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MASCO INDUSTRIES, INC. ANNOUNCES IMPROVED FIRST-QUARTER RESULTS

 MASCO INDUSTRIES, INC. ANNOUNCES IMPROVED FIRST-QUARTER RESULTS
 TAYLOR, Mich., May 4 /PRNewswire/ -- Masco Industries' sales for the first quarter ended March 31, 1992, aided by a 1991 acquisition, increased 23 percent to $387 million from $315 million in 1991. Excluding the acquisition, sales increased 14 percent over the comparable 1991 period.
 Net income after preferred stock dividends in the first quarter 1992 was $6.0 million or $.10 per common share, compared to a net loss in the first quarter 1991 of $11.8 million or a loss of $.20 per common share.
 Sales of custom engineered products, aided by the acquisition, increased 36 percent, principally as a result of increased transportation products sales. Sales of specialty products increased 5 percent, as a 9-percent increase in architectural products sales offset a small decline in energy-related products sales.
 First-quarter 1992 income benefited from reduced interest expense resulting from a reduction in debt and lower interest rates, which more than offset reduced income from equity affiliates. First-quarter 1992 results also benefited from gains aggregating approximately $3.6 million pre-tax (approximately $.03 per common share after tax) from the early extinguishment of subordinated debt securities and sales of marketable securities. First-quarter 1991 results benefited from gains aggregating $33 million pre-tax from the disposition of certain operations and the partial recovery of a previously established valuation allowance for the marketable securities portfolio; this income was largely offset by costs and expenses aggregating $27 million pre-tax related to the consolidation and restructuring of certain operations.
 Subsequent to the first quarter, the company received approximately $97 million from the redemption by TriMas Corporation of TriMas' $88 million of 12 percent Subordinated Debentures, including a pre- payment premium of approximately $9 million. These proceeds will be used principally to reduce company indebtedness.
 The company's improved first-quarter 1992 performance marked the return to positive earnings per share for Masco Industries for the first time since the third quarter 1990. The performance benefited from the modest improvement in general economic conditions and from the cost rationalization initiatives that the company has undertaken. The company believes that these factors, when combined with its strong product and technology positions and a strengthening economy, should dramatically improve the company's growth and earnings opportunities in 1992 and future years.
 Masco Industries (NASDAQ-NMS: MASX) manufactures custom engineered and other commercial and specialty industrial products.
 MASCO INDUSTRIES, INC.
 (Amounts in thousands except per-share data)
 Three Months Ended
 March 31
 1992 1991
 Net sales $387,020 $315,110
 Cost of sales (304,070) (278,990)
 Selling, general and
 administrative expenses (55,160) (53,090)
 Operating profit (loss) 27,790 (16,970)
 Other income (expense), net (13,960) 7,140
 Income (loss) before income
 taxes and extraordinary income 13,830 (9,830)
 Income taxes (credit) 6,350 (700)
 Income (loss) before
 extraordinary income 7,480 (9,130)
 Extraordinary income 810 ---
 Net income (loss) $8,290 ($9,130)
 Preferred stock dividends $2,330 $2,630
 Earnings (loss) attributable
 to common stock $5,960 ($11,760)
 Earnings (loss) per common share:
 Before extraordinary income $.09 ($.20)
 Extraordinary income .01 ---
 Net income (loss) $.10 ($.20)
 Average common shares and
 equivalents outstanding 60,120 59,450
 Prior period data have been reclassified to conform with current year presentation.
 -0- 5/4/92
 /CONTACT: Kenneth J. Zak of Masco Industries, 313-274-7400, Ext. 386/ CO: Masco Industries, Inc. ST: Michigan IN: SU: ERN


ML -- DE007 -- 5885 05/04/92 09:31 EDT
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Publication:PR Newswire
Date:May 4, 1992
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