KAY CORP <KAY> 4TH QTR NET
Oper shr 25 cts vs 1.21 dlrs
    Oper net 1,366,000 vs 6,287,000
    Revs 251.3 mln vs 107.1 mln
    Year
    Oper shr 1.10 dlrs vs 1.06 dlrs
    Oper net 5,552,000 vs 4,982,000
    Revs 827.5 mln vs 434.4 mln
    NOTE: Oper net excludes results of Kay Jewelers Inc, a
former subsidiary. On Dec 31, 1986 company distributed
remaining 80.4 pct interest in subsidiary to Kay Corp holders.
    1985 amts restated in connection with company's
distribution of investment in Kay Jewelers Inc.
    1986 4th qtr and yr oper net excludes 8,308,000 dlrs or
1.52 dlrs per share, and 7,774,000 dlrs or 1.54 dlrs per share,
respectively, for equity in net income of spun-off unit. 1985
4th qtr and yr oper net excludes 6,806,000 dlrs or 1.28 dlrs
per share and 5,770,000 dlrs or 1.09 dlrs per share,
respectively, for equity in net earnings of spun-off unit.
    1985 oper net also excludes 2,778,000 or 52 cts per share
for adoption of new pension accounting rules and ine cts per
share for gain from assets sales.
 Reuter
