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RECESSION MADE 1991 A TOUGH YEAR FOR OHIO'S LARGEST PUBLIC COMPANIES, STUDY REVEALS

 RECESSION MADE 1991 A TOUGH YEAR
 FOR OHIO'S LARGEST PUBLIC COMPANIES, STUDY REVEALS
 CLEVELAND, May 20 /PRNewswire/ -- The long-running recession made last year a painful one for Ohio companies, according to the 1992 edition of the Edward Howard & Co. Roster of Ohio Companies. The Roster, a definitive report on the financial performance of Ohio's 200 largest publicly held companies, has been published annually for 17 years by the Ohio public relations firm of Edward Howard & Co.
 According to the 1992 Roster, 88 of the state's 200 largest companies reported lower revenues in 1991, compared with 45 the previous year. Nearly half (48 percent) of the 200 companies experienced a worsening of their profit/loss situation in 1991, while 22 percent actually lost money in 1991. For almost half of those 43 companies, it was the second straight year of red ink. Overall, revenues for Ohio's 200 largest public companies were up 3 percent over 1990. However, total profits took a sharp 35 percent drop.
 "Results were not uniform across the state," said Patrick Gallagher, Edward Howard & Co. vice president and editor of the Roster. "The recession seems to have been barely felt in Central Ohio, while the northern part of the state was hit hard."
 The 35 companies in the Central Ohio region reported a collective gain of 14 percent in net income on a 9 percent increase in revenues. In Southwest Ohio, profits fell 28 percent, while revenues were up 6 percent. A major contributor to the fall in profits was Cincinnati- based Federated Department Stores' huge $1.2 billion loss for 1991.
 The picture was bleaker in Northern Ohio. The 92 companies in Northeast Ohio experienced a 41 percent decline in profits and only a marginal increase in revenues. The 15 companies in the Northwest reported a cumulative loss of $697.8 million on revenues that were off 7 percent. The overall loss was due to heavy red ink at three big Toledo companies -- Owens-Corning Fiberglas, Owens-Illinois and Trinova.
 The 1992 Roster reflects a number of changes in the ranks of Ohio's largest public companies. Returning to the Roster after an absence of several years were Federated Department Stores, Owens- Illinois and Reliance Electric (Cleveland). They were joined by 10 others that had initial public stock offerings during the past 12 months. These included: Value City Department Stores (Columbus), The Scotts Co. (Marysville) and Royal Appliance (Cleveland).
 Also new to the Roster are two companies that relocated their corporate headquarters to Ohio -- Mercantile Stores (Fairfield) and Health-Mor (Cleveland). Two familiar names were dropped from the Ohio Roster this year -- Ameritrust (Cleveland), which was acquired by Society Corp., and NCR (Dayton), acquired by AT&T.
 Procter & Gamble (Cincinnati) remains the largest company in the state, with 1991 revenues of $27 billion. The consumer products company also had the highest profits of any Ohio company -- $1.8 billion. Banc One (Columbus) continues to be the largest financial institution based in Ohio, with assets of $46.3 billion.
 The fastest-growing company in the state in 1991 was F&C International (Cincinnati), a newly public company, which reported a 145 percent increase in sales for fiscal 1991. The fastest-growing company over the five-year period 1987-91 was American Waste Services. The Warren company's revenues grew from $2.7 million to $90.7 million, a compounded annual rate of 142 percent.
 The best long-term profit performance was turned in by Royal Appliance. The vacuum-cleaner manufacturer achieved a compounded annual growth rate in net income of 136 percent for the five-year period 1987-91.
 Cleveland continues to be home to the greatest number of Ohio public companies with 63, followed by Cincinnati with 42 and Columbus with 32. Other headquarter cities are: Dayton with 14, Akron with 12, Toledo and Youngstown/Warren with 6 each, and Canton with 5.
 The Edward Howard & Co. Roster provides a financial profile of the 200 largest Ohio companies whose common stock is publicly traded. The list encompasses the entire spectrum of the economy, from manufacturers and service companies to utilities and financial institutions. In addition to ranking the companies by revenues, the Roster includes rankings by net income, assets, four-year growth rate and return on equity.
 Copies of the Edward Howard & Co. Roster of Ohio Companies, which will be published in June, will be available for $12 from Edward Howard & Co.'s Cleveland office, One Erieview Plaza, 7th Floor, Cleveland, Ohio 44114. Phone: (216) 781-2400.
 Edward Howard & Co., founded in 1925, is the nation's oldest independent public relations consulting firm. The firm provides counseling and project execution in corporate and financial relations, environmental communications, public affairs, marketing communications, employee communications and graphic design. Edward Howard & Co. has offices in Cleveland, Akron and Columbus.
 Ohio's Top 20
 1991 Revenues Percent
 Companies Millions Change
 1. Procter & Gamble (Cincinnati) $27,026.0 12.2
 2. Kroger (Cincinnati) 21,350.5 5.4
 3. Goodyear Tire & Rubber (Akron) 10,906.8 (3.2)
 4. TRW (Cleveland) 7,913.0 (3.1)
 5. Federated Dept. Stores (Cincinnati) 6,932.3 (2.9)
 6. Limited (Columbus) 6,149.2 17.0
 7. American Electric Power (Columbus) 5,046.6 (2.5)
 8. Chiquita Brands Int'l (Cincinnati) 4,627.4 8.3
 9. Mead (Dayton) 4,579.3 (4.0)
 10. Dana (Toledo) 4,398.2 (11.2)
 11. Banc One (Columbus) (A) 4,154.1 18.5
 12. Owens-Illinois (Toledo) 3,627.3 (3.0)
 13. Eaton (Cleveland) 3,381.0 (7.1)
 14. Roadway Services (Akron) 3,177.0 6.9
 15. Owens-Corning Fiberglas (Toledo) 2,783.0 (9.3)
 16. U.S. Shoe (Cincinnati) 2,725.8 0.3
 17. National City (Cleveland) (A) 2,587.9 (3.5)
 18. Centerior Energy (Cleveland) 2,560.3 5.5
 19. Sherwin-Williams (Cleveland) 2,541.4 12.1
 20. B. F. Goodrich (Akron) 2,471.6 1.6
 (A) Revenues for banks equal interest income plus other income.
 -0- 5/20/92
 /CONTACT: Patrick Gallagher of Edward Howard & Co., 216-781-2400, or 216-381-4031 (after hours)/ CO: Edward Howard & Co. ST: Ohio IN: SU:


CG -- CL010 -- 6211 05/20/92 11:47 EDT
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