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EARNINGS

June 04, 1986

Gulf & Western's earnings from continuing operations, buoyed by strong performances by its entertainment and financial services divisions, rose 84% in the second quarter ended April 30. However, net income in the period fell 15% from the like 1985 period, which included earnings of $28.9 million from the Consumer and Industrial Products Group that Gulf & Western sold last September. Gulf & Western's entertainment operations posted solid income gains largely because of improvements in Paramount's motion picture business. In financial services, Gulf & Western's Associates Corp. of North America benefited from the decline in interest rates.

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