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LAMSON & SESSIONS REPORTS IMPROVED YEAR-END RESULTS

 CLEVELAND, Feb. 12 /PRNewswire/ -- Lamson & Sessions (NYSE: LMS) reduced its loss from operations for the fiscal year ended 1992 to $9,814,000, or 74 cents a share, from $11,265,000, or 85 cents a share, in the prior year, John B. Schulze, chairman and chief executive officer, announced today. Sales declined to $283,760,000 from $310,764,000.
 After taking into consideration previously announced non-recurring charges of $36,500,000 resulting from the adoption of FASB Statement 106, settlement of a lengthy labor dispute and rationalization of plant capacity, the company had a loss of $46,316,000, or $3.51 a share. In the prior year, the company had a loss of $13,897,000, or $1.05 a share, including a gain of $4,400,000 from the sale of a European business and a non-recurring charge of $7,000,000.
 "As indicated previously, we reduced our loss from operations in the fourth quarter to 27 cents a share compared with 30 cents in 1991," Schulze said. "The improvement for the year is due largely to the effectiveness of cost control efforts and better margins.
 "Improving margins from our core Carlon business units coupled with cost reductions and an expected improvement in operations at our transportation group, which lost money in 1992, should result in a solid operational company-wide performance for the current year," Schulze said.
 In the fourth quarter, the company had sales of $62,382,000 and a loss of $13,233,000, or $1.00 a share, including non-recurring charges. In 1991, sales were $73,227,000 and the company had a loss of $6,592,000, or 50 cents a share, in the fourth period.
 Schulze said the decline in sales for the year is largely attributable to continuing softness in the construction industry and a significant increase in delays of aerospace customer delivery schedules.
 Lamson & Sessions is the leading domestic producer of plastic electrical conduit and related fittings and accessories for the construction, consumer, power and communications industries. It also manufactures truck frames, aircraft fasteners and plastic sewer pipe.
 THE LAMSON & SESSIONS CO.
 CONSOLIDATED STATEMENT OF EARNINGS
 (in thousands, except per share data)
 Fourth Quarter Ended
 1992 1991
 Net Sales $62,382 $73,227
 Cost of products sold 55,950 67,423
 GROSS MARGIN 6,432 5,804
 Selling, general and administrative
 expenses 8,436 9,064
 Interest 1,969 1,856
 Income taxes (benefit) (382) (1,156)
 OPERATING EARNINGS (LOSS) BEFORE
 NON-RECURRING CHARGES (3,591) (3,960)
 Gain on sale of business (4,362)
 Non-recurring charges 9,642 6,994
 NET EARNINGS (LOSS) BEFORE EFFECT
 OF ACCOUNTING CHANGE (13,233) (6,592)
 Cumulative effect of accounting
 change
 NET EARNINGS (LOSS) $(13,233) $(6,592)
 EARNINGS (LOSS) PER COMMON SHARE $ (1.00) $ (0.50)
 AVERAGE COMMON SHARES 13,205 13,186
 Years Ended
 1992 1991
 Net Sales $283,760 $310,764
 Cost of products sold 250,855 277,167
 GROSS MARGIN 32,905 33,597
 Selling, general and administrative
 expenses 35,868 39,879
 Interest 7,651 6,699
 Income taxes (benefit) (800) (1,716)
 OPERATING EARNINGS (LOSS) BEFORE
 NON-RECURRING CHARGES (9,814) (11,265)
 Gain on sale of business (4,362)
 Non-recurring charges 9,642 6,994
 NET EARNINGS (LOSS) BEFORE EFFECT
 OF ACCOUNTING CHANGE (19,456) (13,897)
 Cumulative effect of accounting
 change 26,860
 NET EARNINGS (LOSS) $(46,316) $(13,897)
 EARNINGS (LOSS) PER COMMON SHARE $ (3.51) $ (1.05)
 AVERAGE COMMON SHARES 13,197 13,184
 Prior quarters have been restated for current year effect of FAS No. 106 adoption. The current quarter includes a charge of $225,000 related to FAS No. 106 adoption.
 THE LAMSON & SESSIONS CO.
 CONDENSED STATEMENT OF FINANCIAL POSITION
 (in thousands)
 Years Ended
 January 2, December 31,
 1993 1991
 CURRENT ASSETS $93,007 $92,611
 OTHER ASSETS 13,136 11,095
 PROPERTY, PLANT AND EQUIPMENT, NET 76,585 81,365
 $182,728 $185,071
 CURRENT LIABILITIES $57,470 $46,326
 LONG-TERM DEBT 58,579 53,031
 POSTRETIREMENT BENEFITS AND OTHER
 LONG-TERM LIABILITIES 40,235 11,296
 SHAREHOLDERS' EQUITY 26,444 74,418
 $182,728 $185,071
 -0- 2/12/93
 /CONTACT: James J. Abel, senior vice president and chief financial officer of The Lamson & Sessions Co., 216-766-6557/
 (LMS)


CO: The Lamson & Sessions Co. ST: Ohio IN: SU: ERN

DA -- CL014 -- 6273 02/12/93 16:16 EST
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Date:Feb 12, 1993
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