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THOMAS & BETTS REPORTS 1992 SALES AND EARNINGS

 BRIDGEWATER, N.J., Feb. 4 /PRNewswire/ -- Thomas & Betts Corporation (NYSE: TNB) today announced higher sales and earnings for the fourth quarter of 1992 and the entire year.
 Sales for the year increased 86 percent to $1,051,076,000, from $566,442,000. This includes the results of operations of American Electric, which was acquired on Jan. 2, 1992. On a pro forma basis, sales rose 3 percent.
 Earnings were up 5 percent to $50,923,000, compared to 1991 earnings of $48,450,000. The 1992 figure includes a first quarter pre-tax restructuring charge of $15 million; without it, earnings would have been up 28 percent.
 Earnings per share were $2.72 compared to $2.84 in 1991. The restructuring charge reduced earnings by $.59 per share.
 Capital expenditures for 1992 rose 18 percent to $47 million and included the cost to complete a manufacturing plant in Singapore.
 Sales for the fourth quarter rose 87 percent over the fourth quarter of 1991, and 1 percent on a pro forma basis. Earnings were up 69 percent to $18,923,000, or $1.01 per share. These compare with sales and earnings figures of $130,102,000 and $11,181,000 or $.65 per share, respectively, for the fourth quarter in 1991.
 "Our sales increase for the year on a pro forma basis was modest because of economic problems in most world markets," said T. Kevin Dunnigan, chairman and chief executive officer. "Our strong earnings performance, excluding the restructuring charge, reflects the realization of benefits from the rapid integration of American Electric."
 "In the fourth quarter, pro forma Electrical Division sales declined 2 percent, Electronic Division sales were up 1 percent, and European Division sales were down 3 percent.
 "The Vitramon Division posted a 28 percent sales increase as our ceramic chip capacitor operation continued to gain market share through its product quality, rising productivity, and customer satisfaction.
 "As we look at the year 1993, we anticipate gradual improvement in the North American economy, nominal growth in the Far East, and continuing weakness in Europe. We expect only a moderate sales increase for the year, but good earnings growth from further productivity improvement," Mr. Dunnigan said.
 Thomas & Betts, based in Bridgewater, is a leading producer of connectors, components, accessories and systems for worldwide electrical and electronic markets. Its stock is listed on the New York Stock Exchange.
 THOMAS & BETTS CORPORATION
 Consolidated Statement of Earnings
 (In thousand except per share amounts)
 Three months Year
 Periods ended Dec. 31 1992(A) 1991 1992(A) 1991
 Net sales $260,512 $139,102 $1,051,076 $566,442
 Costs and expenses:
 Cost of sales 165,387 85,963 683,141 342,209
 Marketing, general and
 administrative 52,536 31,572 215,668 130,846
 Research and development 5,439 3,851 20,969 14,961
 Provision for restructured
 operations -- -- 15,000 --
 Total 223,362 121,386 934,778 488,016
 Earnings from operations 37,150 17,716 116,298 78,426
 Other expense - net 11,122 2,896 46,543 10,438
 Earnings before inc. taxes 26,028 14,820 69,755 67,988
 Income taxes 7,105 3,639 18,832 19,538
 Net earnings 18,923 11,181 50,923(B) 48,450
 Earnings per share 1.01 .65 2.72 2.84
 Average shares outstanding 18,758 17,079 18,717 17,053
 (A) -- Includes the results of American Electric acquired Jan. 2, 1992.
 (B) -- Includes a $15,000 pre-tax charge for restructured operations.
 THOMAS & BETTS CORPORATION
 Consolidated Balance Sheet
 (in thousands)
 Period ended Dec. 31 1992(A) 1991
 ASSETS
 Cash & marketable securities $ 98,332 $ 101,491
 Receivables - net 146,765 89,319
 Inventories 196,872 128,159
 Deferred income taxes 15,238 10,822
 Prepaid expenses 6,256 5,098
 Total current assets 463,463 334,889
 Property, plant & equipment - net 296,138 213,400
 Intangible assets - net 314,298 26,031
 Other assets 43,164 25,352
 total assets $ 1,117,063 $ 599,672
 LIABILITIES & SHAREHOLDER' EQUITY
 Short-term borrowings and current
 maturities of long-term debt $ 43,287 $ 76,969
 Accounts payable 65,290 23,266
 Accrued liabilities 74,873 33,951
 Income taxes 4,702 8,674
 Dividends payable 10,507 9,566
 Total current liabilities 198,659 152,426
 Long-term debt 420,345 68,270
 Other long-term liabilities 25,074 7,408
 Deferred income taxes 9,923 8,174
 Shareholders' equity 463,062 363,394
 Total liabilities and
 shareholders' equity $ 1,117,063 $ 599,672
 (A) -- Reflects the Jan. 2, 1992 acquisition of American Electric.
 -0- 2/4/93
 /CONTACT: Robert V. Berry, senior vice president of Thomas & Betts Corporation, 908-707-2337/
 (TNB)


CO: Thomas & Betts Corporation ST: New Jersey IN: SU: ERN

TS-LS -- NY022 -- 2863 02/04/93 10:12 EST
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