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MASCO CORPORATION ANNOUNCES IMPROVED SECOND-QUARTER RESULTS

 MASCO CORPORATION ANNOUNCES IMPROVED SECOND-QUARTER RESULTS
 TAYLOR, Mich., July 29 /PRNewswire/ -- Net sales for Masco Corporation (NYSE: MAS) for the second quarter ended June 30, 1992, increased 11 percent to $867 million from the 1991 second quarter, the highest quarterly sales in the company's history. Increased shipments of kitchen, bath and home furnishings products contributed to the company's record second-quarter sales.
 Net income for the quarter increased 95 percent to $48.5 million from $24.9 million in the second quarter last year, with earnings per share increasing to $.32 from $.17.
 The company's operating profit margins improved in comparison with last year, with the most significant increases in building and home improvement products. While operating profits of the company's home furnishings products also improved, they continue to be adversely affected by costs related to new product and marketing initiatives as well as more moderate sales growth due to continued lower levels of discretionary consumer spending.
 In June 1992, Masco Corporation issued $200 million of 6 1/4 percent notes due in June 1995. The proceeds from this financing were used to reduce outstanding bank indebtedness. In July 1992, as part of Masco's efforts to simplify the company by de-emphasizing equity investments, the company sold its 49-percent equity interest in Mechanical Technology Inc. at approximate carrying value.
 The company is encouraged by first-half results and expects that favorable comparisons with 1991 will continue during the second half of 1992. Longer term, Masco continues to believe that the focus on new products, profit improvement programs and market share improvement initiatives, when combined with the anticipated growth in the economy, will result in significant growth for Masco Corporation in 1993 and beyond.
 Masco Corporation manufactures building, home improvement and home furnishings products for the home and family.
 MASCO CORPORATION
 (Amounts in thousands except per-share data)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Net sales $867,000 $778,000 $1,718,000 $1,531,000
 Costs and expenses:
 Cost of sales 581,700 544,200 1,158,900 1,070,000
 Selling, general and
 administrative
 expenses 190,800 169,000 385,100 337,400
 Other expense, net 13,500 23,900 25,000 55,100
 786,000 737,100 1,569,000 1,462,500
 Income before tax 81,000 40,900 149,000 68,500
 Income taxes 32,500 16,000 59,700 26,800
 Net income $48,500 $24,900 $89,300 $41,700
 Earnings per share $.32 $.17 $.59 $.28
 Average shares
 outstanding --- --- 151,500 148,800
 12 Months Ended
 June 30,
 1992 1991
 Net sales $3,328,000 $3,105,000
 Costs and expenses:
 Cost of sales 2,295,400 2,175,100
 Selling, general and
 administrative
 expenses 733,900 682,900
 Other expense, net 120,600 136,000
 3,149,900 2,994,000
 Income before tax 178,100 111,000
 Income taxes 85,600 62,000
 Net income $92,500 $49,000
 Earnings per share $.61 $.34
 Average shares
 outstanding --- ---
 -0- 7/29/92
 /CONTACT: John C. Nicholls Jr., treasurer, Masco Corporation, 313-274-7400/
 (MAS) CO: Masco Corporation ST: Michigan IN: HOU SU: ERN


JG-SM -- DE007 -- 4522 07/29/92 10:44 EDT
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Publication:PR Newswire
Date:Jul 29, 1992
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