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VERNITRON CORPORATION REPORTS 1991 EARNINGS COMPARED WITH LOSS IN PRIOR YEAR

 VERNITRON CORPORATION REPORTS 1991 EARNINGS
 COMPARED WITH LOSS IN PRIOR YEAR
 NEW YORK, March 26 /PRNewswire/ -- Vernitron Corporation (NASDAQ: VRNT) announced today net earnings available to common equity of $227,000, or $.07 per share, for the year ended Dec. 31, 1991, compared with a net loss of $17,556,000, or $7.32 per share, for 1990. Net sales were $79,511,000, reflecting a 2 percent increase over net sales of $77,693,000 in 1990. Operating income (income before interest expense and taxes) in 1991 was $3,522,000, compared to $2,426,000 in 1990.
 The company also announced that, in accordance with quasi- reorganization accounting principles, it has elected to adjust its Dec. 31, 1991 balance sheet to fair value and transferred its accumulated deficit to capital in excess of par. The principal adjustment to fair value is a $16 million reduction in the carrying value of goodwill. After giving effect to the quasi-reorganization, at Dec. 31, 1991, the company has goodwill of approximately $7.5 million and shareholders' equity of $9.5 million. Vernitron also announced that it has renewed its $27 million bank credit facility for an additional year on satisfactory terms.
 Vernitron Corporation designs, manufacturers, distributes and markets a full range of motion control products and precision components for use in high reliability applications in the aerospace, defense, communications and office equipment markets.
 VERNITRON CORPORATION
 Consolidated Statements of Operations
 (Dollars in thousands, except per share data)
 Year ended Dec. 31 1991 1990
 Net sales $ 79,511 $ 77,693
 Cost of sales 59,823 58,519
 SG&A expenses 15,423 16,048
 Amortization of intangible assets 743 700
 Operating income 3,522 2,426
 Interest expense - net 3,371 3,696
 Other (income) expense - net (100) 15,222
 Inc. (loss) from cont. opers. before taxes 251 (16,492)
 (Benefit) provision for taxes -- (1,700)
 Income (loss) from continuing operations 251 (14,792)
 (Loss) from discontinued operations -- (1,000)
 Net income (loss) 251 (15,792)
 Preferred stock dividends and accretion 24 1,764
 Net inc. (loss) applic. to com. shareholders $ 227 $(17,556)
 Weighted avg common shares outstanding 3,461,000 2,400,000
 Net income (loss) per common share:
 Continuing operations $.07 $(6.90)
 Discontinued operations -- (.42)
 Net income (loss) $.07 $(7.32)
 VERNITRON CORPORATION
 Condensed Consolidated Balance Sheets
 (Dollars in thousands)
 12/31/91 12/31/90
 Current assets $33,674 $39,205
 Net property, plant and equipment 12,635 14,356
 Excess of cost over net assets acquired 7,459 24,363
 Other assets 247 915
 Total assets 54,015 78,839
 Current liabilities 14,183 17,758
 Long-term debt 26,706 29,000
 Other long-term liabilities 3,663 3,164
 Redeemable preferred stock -- 38,580
 Shareholders' equity 9,463 (9,663)
 Total liabilities and shareholders' equity 54,015 78,839
 -0- 3/26/92
 /CONTACT: Elliot Konopko of Vernitron, 212-593-7900/
 (VRNT) CO: Vernitron Corporation ST: New York IN: SU: ERN


AH-OS -- NY079 -- 2119 03/26/92 16:23 EST
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Date:Mar 26, 1992
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