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THIOKOL SECOND QUARTER INCOME INCREASES 25 PERCENT

 THIOKOL SECOND QUARTER INCOME INCREASES 25 PERCENT
 OGDEN, Utah, Jan. 21 /PRNewswire/ -- Thiokol Corp. (NYSE: TKC)


today reported for the second quarter ended Dec. 31, 1991 net income increased 25 percent to $14.6 million from $11.7 million for the like period last year. Earnings per share for the quarter were 72 cents compared to 61 cents for the prior year.
 Net sales for the three month period were $328.9 million, a 10 percent increase over the $299.5 million for the like period last year.
 Net income for the six months ended Dec. 31, 1991 increased 20 percent to $27.8 million or $1.38 per share when compared to $23.2 million or $1.21 per share for the like period of the prior year. Sales of $618.4 million for the six month period increased 4 percent from $592.1 million last year.
 U. Edwin Garrison, president and chief executive officer said, "We are very pleased with this quarter's results. Sales have remained strong and our continuing efforts to increase operating margins have been successful."
 Space sales of $133.8 million increased 2 percent over the like quarter of the prior year while operating income declined 9 percent to $11.9 million from prior year's $13.1 million. Space Shuttle solid rocket motor sales and income were higher for the quarter compared to the prior year while sales and income of other Space programs declined in the current quarter.
 Strategic sales increased 16 percent to $77.8 million from $67.1 million last year while operating income grew 122 percent to $11.9 million. The sales and income increases are attributed to markedly higher Peacekeeper motor deliveries coupled with a higher operating margin.
 Second quarter Tactical sales declined 21 percent to $34.9 million from $44.3 million last year while operating income of $3.0 million was flat. The sales decline was caused by decreases in Standard Missile, Sidewinder, and Patriot deliveries. Improved program operating margins enabled operating income to remain at the prior year level.
 Ordnance sales of $55.6 million decreased 2 percent and operating income increased 48 percent to $1.7 million from the prior year. The small decline in sales resulted from slightly lower operating levels at the government-owned, contractor-operated ammunition plants. Improved operating margins on flares caused the rise in income.
 Fastening systems sales of $26.7 million for the quarter represent sales for the last two months of the quarter resulting from the Nov. 1, 1991 purchase of the assets of Huck Manufacturing Company. Operating income for the quarter was $1.9 million.
 Interest income decreased $1.1 million during the quarter as a result of lower interest rates and lower levels of cash and cash equivalents which decreased $132.5 million during the quarter primarily due to the cash payment of approximately $150 million for the purchase of Huck.
 General and administrative expense increased from $9.1 million for the prior year's quarter to $15.2 million due to the inclusion of Huck's general and administrative expense in the current quarter. For comparative purposes current quarter general and administrative expense excluding Huck was $9.2 million, a 1 percent increase. The increase in interest expense of $.4 million results from the Huck debt assumed by Thiokol.
 Thiokol employs approximately 13,000 people at 11 US and 4 foreign facilities. Thiokol is a leader in high technology solid rocket motors for space and defense, a manufacturer of military ordnance, and a major supplier of fastening systems for the aerospace and transportation industries.
 NOTE: Below are unaudited comparative results for the 2nd quarter of fiscal year 1992 (in thousands, except per share data)
 THIOKOL CORPORATION
 CONSOLIDATED STATEMENT OF INCOME
 FISCAL YEARS 1992 - 1991
 Three Months Ended Six Months Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Net sales $328,871 $299,521 $618,370 $592,067
 Interest and
 other income 2,675 3,961 6,470 7,165
 331,546 303,482 624,840 599,232
 Deductions from
 income:
 Cost of sales 283,348 267,303 539,362 527,309
 General and
 administrative
 expense 15,220 9,079 23,051 17,910
 Research and
 development expense 3,204 2,250 5,324 4,561
 Interest expense 5,966 5,584 11,550 11,169
 Currency translation
 adjustment (280) (280)
 307,458 284,216 579,007 560,949
 Income before
 income taxes: 24,088 19,266 45,833 38,283
 Income taxes 9,466 7,571 18,012 15,045
 Net income $ 14,622 $ 11,695 $ 27,821 $ 23,238
 Income per share $ .72 $ .61 $ 1.38 $ 1.21
 Average number of
 common and common
 equivalent shares
 outstanding 20,236 19,083 20,178 19,130
 -0- 1/21/92
 /CONTACT: Steve Lawson of Thiokol, 801-629-2257/
 (TKC) CO: Thiokol Corp.; Huck Manufacturing Co. ST: Utah IN: ARO SU: ERN


BB -- DV002 -- 1625 01/21/92 08:03 EST
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Date:Jan 21, 1992
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