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KYSOR INDUSTRIAL CORPORATION ANNOUNCES RESULTS, DIVIDEND, AND ACTIONS TAKEN AT SHAREHOLDERS' AND BOARD OF DIRECTORS MEETINGS

 KYSOR INDUSTRIAL CORPORATION ANNOUNCES RESULTS, DIVIDEND,
 AND ACTIONS TAKEN AT SHAREHOLDERS' AND BOARD OF DIRECTORS MEETINGS
 CADILLAC, Mich., April 24 /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.
 ELECTION OF DIRECTORS
 The shareholders elected the following individuals to three-year terms as directors of the corporation:
 William E. Callahan
 Timothy J. Campbell
 Frederick W. Schwier
 John D. Selby
 APPOINTMENT OF INDEPENDENT AUDITORS
 The shareholders ratified the appointment of Coopers & Lybrand as independent auditors for the corporation for the year ending Dec. 31, 1992.
 DIVIDEND ANNOUNCEMENT
 The board of directors approved the payment of a regular quarterly dividend of $.10 per common share payable July 30, 1992 on stock of record July 15, 1992.
 Kysor Industrial Corporation has continuously paid quarterly dividends since 1936.
 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
 Timothy J. Campbell Group Vice President,
 Transportation Products Group
 Thomas P. Forrestal Group Vice President,
 Commercial Products Group
 Peter W. Gravelle Vice President, Treasurer,
 Chief Financial Officer
 David W. Crooks Vice President - General Counsel and Secretary
 Timothy D. Peterson Vice President - Marketing and International
 Richard G. De Boer Assistant Treasurer
 Ellen E. Hovey Assistant Secretary
 Mary C. Janik Assistant Secretary
 Robert L. Joseph Controller/Assistant Treasurer
 FINANCIAL INFORMATION - FIRST-QUARTER 1992 RESULTS:
 Kempton announced financial results for the first quarter of 1992 indicating that profits for the quarter rebounded from that reported for the fourth quarter 1991:
 "First-quarter 1992 earnings applicable to common stock were $809,000 or $.16 per share compared to $915,000 or $.18 per share reported for the first quarter of 1991. For the quarter, sales and revenues were $55.8 million compared to $56.1 million reported in 1991.
 "Prospects for the remainder of 1992 appear to be improving as the national economy continues to gain strength. The company anticipates further recovery later in the year in the transportation markets we serve.
 "Kysor employees, through hard work and extra effort during this recessionary period, have demonstrated increased productivity, expanded quality programs and aggressive cost containment measures, and we believe these efforts should enable Kysor to come out of the recession stronger and better positioned than we were going into it."
 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 first quarter ended March 31, 1992, is as follows:
 KYSOR INDUSTRIAL CORPORATION
 CONSOLIDATED CONDENSED STATEMENT OF INCOME
 (Unaudited; amounts in thousands except for per-share data)
 Three Months Ended
 March 31
 1992 1991
 Sales and revenues $55,841 $56,141
 Costs and expenses 53,849 54,362
 Income before income taxes 1,992 1,779
 Income taxes 920 600
 Net income 1,072 1,179
 Dividends on preferred stock 263 264
 Earnings applicable to common stock $809 $915
 Earnings per common share
 Primary $0.16 $0.18
 Fully diluted $0.14 $0.16
 Primary weighted average common shares
 and equivalents 5,081 5,180
 Dividends declared per common share $0.10 $0.15
 KYSOR INDUSTRIAL CORPORATION
 CONSOLIDATED CONDENSED BALANCE SHEET
 (Unaudited; amounts in thousands)
 March 31 Dec. 31
 Assets 1992 1991
 Cash and equivalents $3,383 $4,339
 Accounts receivable - net 36,121 27,290
 Inventories 37,428 37,626
 Deferred income tax charges
 and prepaid expenses 5,755 5,413
 Current assets 82,687 74,668
 Net property, plant and equipment 44,029 45,760
 Other assets 12,473 12,582
 Total $139,189 $133,010
 Liabilities and March 31 Dec. 31
 Shareholders' Equity 1992 1991
 Current maturities of long-term debt $1,869 $1,765
 Accounts payable 14,742 12,195
 Accrued income taxes payable 1,698 656
 Other accrued expenses 21,230 19,937
 Current liabilities 39,539 34,553
 Long-term debt, less current maturities,
 plus guarantee of ESOP indebtedness 46,591 45,540
 Deferred income taxes 1,515 1,515
 Other long-term liabilities 7,042 6,830
 Shareholders' equity 44,502 44,572
 Total $139,189 $133,010
 KYSOR INDUSTRIAL CORPORATION
 CONSOLIDATED STATEMENT OF CASH FLOWS
 QUARTER ENDED MARCH 31
 (Unauditea?mounts in thousands)
 Cash Flows Provided (Used)
 By Operating Activities: 1992 1991
 Net income $1,072 $1,180
 Adjustments to reconcile net income
 to net cash provided (used) by
 operating activities:
 Depreciation and amortization 1,971 1,915
 Provision for losses on accounts receivable 85 47
 (Gain) loss on sales of fixed assets 6 (4)
 Deferred compensation 394 403
 Changes in assets and liabilities
 providing (consuming) cash:
 Accounts receivable (8,916) (6,572)
 Inventories 198 (3,659)
 Prepaid expenses (342) (574)
 Accouns? payable 2,945 3,600
 Other accrued expenses 1,293 1,872
 Accrued income taxes payable 1,177 554
 Deferred income taxes 0 5
 Other long-term liabilities 211 86
 Net cash provided (used) by operating
 activities 94 (1,147)
 Cash Flows Provided (Used) By
 Investing Activities:
 Additions to property and equipment (636) (1,856)
 Proceeds from sales of fixed assets 11 688
 Decrease (increase) in other long-term
 assets 44 (54)
 Unrealized translation gain (loss) (312) (1,785)
 Net cash provided (used) by investing
 activities (893) (3,007)
 Cash Flows Provided (Used) By
 Financing Activities:
 Current borrowings 2,000 4,870
 Principal payments against long-term debt (845) (1,247)
 Proceeds from issuance of common stock 0 8
 Common stock and preferred stock
 dividends paid (1,312) (1,594)
 Net cash provided (used) by financing
 activities (157) 2,037
 Net increase (decrease) in cash and
 equivalents (956) (2,117)
 Cash and equivalents at beginning of year 4,339 6,090
 Cash and equivalents at end of period $3,383 $3,973
 -0- 4/24/92
 /CONTACT: Peter W. Gravelle or Richard G. De Boer of Kysor Industrial Corporation, 616-779-2200/
 (KZ) CO: Kysor Industrial Corporation ST: Michigan IN: SU: ERN


KK-JS -- DE022 -- 2463 04/24/92 12:35 EDT
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