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MLX CORP. ANNOUNCES FIRST QUARTER PROFITS

 NORCROSS, Ga., April 29 /PRNewswire/ -- MLX Corp. today announced the results of its operations for its first quarter ended March 31.
 Sales were $14.4 million, which resulted in operating earnings of $1.5 million and net earnings of $376,000. This compares to 1992 sales of $12.4 million, operating earnings of $958,000 and a net loss of $36,000.
 The sales increase of $2 million, or 16 percent, over the first quarter of 1992 was due to new product introductions and increased demand in all segments of the company's business including the European operations.
 In commenting on the company's operations, Brian R. Esher, chairman and chief executive officer of MLX, stated: "We are pleased to report first quarter profits that continue a positive earnings trend for our company. We continue to reinvest earnings into our S.K. Wellman subsidiary's manufacturing, research and development capabilities. Most recently we added two professionals to our R&D and engineering staff. We are also in the process of installing a new state-of-the-art ceramic clutch button line in our Brook Park, Ohio, facility."
 In addition, Esher stated: "We have completed the exchange transaction of certain debts for preferred stock (separately disclosed in April 26, 1993, press release) giving the company a shareholder's equity of approximately $3.3 million. Upon shareholder approval of the reverse stock split, we will be positioned to regain our listing on NASDAQ."
 MLX Corp., through its S.K. Wellman subsidiary, is a leading global manufacturer of high energy friction products and components used in aircraft brakes and heavy duty trucks and off-highway equipment clutches, brakes and transmissions.
 MLX CORP. AND SUBSIDIARIES
 Condensed Consolidated Financial Highlights (Unaudited)
 (In thousands, except per share data)
 Quarter ended 3/31/93 3/31/92
 Results of operations:
 Net sales $ 14,428 $ 12,385
 Operating earnings from continuing opers. $ 1,534 $ 958
 Interest expense (736) (728)
 Other expense (49) (112)
 Earnings bef. inc. taxes and minority ints. $ 749 $ 118
 Charge in lieu of federal income taxes (250) (64)
 Provision for foreign, state
 and local income taxes (123) (58)
 Minority interests --- (32)
 Net earnings/(loss) $ 376 $ (36)
 Earnings (loss) per common share $ 0.01 $ ---
 Avg. outstanding share of common stock 25,417 25,415
 Supplemental Information
 Federal income taxes are not accruable or payable because earnings
 that otherwise would be taxable are offset by pre-reorganization
 tax loss carryforwards. Accordingly, the following information
 is provided:
 Net earnings/(loss) $ 376 $ (36)
 Charge in lieu of federal income taxes
 which are not accruable or payable 250 64
 Total $ 626 $ 28
 Total per common share $ 0.02 $ ---
 FINANCIAL CONDITION: March 31, 1993 March 31, 1992
 Current assets $ 17,697 $ 21,742
 Property, plant & equipment, net 12,078 13,342
 Intangible assets, net 3,140 3,138
 Other assets 24 98
 Total assets $ 32,939 $ 38,320
 Current liabilities $ 8,239 $ 16,621
 Long-term liabilities 26,282 33,959
 Minority interests --- 2,062
 Shareholders' equity (1,582) (14,322)
 Total liabilities, minority interest
 and shareholders' equity $ 32,939 $ 38,320
 -0- 4/29/93
 /CONTACT: Theodore R. Kallgren, vice president - Finance and treasurer of MLX Corp., 404-279-4254/


CO: MLX Corporation ST: Georgia IN: SU: ERN

BN-RA -- AT006 -- 2560 04/29/93 10:35 EDT
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Date:Apr 29, 1993
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