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RAYTECH CORPORATION ANNOUNCES FIRST QUARTER RESULTS FOR 1993

 SHELTON, Conn., May 17 /PRNewswire/ -- Raytech Corporation (NYSE: RAY) today announced a net loss of $1.1 million or $.33 per share for the quarter ended April 4, 1993, as compared with $.8 million net income or $.25 per share for the corresponding period last year.
 The loss in the period ended April 4, 1993, included a "one-time" cumulative charge of $3.8 million or $1.14 per share as a result of the required adoption of new accounting standards for post-retirement benefits and income taxes. Income before the effect of these accounting changes amounted to $2.7 million or $.81 per share which is an increase of 224 percent on a comparable basis with the same period a year ago. a combination of unit volume sales increases and lower interest expense were the major factors for the improved performance.
 Net sales increased 35 percent and amounted to $37.2 million as compared with net sales of $27.5 million for the same period in fiscal 1992. The company's German subsidiary formed in June 1992 contributed 22 percent of the increase. The remaining increase is a direct result of continued strong recovery within the U.S. automotive original equipment and aftermarket product market segments. The construction and agricultural markets remain depressed due to limited economic recovery.
 Raytech Corporation is headquartered in Shelton, with operations serving world markets for energy absorption and power transmission products, as well as custom-engineered components.
 RAYTECH CORPORATION
 Condensed Consolidated Statements of Operations
 (In thousands, except share data)
 For the quarter ended April 4, 1993 March 29, 1992
 Net sales $37,213 $27,506
 Income before cumulative
 effect of accounting changes 2,725 807
 Cumulative effect of changes
 in acounting principles (3,808) ---
 Net (loss) income (1,083) 807
 Income per share before
 cumulative effect of changes
 ?accounting principles $.81 $.25
 Cumulative effect of changes
 in accounting prinicples (1.14) ---
 Net (loss) income per share (.33) .25
 Average shares outstanding 3,327,683 3,183,907
 -0- 5/17/93
 /CONTACT: A.A. Canosa, CFO of Raytech, 203-925-8000/
 (RAY)


CO: Raytech Corporation ST: Connecticut IN: SU: ERN

MK-MP -- PH028 -- 9306 05/17/93 14:38 EDT
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Publication:PR Newswire
Date:May 17, 1993
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