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WEAN INCORPORATED REPORTS 1993 FIRST QUARTER RESULTS AND PROGRESS ON RESTRUCTURING

 PITTSBURGH, April 20 /PRNewswire/ -- Wean Incorporated (NYSE: WID) reported a loss of $1,333,000 for the first three months of 1993 on sales of $13,410,000.
 This compares to a loss of $2,632,000, before a tax loss carryforward credit of $389,000 and the effect of an accounting change of $14,179,000, on sales of $9,376,000 for the same period in 1992. The cumulative effect of the accounting change in 1992 resulted from the adoption of Statement of Financial Accounting Standards No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions."
 The backlog of orders at March 31, 1993, amounted to $19,000,000, compared to $30,000,000 at Dec. 31, 1992, and $26,000,000 at March 31, 1992.
 According to R.J. Wean III, president and CEO, "The results for the first quarter reflect the continued reduced level of shipments during the period due to the low backlog of orders. New order activity remains slow, reflecting the economic conditions in the industries we serve. There are, however, a number of important, but relatively smaller projects for new equipment and modernization of existing equipment which we believe will proceed during the remainder of the year. Meanwhile, we are continuing to work to streamline our operations so that we will be in a position to benefit from an upturn in the level of activity in the marketplace."
 In addition, the company announced that progress is being made on efforts to restructure its debt obligations. An informal committee representing holders of its 5-1/2 percent subordinated debentures and 10 percent and 12 percent subordinated notes has been formed to negotiate with the company a restructuring of the company's outstanding debt, which is currently in default.
 Wean said, "The company has met and intends to continue to meet with the committee as frequently as necessary to reach a satisfactory resolution of the defaults. Although no timetable has been established with the committee, it is in the best interest of all concerned that it be concluded as soon as practical. In the meantime, the company is continuing its engineering and manufacturing operations as usual and is meeting its obligations to its customers, suppliers and employees."
 WEAN INCORPORATED
 Consolidated Statement of Earnings
 Three Months Ended March 31 (A) 1993 1992
 Sales $13,410 $9,376
 Loss before income taxes (1,475) (2,359)
 Income taxes (benefit) (142) 273
 Loss before extraordinary item and
 cumulative effect of accounting change (1,333) (2,632)
 Extraordinary item -- 389
 Cumulative effect of accounting change -- (14,179)
 Net loss (1,333) (16,422)
 Loss per common share (B)
 Before extraordinary item and cumulative
 effect of accounting change $(0.47) $(0.89)
 On extraordinary item -- $0.13
 On cumulative effect of accounting change -- $(4.59)
 Net loss $(0.47) $(5.35)
 Loss per common share assuming full dilution (C)
 Before extraordinary item and cumulative
 effect of accounting change $(0.47) $(0.89)
 After extraordinary item and cumulative
 effect of accounting change $(0.47) $(5.35)
 (A) Amounts stated in thousands except per share data.
 (B) Based on weighted average number of shares outstanding (3,088,449 for the quarters ended March 31, 1993 and 1992) after giving effect to earnings attributed to the preferred stock dividend requirements.
 (C) Assuming conversion at the beginning of the period of the 5-1/2 percent convertible subordinated debentures.
 -0- 4/20/93
 /CONTACT: R.J. Wean III of Wean Incorporated, 216-797-2000/
 (WID)


CO: Wean Incorporated ST: Pennsylvania, Ohio IN: MNG SU: ERN

DM-KH -- PG018 -- 8026 04/20/93 11:39 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
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