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METALLURGICAL INDUSTRIES ANNOUNCES RESULTS FOR FISCAL 1992

 TINTON FALLS, N.J., March 31 /PRNewswire/ -- Metallurgical Industries, Inc. (NASDAQ: MTALA) reported results for the fiscal year ended Dec. 31, 1992.
 Net revenues for fiscal 1992 were $3,177,901 compared to $4,322,855 recorded in the previous year. The company incurred a net loss for the year of $1,751,900, or $.88 per share, compared to a net loss of $617,779, or $.38 per share, in 1991.
 The company attributes these declines to weakness in the tantalum mill products markets, continued weakness in the tungsten carbide market and increased competition for jet engine repair at its subsidiary, Advanced Welding and Coating Services Corporation.
 At Dec. 31, 1992, the company was in default of certain restrictive covenants of its financing agreement with its primary lender. The lender has agreed to waive these defaults in exchange for a modification of the personal guarantee of Ira Friedman, president of the company.
 In February 1993, an officer and director of the company advanced the company $100,000, secured by a subordinated security interest in the machinery and equipment of the company. This advance is payable over five years at 2-1/2 percent above the prime rate of interest charged by the company's primary lender.
 The company is experiencing cash flow difficulties which are being addressed by inventory reductions and surplus equipment sales. The company's future is also dependent upon a turnaround in the economy.
 METALLURGICAL INDUSTRIES, INC.
 Fiscal year ended Dec. 31 1992 1991
 Sales $3,177,901 $4,322,855
 Net loss (1,751,900)(A) (617,779)
 Loss per share (.88)(A) (.38)
 (A) Includes inventory write-down of $1,208,000
 -0- 3/31/93
 /CONTACT: Ira L. Friedman, president, or Richard T. Johnson, vice president - finance of Metallurgical Industries, Inc., 908-542-5800/
 (MTALA)


CO: Metallurgical Industries, Inc. ST: New Jersey IN: SU: ERN

PS-OS -- NY014 -- 1406 03/31/93 10:11 EST
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Publication:PR Newswire
Date:Mar 31, 1993
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