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TECUMSEH PRODUCTS COMPANY ADOPTS FINANCIAL ACCOUNTING STANDARDS BOARD STATEMENTS NO. 106 AND NO. 109

 TECUMSEH, Mich., Nov. 25 ~PRNewswire~ -- Tecumseh Products Company (NASDAQ: TECUA, TECUB) announced today that it plans to record a one- time, non-cash charge of approximately $95 million, or $8.68 per share, retroactive to January 1, 1992, in conjunction with its adoption of Financial Accounting Standards Board Statements No. 106 and No. 109. The amount of this after-tax charge is consistent with estimates previously disclosed by the Company.
 The company will restate its 1992 quarterly results to reflect the effect of the accounting changes. In addition to the one-time charge, these accounting changes result in an incremental on-going after-tax quarterly charge of approximately $1.7 million. For the nine months ended September 30, 1992, the Company had previously reported net earnings of $49.9 million, or $4.56 per share.
 FAS No. 106 requires companies to accrue the cost of providing post- retirement benefits, such as medical and life insurance coverage, during the active service period of the employee. FAS No. 109 provides new methodology for accounting for income taxes.
 Tecumseh Products Company is a leading worldwide manufacturer of refrigeration and air conditioning compressors and gasoline engines for lawn and garden applications. Sales for 1991 amounted to $1.2 billion.
 -0- 11~25~92
 ~CONTACT: John H. Foss of Tecumseh Products Company, 517-423-8417~
 (TECU)


CO: Tecumseh Products Company ST: Michigan IN: SU:

JG -- DE010 -- 1503 11~25~92 12:20 EST
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Publication:PR Newswire
Date:Nov 25, 1992
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