GELCO <GEL> SEES FLAT 1987 PRETAX OPERATING NET
Gelco Corp said that,
excluding the effects of a restructuring plan, it expects
pre-tax operating earnings for the year to end July 31, 1987,
to be about the same as those of last year.
    For the year ended July 31, 1986, Gelco reported pre-tax
operating earnings of 14.8 mln dlrs, or 1.08 dlrs a share.
    However, final results will be affected by certain charges
including legal and investment advisors fees, preferred stock
dividends and other costs of restructuring, it said.
    Expenses associated with restructuring are expected to be
offset by "significant" gains from the sale of some of Gelco's
business units, it said.
    The final outcome for the fiscal year will be determined by
the timing and proceeds from the sale, it added.
 Reuter
