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ITW REPORTS 1991 FOURTH QUARTER AND FULL YEAR RESULTS

 ITW REPORTS 1991 FOURTH QUARTER AND FULL YEAR RESULTS
 CHICAGO, Feb. 18 /PRNewswire/ -- Illinois Tool Works Inc.


(NYSE: ITW) today reported fourth quarter and full year operating revenues, operating income and net income.
 Operating revenues in the 1991 fourth quarter were $704.2 million, an increase of 4 percent over 1990 fourth quarter operating revenues of $676.6 million. The 1991 fourth quarter operating income was $84.4 million, down 5 percent from 1990 fourth quarter operating income of $89.3 million.
 Net income in the 1991 fourth quarter was $47.1 million, 3 percent above 1990 fourth quarter net income of $45.7 million. Earnings per share were 83 cents in both fourth quarters; however, the 1991 fourth quarter included an additional 900,000 shares outstanding compared to the 1990 fourth quarter. The translation effect of weaker foreign currencies in the fourth quarter 1991 compared with the fourth quarter 1990 decreased earnings per share by three cents.
 For the year, ITW reported 1991 operating revenues of $2.6 billion, a 4 percent increase over 1990 operating revenues of $2.5 billion. Operating income for 1991 was $322.9 million, 6 percent below 1990 operating income of $344.7 million.
 Net income for 1991 was $180.6 million or 1 percent below the 1990 net income of $182.4 million. Earnings per share for 1991 was $3.25 versus $3.35 a year earlier, with 1991 including an additional 1.2 million average shares outstanding compared to 1990. Acquisitions during 1991 added $155 million to operating revenues and $2.5 million to net income.
 The reported tax rate in the 1991 fourth quarter was 34.6 percent versus 37.8 percent a year earlier, the result of certain tax credits and foreign dividends. For the full 1991 year, the rate was 37.3 percent compared to 39.2 percent in 1990.
 Operating revenues increased in the company's two segments, Engineered Components and Industrial Systems and Consumables for the fourth quarter and full year compared to the same periods a year earlier. Operating income for Engineered Components declined in both the quarter and year. Industrial Systems and Consumables operating income was up slightly in the fourth quarter and down for the year.
 Domestic operations had increases in operating revenues and operating income in the fourth quarter and full year. Revenues for international operations were down in the fourth quarter and up for the year. Operating income for international operations was down in both the quarter and full year.
 ILLINOIS TOOL WORKS INC. SUMMARY OF INCOME
 (In thousands except per-share data)
 Periods ended 3 MONTHS 12 MONTHS
 Dec. 31 1991 1990 1991 1990
 Operating revenues $ 704,169 $ 676,573 $2,639,650 $2,544,153
 Operating costs 469,773 450,537 1,763,910 1,689,163
 Selling, adminis. and
 R & D expenses 149,979 136,735 552,874 510,276
 Operating income 84,417 89,301 322,866 344,714
 Interest expense (12,086) (11,111) (44,342) (39,190)
 Other income (expense) (347) (4,815) 9,235 (5,641)
 Income before income
 taxes 71,984 73,375 287,759 299,883
 Income taxes 24,900 27,700 107,200 117,500
 Net income $ 47,084 $ 45,675 $ 180,559 $ 182,383
 Net income per share of
 common stock $0.83 $0.83 $3.25 $3.35
 Shares outstanding at
 end of period 55,696 54,790 55,589 54,436
 SUMMARY OF FINANCIAL POSITION
 12-31-91 9-30-91 12-31-90
 Assets:
 Cash and equivalents $ 93,102 $77,941 $ 46,772
 Trade receivables, less
 reserves 483,030 469,113 $ 474,116
 Inventories 427,227 412,082 468,001
 Prepaid income taxes 32,675 29,897 33,232
 Prepaid and other
 current assets 51,994 52,323 121,376
 Total current assets $1,088,028 $1,041,356 $1,143,497
 Plant and equipment 1,014,622 958,371 916,864
 Less: accumulated
 depreciation (488,927) (464,140) (433,315)
 Net plant and equipment 525,695 494,231 483,549
 Goodwill, net of accumulated
 amortization 350,427 348,830 294,886
 Investment in leveraged
 leases 64,213 64,890 66,296
 Other assets 228,776 202,030 162,079
 Total $2,257,139 $2,151,337 $2,150,307
 LIABILITIES & STOCKHOLDERS' EQUITY
 Short-term debt $182,107 $284,569 $ 65,320
 Accounts payable & accrued
 expenses 384,347 350,858 395,608
 Cash dividends payable 12,258 9,865
 Income taxes 67,275 66,583 57,649
 Total current liabilities 645,987 702,010 528,442
 Long-term debt 307,082 176,359 430,632
 Other liabilities & credits 33,221 34,378 36,561
 Deferred income taxes 58,798 58,196 62,830
 Common stock 139,982 136,296 129,876
 Earnings reinvested in the
 business 1,060,931 1,031,732 918,589
 Common shares held
 in treasury (2,034) (2,034) (2,034)
 Equity adj. from foreign
 currency translation 13,172 14,400 45,411
 Total stockholders' equity 1,212,051 1,180,394 1,091,842
 Total $2,257,139 $2,151,337 $2,150,307
 -0- 2/18/92
 /CONTACT: Stephen Kaye of ITW, 708-657-4094/
 (ITW) CO: Illinois Tool Works Inc. ST: Illinois IN: SU: ERN AH -- NY066 -- 9959 02/18/92 12:54 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Feb 18, 1992
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