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PENN CENTRAL ANNOUNCES 1992 EARNINGS

 CINCINNATI, Feb. 16 /PRNewswire/ -- The Penn Central Corporation (NYSE: PC) today reported that 1992 income from continuing operations before the cumulative effect of accounting change was $62.1 million, or $1.32 per share, compared with $63.4 million, or $1.30 per share for 1991. Net revenues from continuing operations for the full year 1992 increased to $1,796.7 million from $1,669.4 million in 1991.
 Net income for the full year 1992 was $305.4 million, or $6.48 per share, which includes $245.3 million, or $5.20 per share, related to the cumulative effect of the company's adoption of Statement of Financial Accounting Standard ("SFAS") No. 109, "Accounting for Income Taxes." The amount of the cumulative effect of the accounting change has been increased from the $130.3 million, or $2.75 per share, previously reported in the company's second quarter earnings announcement. This increase is the result of further analysis of the requirements of SFAS No. 109 and of the tax benefits available to the company as of Jan. 1, 1992, which indicated that the estimated amount of the benefit likely to be realized is $115 million higher than previously determined. Net income for the year also includes a loss from discontinued operations of $2.0 million, or $.04 per share, related to the operations of General Cable Corporation which was spun-off to shareholders on July 1, 1992.
 For the 1992 fourth quarter, net revenues from continuing operations increased by 10 percent to $466.7 million from $425.9 million for the fourth quarter of 1991. Income from continuing operations for the 1992 fourth quarter was $20.3 million, or $.43 per share, compared with a 1991 fourth quarter loss from continuing operations of $2.0 million, or $.04 per share. The company's non-standard automobile and workers' compensation insurance businesses experienced an improvement of approximately 17 percent in operating income during the 1992 fourth quarter as compared with the 1991 period. The company's income for the 1991 fourth quarter was reduced by $12.6 million, or $.26 per share, primarily for restructuring provisions attributable to certain of the company's industrial operations.
 For the full year 1992, the company's insurance operations had earned premiums of $998.7 million, an increase of 18 percent as compared with the prior year, attributable to growth in both the non-standard automobile and workers' compensation insurance businesses. The company's insurance segment had higher operating earnings in 1992 than 1991, excluding the effect of certain one-time purchase accounting benefits included in 1991.
 Penn Central ended the year with shareholders' equity of approximately $1.5 billion or $32.40 per share.
 Penn Central operates businesses primarily in the areas of specialty property and casualty insurance.
 THE PENN CENTRAL CORPORATION AND CONSOLIDATED SUBSIDIAIRIES
 (In Millions, Except Per Share Amounts)
 FINANCIAL HIGHLIGHTS
 Three Months Ended Year Ended
 December 31, December 31,
 1992 1991 1992 1991
 Net revenues $466.7 $425.9 $1,796.7 $1,669.4
 Income (loss) from
 continuing operations
 before cumulative effect
 of accounting change $ 20.3 $ (2.0) $ 62.1 $ 63.4
 Income (loss) from
 continuing operations $ 20.3 $ (2.0) $ 307.4 $ 63.4
 Net income (loss) $ 20.3 $(61.2) $ 305.4 $ 2.6
 Income (loss) per share
 from continuing operations
 before cumulative effect
 of accounting change $ .43 $ (.04) $ 1.32 $ 1.30
 Income (loss) per share from
 continuing operations $ .43 $ (.04) $ 6.52 $ 1.30
 Net income (loss) per share
 of common stock $ .43 $(1.29) $ 6.48 $ .05
 Weighted average number of
 common shares 46.7 47.6 47.2 48.7
 -0- 2/16/93
 /CONTACT: Philip A. Hagel, vice president-treasurer, The Penn Central p?oration, 513-579-6600/
 (PC)


CO: The Penn Central Corporation ST: Ohio IN: INS SU: ERN

BM -- CL013 -- 6856 02/16/93 11:22 EST
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Publication:PR Newswire
Date:Feb 16, 1993
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