," said Ron Cucuz, president and chief executive officer of Hayes Wheels.
 Hayes Wheels International became a public company on Dec. 23, 1992, by a common stock offering of Varity Corporation's Kelsey-Hayes wheels businesses. Varity Corporation (NYSE: VAT) retains a 46.3 percent stake in Hayes Wheels. The pro forma financial data related to the consolidated statements of operations for the years ended Jan. 31, 1993 and 1992 include adjustments necessary to reflect the estimated financial effects of the Debt Offering, Common Stock Offerings and borrowings under the New Credit Agreement, assuming that such transactions had been completed on Feb. 1, 1991. For the year ended Jan. 31, 1993, pro forma net income was $16.9 million, or 96 cents per share, versus $9.9 million, or 56 cents per share a year ago.
 Hayes Wheels is the world's leader in the manufacture, design and supply of aluminum and steel wheels to original equipment manufacturers of passenger cars and light trucks.
 Quarter to January 31 1992 1991
 Sales and revenues 95,600,000 94,900,000
 Earnings from operations 10,600,000 6,700,000
 Net income (loss) 1,000,000 (3,000,000)
 Earnings per Share 0.11 (0.37)
 ProForma Earnings per Share 0.24 0.11
 Average Common Shares 9,100,667 8,144,000
 ProForma Average Common Shares 17,574,000 17,574,000
 Year ended January 31
 Sales and revenues 408,700,000 398,900,000
 Earnings from operations 41,600,000 31,200,000
 Net income (loss) 3,600,000 (6,300,000)
 Earnings per Share 0.40 (0.77)
 ProForma Earnings per Share 0.96 0.56
 Average Common Shares 9,100,667 8,144,000
 ProForma Average Common Shares 17,574,000 17,574,000
 -0- 3/11/93
 /CONTACT: Bill Shovers of Hayes Wheels International, Inc., 313-942-4187/
 (HAY)


CO: Hayes Wheels International, Inc. ST: Michigan IN: AUT SU: ERN

BM -- CL003 -- 4932 03/11/93 07:19 EST
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Date:Mar 11, 1993
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