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ZENITH FIRST-QUARTER LOSS NARROWS

 GLENVIEW, Ill., April 27 /PRNewswire/ -- Zenith Electronics Corp. (NYSE: ZE) today announced a loss of $21.8 million, or 72 cents per share, for the first quarter of 1993, compared with a loss of $28.6 million, or 98 cents per share, a year ago.
 First-quarter 1993 sales were $290 million, up 9 percent from $265 million in the same period in 1992, primarily due to increased color TV shipments this year.
 The first-quarter 1993 loss was expected, as lower color TV prices (compared with first-quarter 1992 levels) largely offset improved sales volume and benefits of cost-reduction programs, said Jerry K. Pearlman, Zenith chairman and president.
 Cost reductions achieved in the first quarter were essentially on plan. Additional programs are being implemented and will benefit future quarters.
 Results for the first quarter include more than $5 million of royalty revenues from tuning system licenses.
 Earlier this month, Zenith announced that it received a commitment for a new $90 million revolving credit agreement, which the company believes should provide the financial flexibility needed to carry out its business plan.
 ZENITH ELECTRONICS CORP.
 Statements of Consolidated Operations (Unaudited)
 (In millions, except per share amounts)
 Three Months Ended
 Three months ended 4/3/93 3/28/92
 Net sales $ 290.5 $ 265.2
 Costs, expenses and other:
 Cost of products sold 278.5 255.1
 Selling, general and administrative 22.5 22.2
 Engineering and research 12.9 12.8
 Other operating expense (income), net (4.8) 1.0
 Operating income (loss) (18.6) (25.9)
 Interest expense (3.2) (3.0)
 Interest income -- .3
 Income (loss) before income taxes (21.8) (28.6)
 Income taxes (credit) -- --
 Net income (loss) $ (21.8) $ (28.6)
 Net income (loss) per share of
 common stock $ (.72) $ (.98)
 Average shares outstanding 30.3 29.2
 -0- 4/27/93
 /CONTACT: John Taylor, 708-391-8181, or Seymour Lipton (investors), 708-391-7713, both of Zenith/
 (ZE)


CO: Zenith Electronics Corp. ST: Illinois IN: CPR SU: ERN

GK -- NY032 -- 1178 04/27/93 09:14 EDT
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Publication:PR Newswire
Date:Apr 27, 1993
Words:334
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