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ITW REPORTS 1993 FIRST QUARTER RESULTS

 GLENVIEW, Ill., April 22 /PRNewswire/ -- Illinois Tool Works Inc. (ITW) first quarter operating revenues were $750 million, an increase of 12 percent over 1992 first quarter operating revenues of $669.5 million. Operating income for the 1993 first quarter was $80.2 million, compared to 1992 first quarter of $79.2 million.
 Net income in the 1993 first quarter was $42 million, 4 percent above 1992 first quarter net income of $40.2 million. Earnings per share in the 1993 first quarter was 75 cents versus 72 cents last year.
 The first quarter of 1993 includes the Miller Group Ltd. acquisition and the expenses related to the new accounting rule covering retiree health care costs. SFAS 109-Accounting for Income Taxes was also adopted and had no impact on earnings.
 Both business segments had strong domestic performance in the first quarter. Automotive, steel and other industrial group shut downs in Europe resulted in reduced operating revenues, margins and income in the first two months of the quarter. In the last month of the quarter, as well as the first month of the second quarter, operating margins improved significantly.
 The Engineered Components segment's increased domestic results were driven by continued improving performance in the automotive and construction markets. Industrial Systems and Consumables segment's results were impacted by the economic slowdown in Japan, particularly in finishing systems. In the U.S., industrial packaging and quality measurement equipment showed strong results. The Miller Group, acquired in late March 1993, is included in this segment.
 In accordance with the Miller Group acquisition agreement, consolidated year-to-date financial results through April 30, 1993, will be released in May 1993.
 ILLINOIS TOOL WORKS INC.
 Summary of Income
 (In thousands except per share data)
 Three Months Ended March 31, 1993 1992
 Operating Revenues $ 750,022 $ 669,494
 Operating costs 509,691 445,022
 Selling, administration, and
 R&D expenses 160,179 145,225
 Operating Income 80,152 79,247
 Interest expense (8,044) (12,305)
 Other income (expense) (4,281) (2,005)
 Income Before Income Taxes 67,827 64,937
 Income Taxes 25,800 24,700
 Net Income $ 42,027 $ 40,237
 Net Income per share of
 common stock $0.75 $0.72
 Average shares outstanding
 during the period 56,291 55,800
 ILLINOIS TOOL WORKS INC.
 Summary of Financial Position
 (In thousands except per share data)
 3/31/93 12/31/92
 ASSETS
 Cash & equivalents $ 66,830 $ 31,193
 Trade receivables 538,015 492,202
 Inventories 442,206 400,605
 Deferred tax assets 56,899 33,136
 Prepaids and other current assets 51,605 47,711
 TOTAL CURRENT ASSETS 1,155,555 1,004,847
 Plant & equipment 1,142,797 1,073,333
 Less: Accumulated depreciation (585,701) (549,217)
 NET PLANT & EQUIPMENT 557,096 524,116
 Goodwill 354,299 356,616
 Investments in Leveraged Leases 60,599 61,065
 Other Assets 265,404 257,543
 TOTAL ASSETS $2,392,953 $2,204,187
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Short-term debt $ 230,406 $ 83,261
 Accounts payable and
 accrued expenses 393,212 338,646
 Cash dividends payable 13,524 13,442
 Income taxes 33,515 77,381
 TOTAL CURRENT LIABILITIES 670,657 512,730
 Long-term Debt 384,639 251,979
 Other Liabilities and Credits 84,025 45,669
 Deferred Income Taxes 110,787 54,137
 Common Stock 160,331 150,944
 Earnings reinvested in
 the business 1,013,287 1,201,537
 Common shares held in treasury (1,955) (1,960)
 Equity adj.-foreign currency
 trans. (28,818) (10,849)
 Total Stockholders' Equity 1,142,945 1,339,672
 Total Liabilities and Equity $2,392,953 $2,204,187
 -0- 4/22/93
 /CONTACT: Michael Gregg or Linda Williams of ITW, 708-657-4104/
 (ITW)


CO: Illinois Tool Works Inc. ST: Illinois IN: SU: ERN

SM -- NY127 -- 9687 04/22/93 16:18 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
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