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NORTHROP REPORTS HIGHER NET INCOME ON SLIGHTLY LOWER SALES

 LOS ANGELES, April 21 /PRNewswire/ -- Northrop Corporation (NYSE: NOC) today reported first quarter net income of $52 million and earnings per share of $1.09, compared with $47 million and $1.00 per share in the first quarter of 1992.
 Northrop's sales for the quarter ended March 31, 1993, totaled $1.27 billion, down slightly from the $1.3 billion registered in the first quarter of 1992.
 The increase in first quarter net income resulted primarily from improved operating profit in the aircraft business segment, where margins rose on all three of the company's major aircraft programs -- the B-2, F/A-18 and 747. Last year's first quarter results suffered from $11 million in unrecoverable nonrecurring costs for engineering changes and development costs on the F/A-18 and 747 programs.
 The increase in first quarter net income was achieved even though the company made a loss provision of $18 million for the Tri-Service Standoff Attack Missile (TSSAM) program. The provision was made to cover additional costs estimated by the company to complete the TSSAM flight test program. TSSAM is the company's last remaining fixed- price research and development contract. As the company has previously noted, due to the nature of these contracts, the possibility of future provisions remains.
 Aircraft segment sales in the first quarter increased due to higher B-2 production revenues, which more than offset lower volume on the B-2 development program. The slight reduction in overall first quarter sales resulted from less volume in the missiles and unmanned vehicles business segment due to an unusually low level of TSSAM subcontractor activity.
 The company's business backlog at March 31, 1993, was $7.2 billion, down from the $8.3 billion reported a year earlier.
 At March 31, 1993, Northrop's debt was $370 million, compared with $510 million at Dec. 31, 1992. The company's net debt at the close of the quarter was $274 million, down $6 million from the $280 million reported at the end of last year.
 Northrop has an average of 47,446,790 shares outstanding during the first quarter of 1993, compared with 47,138,357 during the first quarter of 1992.
 NORTHROP CORPORATION
 OPERATING RESULTS
 THREE MONTHS ENDED MARCH 31, 1993
 ($ in millions)
 CONTRACT ACQUISITIONS
 FIRST QUARTER
 1993 1992
 AIRCRAFT $1,001 $894
 ELECTRONICS 128 158
 MISSILES AND UNMANNED
 VEHICLE SYSTEMS 137 20
 SERVICES 14 27
 INTERSEGMENT
 ELIMINATIONS (22) (36)
 TOTAL $1,258 $1,063
 FUNDED
 ORDER BACKLOG
 MARCH 31,
 1993 1992
 AIRCRAFT $5,951 $7,212
 ELECTRONICS 684 809
 MISSILES AND UNMANNED
 VEHICLE SYSTEMS 527 291
 SERVICES 42 50
 INTERSEGMENT
 ELIMINATIONS (46) (38)
 TOTAL $7,158 $8,324
 NET SALES
 FIRST QUARTER
 1993 1992
 AIRCRAFT $1,049 $1,032
 ELECTRONICS 177 180
 MISSILES AND UNMANNED
 VEHICLE SYSTEMS 59 95
 SERVICES 19 23
 INTERSEGMENT
 ELIMINATIONS (29) (30)
 TOTAL $1,275 $1,300
 OPERATING PROFIT(LOSS)
 FIRST QUARTER
 1993 1992
 AIRCRAFT $105 $82
 ELECTRONICS 17 17
 MISSILES AND UNMANNED
 VEHICLE SYSTEMS (12) 5
 SERVICES 1
 TOTAL 110 105
 ADJUSTMENTS TO RECONCILE
 OPERATING PROFIT TO
 OPERATING MARGIN:
 OTHER DEDUCTIONS
 INCLUDED IN OPERATING PROFIT (1)
 STATE AND LOCAL INCOME TAXES (9) (6)
 GENERAL CORPORATE EXPENSES (28) (31)
 CORPORATE RETIREE BENEFIT INCOME 11 12
 OPERATING MARGIN 83 80
 OTHER INCOME 5 3
 INTEREST EXPENSE (10) (12)
 INCOME BEFORE INCOME TAXES 78 71
 FEDERAL INCOME TAXES 26 24
 NET INCOME 52 47
 AIRCRAFT UNITS DELIVERED
 F/A-18 C/D 14 21
 747 16 16
 -0- 4/21/92
 /CONTACT: Tony Cantafio (media), 310-201-3333 or Gaston Kent


(investors), 310-201-3423, both of Northrop/
 (NOC)


CO: Northrop Corp. ST: California IN: ARO SU: ERN

KJ -- LA022 -- 8763 04/21/93 12:50 EDT
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Date:Apr 21, 1993
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