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LUNN INDUSTRIES ANNOUNCES RESTRUCTURING CHARGE

 WYANDANCH, N.Y., Nov. 5 /PRNewswire/ -- Lunn Industries, Inc., today announced a restructuring charge of $1.5 million to the third quarter earnings to reflect aircraft and military revenue deferments and/or cancellations. This action is consistent with the restructuring that is being made by many of Lunn's customers, suppliers and competitors in their third quarter. The restructuring covers inventory write-downs, plant consolidations and new product introductions relating to converting Lunn's technology from military to commercial markets. These charges along with $300,000 of other non-recurring costs, results in third quarter and year-to-date net loss of $2.2 million on $13.8 million year-to-date revenue.
 More than 80 percent of the restructuring and non-recurring charges will require no cash outlays. Lunn anticipates that sufficient cash will be available from operations and bank lines to support the company's continued advances in growth and diversification into the emerging material markets.
 Lunn Industries is a diversified manufacturer of composite structures. Composed of three operating divisions -- Lunn, Norfield and Alcore -- the company specializes in fiberglass-reinforced composites, aluminum honeycomb and thermoplastic honeycomb. Markets for Lunn's products include the transportation, building and construction, electronics, aircraft and defense industries.
 -0- 11/5/93
 /CONTACT: Nancy Gervais of Lunn Industries, 203-792-5110/


CO: Lunn Industries, Inc. ST: New York IN: SU:

GK-CK -- NY054 -- 1300 11/05/93 14:55 EST
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Publication:PR Newswire
Date:Nov 5, 1993
Words:221
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