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JOHNSON CONTROLS HAS RECORD THIRD-QUARTER RESULTS

 JOHNSON CONTROLS HAS RECORD THIRD-QUARTER RESULTS
 MILWAUKEE, July 16 /PRNewswire/ -- Johnson Controls, Inc. (NYSE: JCI) reported record sales and earnings for its third quarter ended June 30, 1992.
 For the current quarter, sales increased 15 percent to $1,307.0 million from $1,137.8 million for the 1991 quarter. Operating income rose 19 percent to $72.8 million from $61.2 million a year ago. Net income for the 1992 quarter was $36.4 million, up 24 percent from the prior year's $29.3 million. Primary and fully diluted earnings per share for the quarter were $.85 and $.81 respectively, up from $.69 and $.66 for the corresponding 1991 quarter.
 James H. Keyes, president and chief executive officer, commented that the increase in consolidated results reflected anticipated improvements by several of the company's businesses.
 Keyes explained that the largest gains were from its automotive seating operations which recorded substantial increases in sales and operating income. The increases reflect a higher domestic vehicle production level, as well as new seating business. The new programs for Johnson Controls include seating for Chrysler's Grand Cherokee, Ford's Econoline and Mercury Villager, Nissan's Quest and Toyota's Camry station wagon. The company also said that operations in Europe continue to improve.
 Facility services and control systems sales and operating income increased over the prior year levels, primarily due to higher activity in the domestic retrofit, service and construction segments. Worldwide orders from the commercial market were up over the prior year period, reflecting stronger bookings in the domestic existing buildings market.
 The plastics business had higher sales while operating income approximated the 1991 amount. The company said that improved results by its plastics machinery business offset lower sales and income from its domestic and European container operations.
 Battery sales and unit shipments were level with the prior year amount, however operating income increased slightly reflecting operating improvements.
 For the nine months ended June 30, 1992, sales increased 10% to $3,705.9 million from $3,359.6 million a year ago. Operating income was 13 percent higher, at $173.5 million versus $153.7 million. Net income rose 27 percent to $81.3 million from $63.8 million, aided by lower interest expense and higher income from affiliated automotive and controls companies. Primary earnings per share were $1.88 versus $1.46 in 1991 while fully diluted earnings per share totalled $1.80 in the current period, up from $1.41.
 CONSOLIDATED STATEMENT OF INCOME
 (in millions, except per share; unaudited)
 Three Months Nine Months
 Ended June 30, Ended June 30,
 1992 1991 1992 1991
 Net sales $1,307.0 $1,137.8 $3,705.9 $3,359.6
 Cost of sales 1,101.6 963.1 3,156.6 2,862.5
 Gross profit 205.4 174.7 549.3 497.1
 Selling, general and
 administrative expenses 132.6 113.5 375.8 343.4
 Operating income 72.8 61.2 173.5 153.7
 Interest income 2.5 1.4 6.5 4.7
 Interest expense (11.4) (13.7) (36.3) (42.9)
 Miscellaneous - net 3.4 5.4 6.8 2.7
 Other income (expense) (5.5) (6.9) (23.0) (35.5)
 Income before income taxes 67.3 54.3 150.5 118.2
 Provision for income taxes 30.9 25.0 69.2 54.4
 Net income $36.4 $29.3 $81.3 $63.8
 Earnings available for
 common shareholders $34.3 $27.2 $75.2 $57.6
 Earnings per share
 Primary $0.85 $0.69 $1.88 $1.46
 Fully diluted $0.81 $0.66 $1.80 $1.41
 NOTE TO THE CONSOLIDATED STATEMENT OF INCOME
 Earnings per Share - Primary earnings per share are computed by dividing net income, after deducting dividend requirements on the Series D Convertible Preferred Stock, by the weighted average number of common shares and common stock equivalents which would arise from the exercise of stock options. Fully diluted earnings per share assume the conversion of the Company's Series D Convertible Preferred Stock, if dilutive, plus the dilutive effect of the stock options.
 Three Months Ended Nine Months Ended
 June 30, June 30,
 Weighted Average Shares 1992 1991 1992 1991
 (in millions)
 Primary 40.3 39.6 40.0 39.5
 Fully diluted 43.9 43.4 43.7 43.4
 -0- 7/16/92
 /CONTACT: Denise M. Zutz of Johnson Controls, 414-228-3155/
 (JCI) CO: Johnson Controls, Inc. ST: Wisconsin IN: SU: ERN


DA -- CL004 -- 9902 07/16/92 09:36 EDT
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Date:Jul 16, 1992
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