GELCO &lt;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.
  

