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MASCOTECH, INC. (FORMERLY MASCO INDUSTRIES, INC.) ANNOUNCES RECORD SALES AND IMPROVED SECOND-QUARTER RESULTS

 TAYLOR, Mich., July 30 /PRNewswire/ -- Sales in the second quarter ended June 30, 1993, were the highest for any quarter in the history of MascoTech (NYSE: MSX). Sales approximated $463 million, an increase of 7 percent over the comparable period in 1992.
 Net income in the second quarter of 1993, after preferred stock dividends, increased 98 percent to $19.2 million or $.32 per common share, compared with $9.7 million or $.16 per common share in the comparable period in 1992.
 Sales of transportation-related products increased 12 percent, benefiting from increased market share and higher levels of automotive production. Sales of specialty products decreased 3 percent primarily as a result of continuing softness in the construction and energy markets served by these products.
 In the second quarter of 1993, the company's equity affiliate, Titan Wheel International, Inc., a manufacturer of wheels for the agricultural and off-highway construction equipment markets, completed an initial public offering of common stock which reduced the company's common equity ownership interest in Titan to 24 percent and resulted in a gain approximating $9 million pre-tax to the company. This gain was largely offset by costs and expenses related to cost-reduction initiatives, the restructuring of certain operations and product lines, and other expenses including the costs associated with the previously announced change of the company's name to MascoTech. In addition, other expense, net was reduced by increased equity earnings from affiliates and lower interest expense as compared to the second quarter of 1992.
 The company's improved second-quarter performance is the result of a modestly improving economy combined with the cost rationalization and growth initiatives that it has undertaken. The company continues to believe that its strong product and technology positions, when combined with an expected further improvement in automotive production and the economy in general, should contribute to significant increases in both sales and earnings for the company in all of 1993.
 MascoTech manufactures transportation-related and other commercial and specialty industrial products.
 MASCOTECH, INC. (FORMERLY MASCO INDUSTRIES, INC.)
 (Amounts in thousands except per-share data)
 Three Months Ended Six Months Ended
 June 30 June 30
 1993 1992 1993 1992
 Net sales $462,600 $432,350 $918,670 $819,370
 Cost of sales (364,110) (341,140) (719,960) (645,210)
 Selling, general and
 administrative
 expenses (59,570) (61,980) (116,720) (117,140)
 Operating profit 38,920 29,230 81,990 57,020
 Other expense, net (1,430) (7,160) (14,190) (19,890)
 Income before
 income taxes 37,490 22,070 67,800 37,130
 Income taxes 15,750 10,050 28,540 16,820
 Net income $21,740 $12,020 $39,260 $20,310
 Preferred stock
 dividends $2,500 $2,320 $4,830 $4,650
 Earnings attributable
 to common stock $19,240 $9,700 $34,430 $15,660
 Earnings per common
 share:
 Primary $.35 $.16 $.59 $.26
 Fully diluted(A) $.32 $.16 $.54 $.26
 Average common shares
 and equivalents
 outstanding --- --- 58,380 60,450
 Prior period data have been reclassified to conform with calendar 1992 presentation.
 (A) Fully diluted common shares were 71.2 million for the six months ended June 30, 1993, based on the assumed conversion of dilutive securities, including warrants to purchase common stock (issued March 31, 1993); diluted securities were dilutive in 1993 and anti- dilutive in 1992.
 -0- 7/30/93
 /CONTACT: Kenneth J. Zak, manager - investor relations, MascoTech, 313-274-7400, Ext. 6386/
 (MSX)


CO: MascoTech, Inc. ST: Michigan IN: SU: ERN

SB-ML -- DE003 -- 7616 07/30/93 09:11 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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