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KERR REPORTS FIRST QUARTER 1992 RESULTS

 KERR REPORTS FIRST QUARTER 1992 RESULTS
 LOS ANGELES, May 8 /PRNewswire/ -- Kerr Group Inc. (NYSE: KGM),


formerly Kerr Glass Manufacturing Corp., today reported a net loss from continuing operations applicable to common stockholders (after deduction for preferred stock dividends) of $1,171,000 or 32 cents per common share (primary and fully diluted) for the first quarter of 1992, compared to a net loss from continuing operations applicable to common stockholders of $1,356,000 or 37 cents per common share (primary and fully diluted) for the first quarter of 1991.
 Roger W. Norian, chairman, president and chief executive officer, said the decrease in the loss from continuing operations in the first quarter of 1992, as compared to the same period in 1991, was primarily because of improved results in the consumer products business. Earnings of the plastic products business in the first quarter of 1992 were even with the same period in 1991. Although the loss in the metal crown business increased in the first quarter of 1992, compared to the same period in 1991, the loss in the first quarter of 1992 was substantially lower than the loss incurred in the fourth quarter of 1991.
 The company has restated its results to present as discontinued operations the company's commercial glass container business, which was sold on Feb. 28, 1992.
 Net sales from continuing operations for the three months ended March 31, 1992, were $29,166,000, compared to $31,607,000 in the year- ago period. The decrease in net sales for the three months was because of lower sales of plastic products and metal crowns.
 Generally, the company's sales and earnings are higher in the second and third quarters and lower in the first and fourth quarters because of the seasonal nature of its home canning supplies business.
 Kerr, headquartered in Los Angeles, is a major producer of plastic packaging products, home canning supplies and metal crowns.
 KERR GROUP INC.
 Results of Operations for the Three Months Ended
 March 31, 1992 and 1991
 (Unaudited)
 (In thousands, except per share amounts)
 Three Months Ended
 March 31,
 1992 1991
 Net sales $29,166 $31,607
 Loss from continuing operations
 before income taxes (1,522) (1,815)
 Benefit for income taxes (558) (666)
 Loss from continuing operations (964) (1,149)
 Discontinued operations:
 Loss from discontinued operations --- (609)
 Cumulative effect of change in
 accounting related to
 discontinued operations(a) --- 886
 Total earnings related to
 discontinued operations --- 277
 Net loss (964) (872)
 Preferred stock dividends 207 207
 Net loss applicable to common
 stockholders ($1,171) ($1,079)
 Net earnings (loss) per common
 share, primary and fully
 diluted(b):
 Loss per common share from
 continuing operations ($0.32) ($0.37)
 Discontinued operations:
 Loss per common share from
 discontinued operations --- (0.16)
 Cumulative effect per common
 share of change in accounting(a) --- 0.24
 Total earnings per common share
 related to discontinued operations --- 0.08
 Net loss per common share ($0.32) ($0.29)
 Weighted average number of
 common shares outstanding 3,675 3,675
 Common shares outstanding
 at end of period 3,675 3,675
 NOTE: The company sold its commercial glass container business on Feb. 28. 1992, and, accordingly, has reflected the results of the discontinued commercial glass container business operations separately from continuing operations in the above table.
 (a) Effective Jan. 1, 1991, the company changed its method of accounting to include substantially all new machine repair parts related to discontinued operations in other assets. The purchase cost of certain new machine repair parts was previously charged directly to expense. The cumulative effect of this change (as of Jan. 1, 1991) relating to the new repair parts previously expensed, was to increase pre-tax earnings of the discontinued operations during the three months ended March 31, 1991, by $1,438,000 ($886,000 after-tax or 24 cents per common share). The period-to-period pro forma effect on prior years' financial statements was not material. The company believed this change was preferable because it provided a better matching of costs with related revenues and more accurately reflected the value of machine repair parts.
 (b) Fully diluted net earnings (loss) per common share reflect when dilutive, 1) the incremental common shares issuable upon the assumed exercise of outstanding stock options, and 2) the assumed conversion of the preferred stock and the elimination of the related preferred stock dividends. Antidilution occurred in the three months ended March 31, 1992 and 1991.
 -0- 5/8/92
 /CONTACT: D. Gordon Strickland, senior VP-finance and CFO of Kerr Group, 310-284-2585/
 (KGM) CO: Kerr Group Inc. ST: California IN: HOU SU: ERN


DM-JL -- LA005 -- 7943 05/08/92 08:15 EDT
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Date:May 8, 1992
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