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KYSOR INCREASES DIVIDEND 10 PERCENT

 CADILLAC, Mich., April 30 /PRNewswire/ -- George R. Kempton, chairman of the board and chief executive officer of Kysor Industrial Corporation (NYSE: KZ) announced the following actions taken at the annual shareholders' meeting and board of directors' meeting.
 -- Dividend Increase Announcement -- The board of directors approved the payment of a quarterly dividend of $.11 per common share payable July 29, 1993, to shareholders of record on July 14, 1993. This represents an increase in the quarterly dividend rate of 10 percent and reflects the continued confidence in the earnings performance of the company.
 Kysor Industrial Corporation has continuously paid quarterly dividends since 1936.
 -- Election of Directors -- The shareholders elected the following individuals to three-year terms as directors of the corporation:
 Paul K. Gaston
 Grant C. Gentry
 Peter W. Gravelle
 Robert W. Navarre
 -- Adoption of the 1993 Long-Term Incentive Plan -- The shareholders voted to approve the 1993 Long-Term Incentive Plan.
 -- Appointment of Independent Auditors -- The shareholders ratified the appointment of Coopers & Lybrand as independent auditors for the corporation for the year ending Dec. 31, 1993.
 -- Election of Officers -- The board of directors elected the following officers to the offices set opposite each respective name:
 George R. Kempton Chairman of the Board
 Chief Executive Officer
 Peter W. Gravelle Executive Vice President
 Chief Operating Officer
 Timothy J. Campbell Group Vice President
 Transportation Products Group
 Thomas P. Forrestal Group Vice President
 Commercial Products Group
 Terry M. Murphy Vice President
 Chief Financial Officer
 David W. Crooks Vice President
 General Counsel and Secretary
 Timothy D. Peterson Vice President
 Marketing and International
 Richard G. De Boer Treasurer
 Robert L. Joseph Controller/Assistant Treasurer
 Ellen E. Hovey Assistant Secretary
 Mary C. Janik Assistant Secretary
 -- Financial Information - First Quarter 1993 Results:
 Financial results for the first quarter of 1993, previously released on April 19, 1993, reported income, before the cumulative effect of the accounting change relating to SFAS 106, increased 96 percent to $2.1 million or $.33 per share compared to $1.1 million or $.16 per share for the same period last year. Total sales and revenues for the quarter were $63.9 million for 1993 compared to $55.8 million for the same period in 1992, an increase of 14 percent.
 During the quarter, Kysor Industrial Corporation recorded its SFAS 106 postretirement health care transition obligation of $7.6 million as a one-time charge. Adoption of SFAS 106 will not have any impact on cash reserves, debt covenants or dividends.
 Kysor Industrial Corporation is a quality producer of refrigeration systems for the supermarket industry and heavy-duty vehicle and marine components serving the transportation industries. The company has manufacturing operations in six states as well as Great Britain and Germany.
 -0- 4/30/93
 /CONTACT: Terry M. Murphy, vice president and chief financial officer, or Richard G. De Boer, treasurer, Kysor Industrial Corporation, 616-779-2200/
 (KZ)


CO: Kysor Industrial Corporation ST: Michigan IN: SU: DIV PER

JG-ML -- DE015 -- 3266 04/30/93 13:49 EDT
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Publication:PR Newswire
Date:Apr 30, 1993
Words:486
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