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INTERMET REPORTS THIRD QUARTER RESULTS, DECLARES QUARTERLY DIVIDEND

 INTERMET REPORTS THIRD QUARTER RESULTS, DECLARES QUARTERLY DIVIDEND
 ATLANTA, Oct. 22 /PRNewswire/ -- Intermet Corporation (NASDAQ: INMT) today reported an increase in third quarter net income to $1.6 million ($0.07 per share) compared to $0.5 million ($0.02 per share) in the third quarter of 1991. Net income for the first nine months of 1992 was $4.5 million ($0.20 per share). Net income was $6.3 million ($0.30 per share) in the first nine months of 1991, including a nonrecurring gain of $5.4 million ($0.26 per share) in the first quarter from the sale of a subsidiary. Net income for 1992 includes a $1.8 million ($0.07 per share) tax benefit recorded in the third quarter related to losses incurred by a subsidiary in earlier years.
 Net sales for the third quarter rose 26 percent to $101.4 million from $80.5 million in 1991, while year-to-date sales were $297.5 million in 1992 compared to $240.6 million in 1991. A large percentage of the increase in 1992 sales over 1991 was due to the acquisition of PBM Industries, Inc. on March 31, 1992. Other factors contributing to the sales growth were an increase in shipments to automotive customers, due in part to the new I-beam order from Ford, and the expansion of the company's machining operations.
 Intermet's chairman and chief executive, George W. Mathews, Jr., noted, "The significant investments we are making in our business have begun to fuel sales growth. We are working diligently to translate higher sales into better profit margins. The major capital improvements currently underway are expected to result in improved efficiencies at the plant level. We do not see any dramatic changes in our business for the balance of this year. However, we remain convinced the strategies we have in place are right for the long term."
 The results reported are unaudited and subject to adjustment.
 The Intermet board of directors declared a quarterly dividend of $0.04 per share, payable Nov. 19, 1992 to shareholders of record Nov. 5, 1992.
 Atlanta-based Intermet Corporation and its subsidiaries provide precision iron parts to automotive and industrial customers primarily in North America and Europe.
 INTERMET CORPORATION
 Third quarter Nine months
 9/27/92 9/29/91 9/27/92 9/29/91
 Net sales 101,352,000 80,504,000 297,493,000 240,568,000
 Gross profit 10,460,000 9,710,000 35,628,000 28,200,000
 Operating profit 1,553,000 2,650,000 10,244,000 7,187,000
 Income before taxes
 and minority int. 751,000 1,913,000 7,492,000 9,886,000
 Provision (benefit)
 for income taxes (666,000) 1,456,000 3,455,000 3,222,000
 Net income 1,629,000 471,000 4,517,000 6,298,000
 Per share 0.07 0.02 0.20 0.30
 Weighted average
 shares outstanding 24,162,000 20,960,000 22,122,000 20,955,000
 -0- 10/22/92
 /CONTACT: John D. Ernst, chief financial officer of Intermet Corporation, 404-431-6000, Desmond Towey or Bernadette McLaughlin of Desmond Towey & Associates, 212-888-7600, for Intermet Corporation, or Ken Paneral, CFA, 708-729-8521, for Intermet Corporation/
 (INMT) CO: Intermet Corporation ST: Georgia IN: SU: ERN DIV


AH-KW -- NY141 -- 3920 10/22/92 18:38 EDT
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Date:Oct 22, 1992
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