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JOSLYN ANNOUNCES ADOPTION OF SFAS 106

 JOSLYN ANNOUNCES ADOPTION OF SFAS 106
 CHICAGO, Jan. 20 /PRNewswire/ -- Joslyn Corp. (NASDAQ: JOSL)


announced today that it has adopted Statement of Financial Accounting Standards (SFAS) No. 106 - "Employers' Accounting for Postretirement Benefits Other Than Pensions" for 1991 on the immediate recognition basis. As a result of the adoption of SFAS No. 106, the corporation plans to take an after-tax charge of approximately $6.6 million or $1.40 per share against previously reported 1991 earnings. The after-tax charge has two components: $6.3 million or $1.33 per share is a one-time cumulative non-operating adjustment to restate the previously reported first quarter of 1991, as required by SFAS 106, and $.3 million or $.07 per share is a current year charge to restate the previously reported first three quarters of 1991. These charges will reduce previously reported earnings for the first three quarters of 1991 from $2.25 per share to $.85 per share. The new standard requires most U.S. companies to accrue or set up a reserve for non-pension postretirement benefits starting in 1993 at the latest. The corporation previously deducted the cost of these benefits from reported earnings when they were paid. The adoption of SFAS No. 106 should not affect cash flow.
 -0- 1/20/92
 /CONTACT: L.G. Wolski of Joslyn, 312-454-2900/
 (JOSL) CO: Joslyn Corp. ST: Illinois IN: TLS SU:


KD -- NY054 -- 1536 01/20/92 16:59 EST
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Publication:PR Newswire
Date:Jan 20, 1992
Words:236
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