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U.S. BANKNOTE ANNOUNCES FIRST QUARTER EARNINGS

 NEW YORK, May 4 /PRNewswire/ -- United States Banknote Corporation (NYSE: UBK) today reported sales and earnings from operations for the first quarter ended March 31, 1993.
 Sales for the first quarter of 1993 were $41,749,000, as compared to $41,513,000 in 1992. Income from operations in the first quarter of 1993 was $1,630,000, or $.09 per share, as compared to the first quarter 1992 income from operations of $896,000, or $.05 per share.
 In 1993, the company adopted as of Jan. 1, 1992, Statement of Financial Accounting Standards (SFAS) No. 109 "Accounting for Income Taxes." As a result of the adoption of this accounting requirement, a one-time cumulative effect charge of $1,568,000, or $.11 per share, was incurred as of Jan. 1, 1992. After this cumulative charge, the company reported a 1992 first quarter net loss of $672,000 or $.06 per share. The 1992 earnings, reported previously, have been restated for this change in accounting and are comparative to 1993. In addition, effective Jan. 1, 1993, SFAS No. 106 "Employers' Accounting for Postretirement Benefits Other than Pensions" was adopted, using the transition method of amortizing the unrecognized transition obligation over 20 years. Earnings per share were not impacted in the 1993 first quarter.
 Morris Weissman, chairman and CEO of United States Banknote, remarked that the company was moving forward in the previously announced negotiations to acquire a 40 percent interest in Ciccone Calcografica S.A, Argentina's leading security document and lottery ticket printer. Ciccone, a privately held concern, had sales in excess of $60 million for its fiscal year ended Aug. 31, 1992. In addition, Mr. Weissman indicated that the company was pursuing additional strategic investments and acquisitions.
 United States Banknote is the largest printer of security documents in North America. The company prints U.S. food coupons, postage stamps and treasury checks, stock and bond certificates, travelers cheques and currency for foreign countries using the intaglio method. United States Banknote is also the world leader in holography, producing all of the three-dimensional holograms used in the Visa, MasterCard and Europay credit cards around the world.
 UNITED STATES BANKNOTE CORPORATION AND SUBSIDIARIES
 Condensed Consolidated Income Statements (Unaudited)
 (In thousands, except per share data)
 First quarter ended March 31 1993 1992
 Sales $ 41,749 $ 41,513
 Income before other expense,
 income taxes and minority interest 6,340 5,712
 Other (expense) income:
 Interest expense (3,303) (3,857)
 Other 15 208
 Total (3,288) (3,649)
 Income before provision for
 income taxes and minority interest 3,052 2,063
 Provision for income taxes 1,310 934
 Income before minority interest 1,742 1,129
 Minority interest 112 233
 Income from operations before
 cumulative effect of accounting change 1,630 896
 Cumulative effect of accounting
 change for income taxes (A) -- (1,568)
 Net income (loss) 1,630 (672)
 Preferred stock dividend requirements (B) $ (13) $ (233)
 Weighted average number of common and
 common equivalent shares outstanding (B) 18,642 13,772
 Net income (loss) per share (A and B):
 Income before accounting change $ .09 $ .05
 Accounting change -- (.11)
 Net income (loss) per share $ .09 $(.06)
 (A) -- As a result of adopting, as of Jan. 1, 1992, Statement of Financial Accounting Standards No. 109 "Accounting for Income Taxes," the company incurred a one-time charge for the cumulative effect of the required accounting change. This Statement requires deferred income taxes to be calculated on an asset and liability approach based on the enacted income tax rates for the years in which these taxes will be payable or refundable. Certain assets acquired in acquisitions and mergers were increased in value by a corresponding increase in the net deferred tax liability. The 1992 reported earnings have been restated for the effect of this change in accounting to be comparative to the 1993 earnings.
 (B) -- In the second quarter of 1992, the company issued additional shares of common stock and debt in concurrent public offerings. The proceeds of the offerings were used to retire cumulative preferred stock and certain debt that had higher interst cost. Accordingly, the 1993 preferred stock dividend requirements are lower than in 1992 and the 1993 shares used in computing per share earnings are higher than 1992.
 -0- 5/4/93
 /CONTACT: Patrick D. Reddy, vice president of U.S. Banknote, 212-741-8500; or Gregory W. Miller of Robinson, Lake, Lerer & Montgomery, 212-484-7404, for U.S. Banknote/
 (UBK)


CO: United States Banknote Corporation ST: New York IN: SU: ERN

GK-LO -- NY040 -- 4280 05/04/93 11:36 EDT
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Publication:PR Newswire
Date:May 4, 1993
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