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KUHLMAN ANNOUNCES THIRD-QUARTER RESULTS

 KUHLMAN ANNOUNCES THIRD-QUARTER RESULTS
 LEXINGTON, Ky., Oct. 16 /PRNewswire/ -- Kuhlman Corporation


(NYSE: KUH) today announced net earnings of $1,012,000 or 17 cents per share, for the third quarter ended Sept. 30, 1992. Sales were $28,475,000, a decrease of 11 percent from the same period last year. Donald O. Dulude, chairman, president and chief executive officer, stated that some customers have told Kuhlman that their revenues have been depressed due to the lower level of economic activity, and that they are living off their inventories and buying fewer transformers. At the same time, a major portion of Kuhlman's customers are located in regions of the country which had the second coolest summer in 98 years. The cooler weather dramatically reduced transformer failures and, therefore, the need for utilities to order replacement units declined.
 Dulude indicated that despite the fact that cutbacks in both staffing and expenditures have been made, Kuhlman's earnings performance reflects current reduced activity levels and pricing pressures in the markets which Kuhlman serves as well as its continuing investments in programs which will benefit the corporation's future, such as Total Quality Management, Customer Support, SF6 instrument transformers and the redesigned TOROFORM transformers. The results were also negatively impacted by expenditures in these areas for startup and training, as was pointed out in Kuhlman's second-quarter interim report. Unless the economy improves, he said, a level of performance lower than last year's record earnings rate is likely to continue into the start of next year.
 Following are comparative results for the three months and the nine months ended Sept. 30, 1992, and Sept. 30, 1991:
 KUHLMAN CORPORATION
 (Thousands of Dollars)
 Third Quarter First Nine Months
 1992 1991 1992 1991
 NET SALES $28,475 $32,063 $94,031 $95,293
 COST AND EXPENSES:
 Cost of Sales $23,537 $25,943 $74,821 $75,471
 Selling and
 Administrative Expense 3,678 3,496 11,528 10,896
 Interest Expense 38 265 550 717
 Interest Income ( 190) ( 274) ( 605) ( 834)
 Covenant not to
 compete ( 314) ( 312) ( 938) ( 938)
 Equity in net loss
 of joint venture --- --- --- 502
 EARNINGS BEFORE PROVISION FOR
 INCOME TAXES $ 1,726 $ 2,945 $ 8,675 $ 9,479
 PROVISION FOR
 INCOME TAXES 714 1,173 3,508 3,945
 NET EARNINGS $ 1,012 $ 1,772 $ 5,167 $ 5,534
 NET EARNINGS PER COMMON AND
 COMMON EQUIVALENT SHARE $ .17 $ .30 $ .87 $ .93
 Kuhlman Corporation is a manufacturer of distribution, power and instrument transformers, and spring products.
 -0- 10/16/92
 /CONTACT: Kuhlman Corporation, 606-224-4300/
 (KUH) CO: Kuhlman Corporation ST: Kentucky IN: SU: ERN


JG -- DE019 -- 0965 10/16/92 12:53 EDT
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Publication:PR Newswire
Date:Oct 16, 1992
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