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NATIONAL-STANDARD COMPANY ANNOUNCES 1992 SALES, EARNINGS

 NILES, Mich., Feb. 22 /PRNewswire/ -- National-Standard Company (NYSE: NSD) announced fiscal year ended Sept. 30, 1992, sales of $215.1 million, a 7.5-percent decrease from sales of $232.7 million reported in fiscal 1991. The 1992 and 1991 sales figures include approximately $4.0 and $33.2 million, respectively, from business units that had been closed or divested. Net loss for the year was $5.9 million, or $1.34 per share, compared to a loss of $22.9 million, or $5.36 per share in 1991.
 The 1992 net loss included a $1.0 million charge to earnings recorded in anticipation of the October 1992 sale of the company's interest in its Indian affiliate; $0.6 million of this charge represents the cumulative decline in the value of the company's investment due to the effects of foreign exchange rates. This $0.6 million decline was previously reported in the company's net equity and now must be included in the statement of earnings.
 Also included in the 1992 net loss was a provision of $1.4 million, recorded in the fourth quarter, to write off goodwill and adjust the carrying value of the assets of Taydor Engineers Ltd., a wholly owned subsidiary of National-Standard Company Limited (U.K.) in expectation of the sale of this unit.
 The Indian and Taydor sales were finalized in October 1992 and net proceeds of $2.0 million were used to reduce company debt. In total, losses due to divested businesses and provisions amounted to $5.0 million of the $5.9 million loss reported for 1992, whereas in 1991, these same items accounted for $17.3 million of the $22.9 million loss.
 Fourth-quarter sales for fiscal 1992 were $56.8 million, compared to $52.4 million reported for 1991; net loss for the quarter was $2.0 million or $0.45 per share, compared to a net loss of $5.9 million or $1.38 per share in 1991. The loss in the fourth quarter of 1992 was due primarily to the loss on the sale of Taydor and the Indian affiliate, costs associated with compliance to environmental standards, and costs of restructuring the U.K. business.
 Sales for the first quarter ended Dec. 31, 1992, were $50.9 million, compared to $48.8 million reported for the same period last year; net income for the quarter was $.1 million or $0.02 per share, compared to a net loss of $2.3 million or $0.53 per share for the same period last year. The income reported was the first quarterly profit recorded since the quarter ending December 1988.
 The company's existing lenders have extended the maturity of their notes to Oct. 1, 1993.
 The company also announced that it has reached a tentative agreement with the Pension Benefit Guaranty Corporation that will allow for the waiver of the funding standard for certain of its domestic defined benefit pension plans to be extended to include plan years ended Dec. 31, 1990, and Dec. 31, 1991. The company will comply with all conditions of the waiver, including payment of the waived funding deficiencies in annual installments over a period of three years. In conjunction with the scheduled payments under the waiver, the company has contributed 844,513 shares of newly issued common stock to the National-Standard Company Master Investment Trust for the benefit of the company's U.S. pension plans. Following the contribution, the company had 5.3 million shares outstanding. The contributions relate to the company's obligations for the 1990 and 1991 plan years. Michael Savitske, president and chief executive officer, stated, "Contributing stock to the pension plans allows National-Standard to move forward with its debt restructuring plans, conserve needed cash and allow the plans to participate in what we believe will be significant investment returns."
 The company has also indicated that it is no longer actively seeking a buyer for the Woven Filter Fiber Division and that it remains committed to its strategy of strengthening core business units with the goal of enhancing shareholder value.
 Founded in 1907, National-Standard is a Niles-based firm with annual sales of approximately $230 million. In eight operating facilities throughout the world, the company manufactures and distributes a broad range of wire and wire-related products, including wire cloth and fabricated filters for the automotive air bag industry.
 NATIONAL-STANDARD COMPANY AND SUBSIDIARIES
 (Dollars in thousands except per-share amounts)
 Three Months Ended Sept. 30
 1992 1991
 Net sales $56,826 $52,393
 Operating profit (loss) 82 (4,507)
 Net loss (2,005) (5,947)
 Loss per share (.45) (1.38)
 Average shares outstanding 4,411,417 4,298,597
 Year Ended Sept. 30
 1992 1991
 Net sales $215,133 $232,695
 Operating profit (loss) 44 (15,783)
 Net loss (5,885) (22,885)
 Loss per share (1.34) (5.36)
 Average shares outstanding 4,379,344 4,276,157
 Three Months Ended Dec. 31
 1992 1991
 Net sales $50,941 $48,818
 Operating profit (loss) 1,059 (943)
 Net profit (loss) 108 (2,286)
 Profit (loss) per share .02 (.53)
 Average shares outstanding 4,412,149 4,299,215
 -0- 2/22/93
 /CONTACT: W.D. Grafer of National-Standard, 616-683-8100, Ext. 4312/
 (NSD)


CO: National-Standard Company ST: Michigan IN: SU: ERN

DH-KS -- DE022 -- 9065 02/22/93 16:46 EST
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Date:Feb 22, 1993
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