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KYSOR INDUSTRIAL CORPORATION ANNOUNCES 12-MONTHS AND FOURTH-QUARTER 1991 RESULTS

 KYSOR INDUSTRIAL CORPORATION ANNOUNCES 12-MONTHS
 AND FOURTH-QUARTER 1991 RESULTS
 CADILLAC, Mich., Feb. 21 /PRNewswire/ -- Kysor Industrial Corporation (NYSE: KZ) today reported financial results for the fiscal year ended Dec. 31, 1991. Sales for the year were off 3.9 percent and the company reported a loss ($.35 per share) resulting in large measure from an adverse jury verdict in a commercial lawsuit reported earlier in the year equating to $.49 per share.
 For the quarter ended Dec. 31, 1991, sales were down approximately 10 percent compared to the same period last year. The loss reported for the fourth quarter reflected the reduced demand for Kysor products during this period as the markets which it serves continued to decline and the impact of restructuring and consolidation costs associated with Kysor's European operations.
 In addition, the company announced that preliminary analysis of the liability associated with the new Statement of Financial Accounting Standard, SFAS 106 entitled Employers' Accounting for Post-retirement Benefits Other Than Pensions, indicates an after-tax past-service liability of about $13 million. The company is currently reviewing plan design changes and other options expected to reduce this obligation.
 George Kempton, chairman of the board and chief executive officer, indicated that the company was cautiously optimistic about the potential for an economic turnaround as the year 1992 progresses. He reiterated that stringent cost-containment measures are in place in the event the national economy continues to falter. Management efforts are currently directed at positioning the company for the next recovery through new products, market-share growth, and operational cost control.
 Kysor Industrial Corporation is a quality producer of heavy-duty vehicle and marine components, refrigerated display cases and refrigerated building systems serving the transportation and supermarket industries. The company has manufacturing operations in six states as well as Great Britain and Germany.
 Detailed financial information for the fourth quarter and year ended Dec. 31, 1991, is as follows:
 KYSOR INDUSTRIAL CORPORATION
 CONSOLIDATED CONDENSED BALANCE SHEET
 (Unaudited; amounts in thousands)
 Dec. 31 Dec. 31
 ASSETS 1991 1990
 Cash and equivalents $4,339 $6,090
 Accounts receivable - net 27,290 34,583
 Inventories 37,626 41,922
 Deferred income tax charges
 and prepaid expenses 5,413 4,969
 Current assets 74,668 87,564
 Net property, plant
 and equipment 45,760 49,322
 Other assets 12,582 11,184
 Total $133,010 $148,070
 LIABILITIES AND Dec. 31 Dec. 31
 SHAREHOLDERS' EQUITY 1991 1990
 Current maturities of
 long-term debt $1,765 $2,791
 Accounts payable 12,195 14,982
 Accrued income taxes payable 656 21
 Other accrued expenses 19,937 19,266
 Current liabilities 34,553 37,060
 Long-term debt, less current
 maturities, plus guarantee
 of ESOP indebtedness 45,540 53,393
 Deferred income taxes 1,515 2,596
 Other long-term liabilities 6,830 5,761
 Shareholders' equity 44,572 49,260
 Total $133,010 $148,070
 The accompanying notes are an integral part of the financial statements.
 KYSOR INDUSTRIAL CORPORATION
 CONSOLIDATED CONDENSED STATEMENT OF INCOME
 (Unaudited; amounts in thousands except for per-share data)
 Quarter Ended Year Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Sales and revenues $48,670 $54,057 $224,898 $234,129
 Costs and expenses 50,898 54,354 224,964 225,465
 Income before income taxes (2,228) (297) (66) 8,664
 Income taxes (220) (100) 660 3,600
 Net income (2,008) (197) (726) 5,064
 Dividends on preferred stock 264 264 1,053 1,055
 Earnings applicable to
 common stock (2,272) (461) (1,779) 4,009
 Earnings per common share
 Primary ($0.44) ($0.08) ($0.35) $0.72
 Fully diluted ($0.44) ($0.06) ($0.35) $0.67
 Primary weighted average
 common shares
 and equivalents 5,063 5,126 5,101 5,572
 Dividends declared per
 common share $0.10 $0.15 $0.55 $0.60
 The accompanying notes are an integral part of the financial statements.
 KYSOR INDUSTRIAL CORPORATION
 CONSOLIDATED STATEMENT OF CASH FLOWS
 Years Ended Dec. 31
 (Amounts in thousands)
 1991 1990
 CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES:
 Net income (loss) ($726) $5,064
 Adjustments to reconcile net income to net cash
 provided (used) by operating activities:
 Depreciation and amortization 7,713 7,080
 Provision for losses on accounts receivable 462 (109)
 (Gain) loss on sales of fixed assets (2) (1,330)
 Deferred compensation 1,226 845
 Changes in assets and liabilities providing
 (consuming) cash net of the effects
 of acquisitions:
 Accounts receivable 6,831 (3,561)
 Inventories 4,296 2,453
 Prepaid expenses 153 339
 Accounts payable (2,468) 1,660
 Other accrued expenses 671 (76)
 Accrued income taxes payable 1,177 258
 Deferred income taxes (1,678) 100
 Other long-term liabilities 1,069 287
 NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES 18,724 13,010
 CASH FLOWS PROVIDED (USED) BY INVESTING ACTIVITIES:
 Additions to property and equipment (4,956) (4,773)
 Proceeds from sales of fixed assets 326 3,317
 Acquisitions, net of cash acquired --- (723)
 Decrease (increase) in other long-term assets (917) (888)
 Unrealized translation gain (loss) (347) 1,428
 NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES (5,894) (1,639)
 CASH FLOWS PROVIDED (USED) BY FINANCING ACTIVITIES:
 Current borrowings 935 4,600
 Principal payments against long-term debt (9,814) (6,405)
 Proceeds from issuance of common stock 81 90
 Purchase of common stock (1,000) (5,870)
 Common stock and preferred stock dividends paid (4,783) (4,994)
 NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES (14,581) (12,579)
 Net increase (decrease) in cash and equivalents (1,751) (1,208)
 Cash and equivalents at beginning of year 6,090 7,298
 Cash and equivalents at end of year $4,339 $6,090
 The accompanying notes are an integral part of the financial statements.
 NOTES TO THE FINANCIAL STATEMENTS
 On Dec. 21, 1990, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 106, effective fiscal year 1993, requiring employers to accrue the cost of post-retirement benefits other than pensions during the working careers of active employees instead of expensing the cost when the benefits are paid. Companies can elect to record the transition obligation liability as a charge against income in the year the rules are adopted, or alternatively on a prospective basis as a part of the future annual benefit cost up to 20 years.
 Preliminary estimates place Kysor Industrial Corporation's transition obligation at about $13 million net of income taxes. The company currently is accumulating the necessary data to make an informed decision by year end 1992, including review of post-employment benefit alternatives expected to reduce the estimated transition obligation. The adjustment when made, will have no adverse effect on bank loan covenants.
 -0- 2/21/92
 /CONTACT: Peter W. Gravelle, vice president, or Richard G. De Boer, assistant treasurer, Kysor Industrial Corporation, 616-779-2200/
 (KZ) CO: Kysor Industrial Corporation ST: Michigan IN: SU: ERN


JG-KK -- DE019 -- 1467 02/21/92 15:13 EST
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Date:Feb 21, 1992
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