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POLAROID ANNOUNCES FIRST QUARTER 1992 EARNINGS

 POLAROID ANNOUNCES FIRST QUARTER 1992 EARNINGS
 CAMBRIDGE, Mass., April 14 /PRNewswire/ -- As it indicated earlier


this month, Polaroid Corporation (NYSE: PRD) reported today that worldwide sales for the first quarter of 1992 declined 2 percent to $431.3 million, compared with $441.2 million for the first quarter of 1991.
 Net earnings for the first quarter of 1992 were $6.2 million, or 13 cents per common share, compared with first quarter of 1991 net earnings of $16.4 million, or 13 cents per common share. In the first quarter of 1991, the company paid $9.9 million in preferred dividends vs. no preferred dividends in 1992 due to the retirement of this class of stock late last year.
 Sales revenues in the United States during the first quarter of 1992 were $205.9 million compared with $203.9 million for the same quarter last year. Polaroid's overall U.S. business showed positive gains during the first three months of 1992 with higher shipments of instant cameras and film and conventional film, more than offsetting lower U.S. shipments of videotape.
 International sales revenues for the first quarter of 1992 were $225.4 million, compared with $237.3 million for the first quarter of last year, the result of poor economic environments in Europe and Japan and a stronger U.S. dollar.
 First quarter of 1992 operating profit was $26.8 million, down from $49.9 million for the first quarter of last year, primarily due to higher manufacturing costs, including planned start-up expenditures for major new products, lower international shipments, and a stronger U.S. dollar.
 The company's effective first quarter 1992 tax rate was 56 percent compared with 53 percent for the first quarter of last year. The net after-tax foreign currency exchange loss from balance er of 1991.
 On Jan. 15, 1992, the company issued 150 million 7-1/4 percent notes due Jan. 15, 1997. The proceeds were used to retire all of the company's
outstanding 150 million 8-7/8 percent notes. On March 10,


1992, the company issued $200 million of 8 percent public notes due March 15, 1999. The net proceeds will be used, together with internally generated funds, for capital expenditures and other corporate purposes.
 Polaroid's annual meeting of shareholders will be held Tuesday, May 12, 1992 at 2 p.m. at Alumnae Hall, Wellesley College, Wellesley, Mass.
 Polaroid Corporation, with sales of more than $2 billion, is the worldwide leader in instant imaging. The company supplies instant photographic cameras and film, conventional films, videotapes and electronic visual communication products to family, business and technical and industrial markets.
 POLAROID CORPORATION AND SUBSIDIARY COMPANIES
 Consolidated Statement of Earnings
 Periods Ended March 29, 1992 and March 31, 1991
 (in millions, except per share data)
 First Quarter
 1992 1991
 Net sales:
 United States $205.9 $203.9
 International 225.4 237.3
 Total net sales 431.3 441.2
 Cost of sales 236.0 222.8
 Marketing, research, engineering, and
 administrative expenses 168.5 168.5
 Total costs 404.5 391.3
 Profit from operations 26.8 49.9
 Other income 1.3 0.8
 Interest expense 14.0 15.8
 Earnings before income taxes 14.1 34.9
 Federal, state & foreign income taxes 7.9 18.5
 Net earnings $6.2 $16.4
 Earnings available to common stockholders $6.2 $ 6.5
 Primary earnings per common share-(a) $0.13 $0.13
 Cash dividends per common $0.15 $0.15
 Weighted average common shares
 outstanding (in thousands) 48,819 50,070
 ----
 Note-(a): Fully diluted earnings per share are not disclosed as the effect was antidilutive.
 Supplementary Financial Information
 (In Millions)
 First Quarter
 1992 1991
 Earnings Statement Data for Foreign
 Currency Exchange:
 After-tax foreign currency exchange
 gain/(loss) $(3.1) $(5.5)
 Selected Cash Flow Data:
 Additions to property, plant and
 equipment $37.2 $35.9
 Depreciation $22.5 $22.0
 At End of First Quarter
 1992 1991
 Balance Sheet
 Current assets:
 Cash and cash equivalents $251.8 $29.4
 Short-term investments 111.0 96.1
 Receivables 397.2 403.4
 Inventories:
 Raw materials 114.4 125.3
 Work-in-process 232.4 215.4
 Finished goods 238.8 226.9
 Total inventories 585.6 567.6
 Prepaid expenses 101.3 81.9
 Total current assets $1,446.9 $1,178.4
 Net property, plant & equipment 563.9 473.8
 Total assets $2,010.8 $1,652.2
 Current liabilities:
 Short-term debt $154.1 $151.5
 Current portion of long-term debt 26.7 78.3
 Payables and accruals 219.1 212.2
 Compensation and benefits 119.3 113.3
 Federal, state and foreign income taxes 58.4 30.3
 Total current liabilities 577.6 585.6
 Long-term debt 669.5 504.2
 Redeemable preferred stock equity,
 Series B and C ---- 355.7
 Common stock, $1 par value 75.4 75.4
 Additional paid-in capital 379.5 379.5
 Retained earnings 1,608.8 1,037.3
 Less: Treasury stock, at cost 1,091.8 1,053.1
 Deferred compensation 208.2 232.4
 Total common stockholders' equity 763.7 206.7
 Total liabilities and equity $2,010.8 $1,652.2
 -0- 4/14/92
 /CONTACT: Samuel A. Yanes, 617-577-4191, or Michael J. Spataro, 617-577-2455, of Polaroid/
 (PRD) CO: Polaroid Corporation ST: Massachusetts IN: HOU SU: ERN


TM-PB -- NE007 -- 8249 04/14/92 11:51 EDT
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Date:Apr 14, 1992
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