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THE ASSOCIATES ACHIEVES 18TH CONSECUTIVE YEAR OF INCREASED EARNINGS FOR YEAR ENDED DEC. 31, 1992

 DALLAS, Feb. 10 /PRNewswire/ -- Associates Corporation of North America -- part of the Financial Services Group of Ford Motor Company -- today reported record earnings for the year ended Dec. 31, 1992.
 Earnings before provision for income taxes increased 11 percent to $690.4 million for the year, compared with $620.3 million for the prior year. Net earnings were $439.7 million, an increase of 10 percent over the $400.7 million earned in the prior year. Net earnings in 1992 included a one-time charge of $10.0 million resulting from the adoption of two new accounting standards relating to income taxes and postretirement benefits.
 The record results represent the company's 18th consecutive year of increased earnings, said Reece A. Overcash Jr., chairman and chief executive officer of the consumer and commercial finance company.
 "Our year was marked by the successful acquisitions of high quality consumer and commercial finance receivables in our core businesses, the introduction of new products, expansion of our distribution systems and lower interest rates," said Overcash. "These factors, along with our adherence to fundamental financial controls, were the impetus for another outstanding year."
 At year-end, total assets were $24.0 billion, the company record and an increase of 12 percent from $21.5 billion a year ago. In addition, The Associates manages another $2.7 billion in assets for Ford subsidiaries in the United States, Japan, the United Kingdom, Canada and Puerto Rico. The results and assets of these managed operations are not included in those of Associates Corporation of North America.
 Revenue for the year increased 7 percent to $3.3 billion, compared with $3.1 billion in the prior year. Gross finance receivables at year- end were $25.5 billion compared with $22.4 billion a year ago, a 14 percent increase.
 The consumer finance operations generated receivables growth in both home equity-secured lending and consumer credit. The commercial finance operation continued to build on its market leadership in transportation and industrial equipment financing. Also registering growth was the manufactured housing consumer loan portfolio managed by the commercial finance operation.
 Consumer finance gross receivables outstanding at Dec. 31 were $17.8 billion, an increase of 17 percent from the $15.2 billion reported at year-end 1991. Finance volume for the consumer finance operation was $11.3 billion. Consumer finance receivables consist of residential real estate-secured receivables, personal loans, sales financing of manufactured housing and consumer durable goods and credit card receivables.
 Commercial finance gross receivables totaled $7.7 billion at Dec. 31, 1992, compared with $7.2 billion the previous year, a 6 percent increase. Finance volume for the commercial finance operation totaled $7.3 billion. Commercial finance receivables result from the sales financing and leasing of transportation, construction, communications and other industrial equipment. Automobile club, mortgage banking and employee relocation services are also part of the commercial operation.
 Revenue from insurance premiums for the year was $209.9 million compared with $202.5 million the previous year, a 4 percent increase. The insurance operating group is engaged principally in underwriting credit life, health and physical damage insurance for customers of the consumer and commercial finance operations.
 Associates Corporation of North America has 1,130 offices throughout the United States and manages 256 offices outside the United States.
 -0- 2/10/93
 /CONTACT: Fred Stern of Associates Corporation of North America, 214-541-4042/


CO: Associates Corporation of North America ST: Texas IN: SU: ERB

SH -- NY022 -- 5039 02/10/93 09:36 EST
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Date:Feb 10, 1993
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