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MascoTech, Inc. Announces Second Quarter Results

4 August 1998

MascoTech, Inc. Announces Second Quarter Results

    TAYLOR, Mich., Aug. 3 -- MascoTech sales for the
second quarter 1998, which include the acquisition of TriMas Corporation which
was completed on January 22, 1998, increased 86 percent to $433 million from
$233 million in 1997.  Income in the second quarter 1998 was $29.8 million or
$.54 per common share compared with $21.7 million or $.46 per common share in
1997.
    Second quarter results for 1998 were negatively impacted by a charge,
approximately $41 million pre-tax, principally related to the anticipated
disposition of certain businesses.  This charge offset the gain, approximately
$25 million pre-tax, related to the receipt of contingent consideration in the
second quarter 1998 which resulted from the 1996 disposition of a business.
This gain was non-taxable and is the principal reason for the lower effective
tax rate in the second quarter 1998.
    Assuming that MascoTech and TriMas results were consolidated for the
second quarter of 1997 and excluding unusual pre-tax gains/(charge) in 1998
and 1997: pro forma sales would have increased approximately 4 percent to $433
million in 1998 from $416 million in 1997; pro forma operating profit would
have been $63 million as compared with $62 million, and pro forma earnings per
share for the second quarter 1998 and 1997 would have been $.50 and $.48,
respectively.
    MascoTech's CEO Frank M. Hennessey commented, "The last few months have
been very active considering the announcements of divestitures and
acquisitions, and of course the strike at an important customer.  Our second
quarter financial performance met expectations and our employees are to be
congratulated for their steadfast determination towards improving our
profitability.  I am pleased with our Company's performance and expect that
the continued expansion of our leadership market positions should result in
continuing increases in sales and profits, although the second half of the
year will present a short term challenge because of the customer's strike and
our divestiture efforts."
    MascoTech is a diversified manufacturing company with world-leading
metalforming process capabilities and proprietary product positions serving
transportation, industrial and consumer markets.

    MASCOTECH, INC. ANNOUNCES SECOND QUARTER RESULTS


                             Three Months Ended             Six Months Ended
                                  June 30                        June 30
                             1998          1997             1998        1997

    Net Sales             $433,480      $233,040         $834,240    $466,480

    Cost of Sales         (316,410)     (179,050)        (612,780)   (356,190)
    Selling, General
     and Administrative
     Expenses              (54,370)      (22,840)         (99,930)    (45,550)
    Charge for Disposition
     of Businesses, Net    (15,580)           --          (15,580)         --
    Operating Profit        47,120        31,150          105,950      64,740

    Other Income
     (Expense), Net        (16,520)        9,650          (20,330)     30,140

    Income Before
     Income Taxes           30,600        40,800           85,620      94,880

    Income Taxes               780        16,150           23,060      37,570

    Net Income             $29,820       $24,650          $62,560     $57,310

    Preferred Stock
     Dividends                  --        $3,000               --      $6,240

    Earnings Attributable
     to Common Stock      $29,820        $21,650          $62,560     $51,070


    Diluted Earnings
     Per Share              $ .54          $ .46            $1.14       $1.04


    Amounts in thousands except per share data.