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KATY INDUSTRIES, INC. REPORTS NET INCOME OF $2,310,000 OR $.25 PER SHARE FOR THE FIRST QUARTER OF 1993

 ELGIN, Ill., May 17 /PRNewswire/ -- John R. Prann Jr., president of Katy Industries, Inc. (NYSE: KT), today reported net income of $2,310,000, or $.25 per share, for the first quarter of 1993 compared to net income of $832,000, or $.09 per share, in 1992.
 Sales for the first quarter were $40,340,000 compared to sales of $46,311,000 for the same quarter in 1992. The 13 percent decrease in sales is substantially attributable to Katy's 75 percent owned German subsidiary, Schoen & Cie AG, reflecting the effect of the continuing turmoil in the Commonwealth of Independent States and the ongoing recession in Schoen's industry worldwide.
 Prann noted that income from continuing operations in 1993 included a net gain of $3,711,000, or $.41 per share, from the sale of an 8 percent interest in Compagnie des Entrepots et Gares Frigorifiques, a net gain of $835,000, or $.09 per share, as a result of an initial public offering of Syratech Corp., an unconsolidated subsidiary, and a net charge of approximately $549,000, or $.06 per share, to establish a retirement compensation program for Katy's chairman of the board, Jacob Saliba.
 Also included in the 1993 quarter are losses, net of income tax benefits, for environmental clean-up costs for discontinued consolidated operations of $1,343,000, or $.15 per share, and a charge for the cumulative effect of adopting the new accounting principle for "Accounting for Postretirement Benefits" of $1,418,000, or $.16 per share.
 Katy Industries, Inc. is a diversified corporation with interests in industrial machinery, industrial components and consumer products.
 KATY INDUSTRIES, INC.
 (Thousands of dollars, except per-share amounts)
 Quarter ended March 31 1993 1992
 Sales $40,340 $46,311
 Income before change in accounting
 principle and discontinued
 operations 5,071(A,B,C) 832
 Cumulative effect of change
 in accounting principle (1,418)(D) --
 Loss from discontinued
 operations (1,343)(E) --
 Net income 2,310 832
 EARNINGS PER COMMON SHARE:
 Income from operations $.56(A,B,C) $.09
 Cumulative effect of change
 in accounting principle (.16)(D) --
 Loss from discontinued
 operations (.15)(E) --
 Net income .25 .09
 Average shares outstanding 9,017,387 9,022,872
 (A) -- Includes a pretax gain of $6,081,000 from the sale of Compagnie des Entrepots et gares Frigorifiques common stock.
 (B) -- Includes a pre-tax gain of $1,369,000 as a result of an initial public offering of an unconsolidated subsidiary.
 (C) -- Includes a pre-tax charge of approximately $900,000 to establish a retirement compensation program for Katy's chairman of the board, Jacob Saliba.
 (D) -- Reflects the adoption of FAS 106, "Accounting for Postretirement Benefits," as of Jan. 1, 1993, and is net of income tax benefits of $924,000.
 (E) -- Charges for environmental clean-up costs at sites previously occupied by operations since discontinued, net of income tax benefits of $752,000.
 -0- 5/17/93
 /CONTACT: Jacob Saliba, chairman and CEO, 617-266-4100, John R. Prann Jr., president and COO, 303-773-2800; or J. Russell Jones, vice president and CFO, 312-379-1121, all of Katy Industries/
 (KT)


CO: Katy Industries, Inc. ST: Illinois IN: SU: ERN

CK -- NY074 -- 9230 05/17/93 12:47 EDT
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Date:May 17, 1993
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