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PITTWAY'S 1992 INCOME FROM CONTINUING OPERATIONS REBOUNDS SHARPLY ON 10 PERCENT SALES INCREASE

 CHICAGO, March 4 /PRNewswire/ -- Consolidated sales from continuing operations (the Alarm groups -- Ademco, System Sensor, Notifier/Fire- Lite -- and Penton Publishing) of Pittway Corp. (AMEX: PRY) for the year ended Dec. 31, 1992, increased 10 percent to $568.3 million from $516.3 million last year. Income from continuing operations for the year nearly tripled to $12.5 million ($.90 per share) as compared to $4.4 million ($.32 per share) last year.
 Net income, including discontinued operations (Seaquist, Barr and First Alert/BRK) and related net gains, was $47.4 million ($3.42 per share), up 86 percent from $25.5 million ($1.85 per share) in 1991.
 Fourth quarter sales from continuing operations increased 15 percent to $151.8 million from $132.3 million for the same period last year. Income from continuing operations for the fourth quarter amounted to $4.3 million ($.31 per share), as compared to $1 million ($.07 per share) last year. Net income for the quarter declined to $6.5 million ($.47 per share) from $9.3 million ($.67 per share) primarily due to the effect of selling the First Alert/BRK business in July of 1992.
 Commenting on operating results, King Harris, president, said, "Major restructuring and strong earnings growth characterized Pittway's 1992 performance. We sold our First Alert/BRK residential security products business and our Barr contract packaging business. We announced plans to spin off our Seaquist Group on a tax-free basis and combine it with the Pfeiffer Group. We made these moves while enjoying one of our best years in terms of operations. All our ongoing business units -- the Ademco Security Group, the newly formed Pittway Systems Technology Group, and the Penton Publishing Group -- increased their sales and had solid gains in operating earnings. The Seaquist Group also has record sales and operating earnings for the year. The spinoff of Seaquist is expected to be completed in the second quarter of 1993.
 "The earnings gains were made despite very modest overall economic growth in the United States and weak business conditions in Europe. They reflected market share growth and the impact of new products introduced in recent years for the alarm business and significant improvement in operating efficiencies for the publishing group. They were also indicative of the strong momentum our business had going into 1993."
 Pittway is a manufacturer and distributor of professional burglar and fire alarm equipment; a publisher of trade magazines and directories; a producer of dispensing closures, pumps and aerosol valves; and a participant in joint venture real estate developments.
 PITTWAY CORPORATION AND SUBSIDIARIES
 Consolidated Statement of Income
 (Dollars in thousands, except per share data)
 Periods ended Three Months Twelve Months
 Dec. 31 1992 1991 1992 1991
 Continuing operations
 Net sales $151,790 $132,271 $568,301 $516,343
 Operating expenses:
 Cost of sales 91,269 80,517 346,034 316,991
 Selling, general and
 administrative 50,404 45,497 185,369 173,948
 Depreciation and
 amortization 3,783 3,355 14,829 13,783
 Total 145,456 129,369 546,232 504,722
 Operating income 6,334 2,902 22,069 11,621
 Other inc. (expense), net 674 (1,251) (216) (4,096)
 Income from cont. opers.
 before income taxes 7,008 1,651 21,853 7,525
 Income taxes 2,737 666 9,393 3,154
 Income from cont. opers. 4,271 985 12,460 4,371
 Income from discont. opers. 2,212 8,343 34,938 21,145
 Net income $ 6,483 $ 9,328 $ 47,398 $ 25,516
 Per share of common and
 Class A stock:
 Income from cont. opers. $.31 $.07 $. 90 $ .32
 Income from discont. opers. .16 .60 2.52 1.53
 Net income $.47 $.67 $3.42 $1.85
 Average number of shares
 outstanding (in thousands) 13,856 13,826 13,851 13,823
 -0- 3/4/93
 /CONTACT: Joe Kopec of Edelman Corp. - Financial Relations, 312-649-6915, for Pittway; or Edward J. Schwartz of Pittway, 312-831-1070/
 (PRY)


CO: Pittway Corporation ST: Illinois IN: SU: ERN

GK -- NY074 -- 3062 03/04/93 14:17 EST
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Publication:PR Newswire
Date:Mar 4, 1993
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