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NORTHROP REPORTS INCREASES IN SALES, NET INCOME

 NORTHROP REPORTS INCREASES IN SALES, NET INCOME
 LOS ANGELES, April 15/PRNewswire/ -- Northrop Corporation


(NYSE: NOC) today reported first quarter net income of $47.2 million and earnings per share of $1.00, compared with a net loss of $34.8 million and a loss per share of 74 cents in the first quarter of 1991.
 The 1991 first quarter results included a charge of $67.4 million, or $1.43 per share, following the company's adoption earlier this year of two new accounting standards (SFAS 106 and SFAS 109) related to retiree benefits and income taxes. Prior to incorporating the cumulative effect of the accounting changes for the first quarter of 1991, Northrop had net income in that period of $32.6 million with earnings per share of 69 cents. This included recurring charges for the accounting changes amounting in that period to $6.7 million, or 15 cents per share.
 Northrop's sales for the quarter ended March 31, 1992, totaled $1.3 billion, up 4 percent from the $1.25 billion registered in the first quarter of 1991.
 At March 31, 1992, Northrop business backlog was $8.3 billion, up from the $6.4 billion reported a year earlier.
 The increase in first quarter sales resulted from higher production revenues on the B-2 bomber and a slight increase in deliveries of F/A-18 shipsets and 747 fuselages. The company's electronics and missiles and unmanned vehicles segment both had lower sales during the reporting period.
 The increase in first quarter net income resulted primarily from an increase in pension income and a decrease in interest expense. Operating profit in the aircraft segment was up slightly even though the company recorded $10.6 million for unrecoverable nonrecurring costs for engineering changes and development costs on the F/A-18 and 747 programs. Electronics business operating results in the quarter declined slightly from the first quarter of 1991, reflecting primarily a reduction in business volume at the company's Electronics Systems Division's Norwood, Mass., Site.
 Northrop's debt at March 31, 1992, was $470 million, compared with $550 million at Dec. 31, 1991, and $850 million at March 31, 1991. The company's net debt -- the difference between total debt outstanding less cash and cash equivalents -- at the close of the first quarter of 1992 was $192 million. The company's debt level is expected to continue to decline, but working capital requirements are not expected to produce a further reduction in net debt during the year.
 Interest expense in the first quarter of 1992 was $11.6 million, down 48 percent from the $22.3 million in the first quarter of 1991.
 Northrop had an average of 47,138,357 shares outstanding during the first quarter of 1992, compared with 47,013,237 during the first quarter of 1991.
 NORTHROP CORPORATION
 OPERATING RESULTS
 THREE MONTHS ENDED MARCH 31, 1992
 ($ in millions)
 CONTRACT ACQUISITIONS
 FIRST QUARTER
 1992 1991
 AIRCRAFT $893.1 $773.7
 ELECTRONICS 158.4 195.6
 MISSILES AND UNMANNED
 VEHICLE SYSTEMS 20.6 27.3
 SERVICES 26.8 15.3
 INTERSEGMENT
 ELIMINATIONS (34.9) (31.7)
 TOTAL $1,064.0 $980.2
 FUNDED
 ORDER BACKLOG
 MARCH 31,
 1992 1991
 AIRCRAFT $7,211.4 $5,163.8
 ELECTRONICS 809.0 913.1
 MISSILES AND UNMANNED
 VEHICLE SYSTEMS 291.2 393.7
 SERVICES 50.2 50.4
 INTERSEGMENT
 ELIMINATIONS (37.7) (84.8)
 TOTAL $8,324.1 $6,436.2
 NET SALES
 FIRST QUARTER
 1992 1991
 AIRCRAFT $1,031.9 $944.6
 ELECTRONICS 179.9 194.5
 MISSILES AND UNMANNED
 VEHICLE SYSTEMS 95.2 111.3
 SERVICES 22.8 23.0
 INTERSEGMENT
 ELIMINATIONS (29.3) (26.6)
 TOTAL $1,300.5 $1,246.8
 OPERATING PROFIT
 FIRST QUARTER
 1992 1991
 AIRCRAFT $82.2 $79.2
 ELECTRONICS 17.3 19.3
 MISSILES AND UNMANNED
 VEHICLE SYSTEMS 4.8 3.5
 SERVICES 0.9 1.1
 TOTAL 105.2 103.1
 LESS:
 OTHER INCOME (DEDUCTIONS)
 INCLUDED IN OPERATING PROFIT 0.0 (0.3)
 STATE AND LOCAL INCOME TAXES 6.3 6.0
 GENERAL CORPORATE EXPENSES 18.7 29.0
 OPERATING MARGIN 80.2 68.4
 OTHER INCOME 2.5 3.0
 INTEREST EXPENSE (11.6) (22.3)
 INCOME BEFORE INCOME TAXES
 AND CUMULATIVE EFFECT OF
 ACCOUNTING CHANGES 71.1 49.1
 FEDERAL INCOME TAXES 23.9 16.5
 INCOME BEFORE CUMULATIVE
 EFFECT OF ACCOUNTING CHANGES 47.2 32.6
 CUMULATIVE EFFECT OF
 ACCOUNTING CHANGES 0.0 (67.4)
 NET INCOME(LOSS) $47.2 ($34.8)
 AIRCRAFT UNITS DELIVERED
 F/A-18 21 20
 747 16 15
 -0- 04/15/92
 /CONTACT: Tony Cantafio of Northrop Corp., 310-201-3333/
 (NOC) CO: Northrop Corp. ST: California IN: ARO SU: ERN


KJ -- LA025 -- 8770 04/15/92 13:56 EDT
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