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ZENITH REPORTS SECOND-QUARTER RESULTS

 GLENVIEW, Ill., July 26 /PRNewswire/ -- Zenith Electronics Corp. today reported a net loss of $24.7 million, or 79 cents per share for the second quarter of 1993, compared with a net loss of $15.2 million, or 52 cents per share, for the second quarter of 1992.
 The 1992 quarter benefited from $13 million in royalty income from tuning system licenses (including past royalties) and a special $4 million tax credit. Royalty income in the second quarter of 1993 was $5 million.
 Excluding the effect of royalty income, the company's operating results improved modestly -- to a second-quarter operating loss of $26 million in 1993 from $29 million in 1992.
 Second-quarter sales were $275 million in 1993, compared with $280 million in 1992. Although color TV shipments increased from a year ago, shipments of other electronics products declined.
 Operating results in the quarter reflected a strong increase in Zenith color TV unit sales to dealers from a year ago. The benefits of the higher color TV unit volume and cost reductions more than offset the continuing adverse effect of several 1992 industry price reductions. Color TV prices have remained relatively stable this year.
 For the first six months of 1993, Zenith reported a net loss of $46.5 million, or $1.51 per share. In 1992, the first-half loss was $43.8 million, or $1.50 per share. First-half sales were $565 million in 1993, compared with $545 million in 1992.
 ZENITH ELECTRONICS CORP.
 Statements Of Consolidated Operations
 (Unaudited, in millions, except per share amounts)
 Three Months Six Months
 Periods ended 7/3/93 6/27/92 7/3/93 7/3/92
 Net sales $ 274.7 $ 280.0 $565.2 $545.2
 Costs, expenses and other:
 Cost of products sold 265.7 270.4 544.2 525.5
 Selling, general and
 administrative 23.2 24.3 45.7 46.5
 Engineering and research 11.6 14.2 24.5 27.0
 Other operating expense
 (income), net (4.7) (12.9) (9.5) (11.9)
 Operating income (loss) (21.1) (16.0) (39.7) (41.9)
 Interest expense, net (3.6) (3.3) (6.8) (6.0)
 Income(loss) before
 income taxes (24.7) (19.3) (46.5) (47.9)
 Income taxes (credit) --- (4.1) --- (4.1)
 Net income (loss) ($24.7) ($15.2) ($46.5) ($43.8)
 Net income (loss)
 per share of common stock ($.79) ($.52) ($1.51) ($1.50)
 Average shares outstanding 31.3 29.3 30.9 29.2
 -0- 7/26/93
 /CONTACT: John Taylor, 708-391-8181, or (investors) Seymour Lipton or Bill McNitt, 708-391-7713, all of Zenith Electronics/
 (ZE)


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

MP -- NY015 -- 5555 07/26/93 09:23 EDT
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Publication:PR Newswire
Date:Jul 26, 1993
Words:453
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