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MAGNETEK REPORTS FISCAL 1993 FIRST QUARTER RESULTS

 MAGNETEK REPORTS FISCAL 1993 FIRST QUARTER RESULTS
 LOS ANGELES, Oct. 22 /PRNewswire/ -- MagneTek Inc. (NYSE: MAG)


today announced record sales of $336 million and earnings of 28 cents per share for its fiscal 1993 first quarter, ended Sept. 30, 1992.
 Revenues for the quarter were $335,798,000, compared to $293,778,000 reported a year ago. Net income amounted to $6,778,000, or 28 cents per share, against $6,651,000, or 28 cents per share, in the first quarter of fiscal 1992. Fully diluted earnings per share in 1993's first quarter (assuming conversion of the company's subordinated notes due 2001) were 26 cents per share.
 MagneTek's president and chief executive officer, Frank Perna Jr., attributed much of the company's year-to-year revenue growth to the March 1992 acquisition of May & Christe GmbH, a large European manufacturer of lighting ballasts and transformers. On a pro forma basis, sales increased 4 percent, indicating a moderate level of internal growth despite continuing recessionary pressures in both the United States and Europe, which were reflected in lower quarterly profit margins.
 At the same time, Perna noted that first quarter new order bookings were up more than 30 percent on a pro forma basis compared to last year, indicating much stronger internal growth in coming periods. He said that most of this growth is centered in lighting products -- especially electronic lighting ballasts -- power supplies, motors, generators and drives.
 Reflecting MagneTek's strategic plan, Perna also announced that the company is increasing its electronic ballast manufacturing capacity to meet rapidly growing demand, which is being fueled by energy legislation and the prospect of energy savings. MagneTek is the nation's leading manufacturer of electronic lighting ballasts.
 MagneTek provides a broad line of Energy Engineering(TM) electrical equipment and services, including lighting ballasts, transformers, power supplies, drives and controls, primarily to industrial, commercial and utility markets worldwide. The company reported sales of $1.23 billion for its 1992 fiscal year, ended June 30, 1992.
 MAGNETEK INC.
 Consolidated Results of Operations and Balance Sheet Data
 For the Three Months ended Sept. 30, 1992
 (In thousands except per share data)
 Results of operations:
 Three months ended
 Sept. 30,
 1992 1991
 Sales $335,798 $293,778
 Cost of sales 258,371 223,334
 Gross profit 77,427 70,444
 Pct. 23.1 pct. 24.0 pct.
 Selling, general &
 administrative 51,891 45,310
 Operating Income 25,536 25,134
 Interest 11,206 10,708
 Other expense 2,333 2,549
 Income before
 income taxes 11,997 11,877
 Net income 5,219 5,226
 Net income $6,778 $6,651
 Earnings per common share:
 Primary $0.28 $0.28
 Fully diluted $0.26 $0.28
 Weighted average
 shares outstanding:
 Primary 24,519 23,800
 Fully diluted 29,219 24,315
 Balance sheet data: Sept. 30, June 30,
 1992 1992
 Working capital $261,342 $232,660
 Total assets $930,151 $916,989
 Total debt $468,918 $430,468
 Common equity $200,613 $196,463
 -0- 10/22/92
 /CONTACT: Robert W. Murray of MagneTek Inc., 310-444-7250/
 (MAG) CO: MagneTek Inc. ST: California IN: CPR SU: ERN


BP-JB -- LA017 -- 3800 10/22/92 16:02 EDT
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Date:Oct 22, 1992
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