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ROHR REPORTS FINAL FOURTH QUARTER AND YEAR-END RESULTS

 CHULA VISTA, Calif., Sept. 20 /PRNewswire/ -- Rohr (NYSE: RHR) reported quarterly sales of $252.4 million with operating profit of $12.7 million (5.0 percent operating margin) and net income of $.1 million (1 cent per share) for the fourth quarter which ended July 31, 1993.
 Fiscal 1993 sales were $1,175 million, down 8.2 percent from the $1,280 million reported for fiscal 1992. The fiscal year 1993 sales mix was 87 percent commercial and 13 percent government.
 For the full fiscal year 1993 the company reported a net loss of $254.5 million as compared with a profit of $1.5 million for the prior year. Results were adversely impacted by the adoption, in the third quarter of fiscal 1993, of changes in the application of accounting principles. The cumulative of these changes through the prior years, net of taxes, resulted in a charge against fiscal 1993 results of $224 million. These changes also impacted fiscal 1993 results net of taxes by $24.6 million. Fiscal year results were also impacted by provisions for restructuring and other costs.
 Cash flow from operating activities during the fourth quarter was positive $33.2 million. Cash flow was positive $78.7 million for full fiscal year 1993. The cash and short-term investment balance as of July 31, 1993 was $42.2 million compared to $21.1 million at the end of fiscal year 1992.
 The company's total financings were reduced by $33.7 million during the fiscal year and amount to $643.9 million as of July 31, 1993. Total financings have been reduced by $112.2 million since the peak level of $756.1 million at year-end fiscal year 1991.
 Total backlog at the end of the fourth quarter remained substantial at $4.0 billion ($1.4 billion firm and $2.6 billion anticipated). Total backlog at the end of fiscal year 1992 was $4.2 billion ($1.9 billion firm and $2.3 billion anticipated).
 Rohr designs, integrates, manufactures and supports aircraft engine nacelle systems and components for commercial, military and business aircraft. Rohr, headquartered in Chula Vista, has facilities in the United States and Europe.
 ROHR INC. AND SUBSIDIARIES
 CONDENSED STATEMENTS OF OPERATIONS
 ($000 except per share data)
 Quarter Ended Year Ended
 7/31/93 7/31/92 7/31/93 7/31/92
 Sales $252,367 $349,207 $1,175,152 $1,279,656
 Costs and expenses 239,657 322,702 1,176,840 1,234,098
 Operating income
 (loss) 12,710 26,505 (1,688) 45,558
 Interest expense-net 12,495 9,807 47,883 63,373
 Income (loss) before
 taxes on income 215 16,698 (49,571) (17,815)
 Taxes (benefit) on
 income 80 7,440 (18,990) (19,270)
 Net income (loss) before
 accounting changes 135 9,258 (30,581) 1,455
 Effect of accounting
 changes, net of taxes (223,950)
 Net income (loss) 135 9,258 (254,531) 1,455
 Net income (loss) per
 average share of
 common stock:
 Before accounting
 changes $0.01 $0.52 ($1.71) $0.08
 Effect of accounting
 changes (12.50)
 Net income (loss)
 per average
 share of
 common stock $0.01 $0.52 ($14.21) $0.08
 Total common stock and
 equivalents 17,971 17,749 17,909 17,710
 Statistics (percent):
 Operating income (loss)
 to sales 5.0 7.6 (0.1) 3.6
 Effective tax (benefit)
 rate 37.2 44.6 (38.3) (108.2)
 Net income (loss) before
 changes to sales 0.1 2.7 (2.6) 0.1
 Pro forma amounts assuming
 the changes in the appli-
 cation of accounting
 principles for long-term
 programs and contracts are
 applied retroactively:
 Net income (loss) $ 135 $1,932 $(30,581) $(36,271)
 Net income (loss)
 per average
 share of common stock $0.01 $0.11 $(1.71) $(2.05)
 ROHR INC. AND SUBSIDIARIES
 CONDENSED BALANCE SHEETS ($000)
 7/31/93 7/31/92
 ASSETS
 Cash and short-term
 investments $42,186 $21,122
 Accounts receivable 94,140 133,153
 Inventories - net 439,738 832,977
 Prepaid expenses and other
 current assets 16,861 21,118
 Deferred tax assets 13,654
 Total current assets 606,579 1,008,370
 Property, Plant and
 Equipment - net 239,045 270,283
 Investment in Leases and
 Other Assets 82,814 85,305
 Deferred Tax Assets 89,348
 Total $1,017,786 $1,363,958
 LIABILITIES AND
 SHAREHOLDERS' EQUITY
 Trade accounts and
 other payables $166,916 $162,638
 Other accrued liabilities 38,623 97,441
 Short-term debt 20,000
 Current portion of
 long-term debt 50,719 27,517
 Total Current Liabilities 256,258 307,596
 Long-Term Deferred Taxes
 on Income 43,458
 Long-Term Debt 480,889 525,077
 Other Obligations 98,396 38,961
 Shareholders' Equity 182,243 448,866
 Total $1,017,786 $1,363,958
 ROHR INC. AND SUBSIDIARIES
 CONDENSED STATEMENTS OF CASH FLOWS ($000)
 Increase (Decrease) in Cash and Short-term Investments
 Quarter Ended Year Ended
 7/31/93 7/31/92 7/31/93 7/31/92
 OPERATING ACTIVITIES:
 Net income (loss) $135 $9,258 ($254,531) $1,455
 Depreciation and
 amortization 6,604 7,453 25,578 27,855
 Cumulative effect of
 accounting change,
 net of taxes 223,950
 Change in
 receivables 64,795 15,055 84,013 53,174
 Change in
 inventories (3,597) 12,796 34,447 5,990
 Change in accounts
 and other payables (24,800) (4,704) (17,478) 27,362
 Other (9,969) 5,812 (17,311) (5,494)
 Net cash provided
 by operating
 activities 33,168 45,670 78,668 110,342
 INVESTING
 ACTIVITIES:
 Proceeds from sale-
 leaseback
 transactions 52,247
 Purchase of property,
 plant and equipment (4,647) (25,619) (27,536) (62,933)
 Other, including
 investment in
 leases 94 18,298 (1,180) 21,789
 Net cash provided by
 (used in) investing
 activities (4,553) (7,321) 23,531 (41,144)
 FINANCING ACTIVITIES:
 Issuance of
 9.33 percent
 senior notes 62,000
 Repayment of medium-
 term notes (10,000) (5,000)
 Repayment of
 9.35 percent
 senior notes (12,500)
 Short-term
 borrowings
 (repayments) (40,000) (20,000) (57,000)
 Net long-term
 borrowings
 (repayments) (39,017) 2,846 (66,387) (1,890)
 Repurchase of
 receivables/
 equivalents
 previously sold (15,000) (45,000) (15,000)
 Other 7 (3,619) 10,752 5,256
 Net cash used in
 financing
 activities (39,010) (55,773) (81,135) (73,634)
 Increase (decrease)
 in cash and
 short-term
 investments (10,395) (17,424) 21,064 (4,436)
 Cash and short-term
 investments,
 beginning of
 period 52,581 38,546 21,122 25,558
 Cash and short-term
 investments, end of
 period 42,186 21,122 42,186 21,122
 -0- 9/20/93
 /CONTACT: Bob Rau, 619-691-2057, or Jim Kerley, 619-691-2102/
 (RHR)


CO: Rohr Inc. ST: California IN: ARO SU: ERN

EH-xx -- SD004 -- 3703 09/20/93 13:18 EDT
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