Bally Manufacturing Corp. reported the best first...

Bally Manufacturing Corp. reported the best first quarter in three years, with a sixfold improvement over the same period a year ago.

Chicago-based Bally said its net income for the first three months of 1992 rose to $27.9 million, or 86 cents per share, from restated net income of $4.5 million, or 10 cents per share, last year.

The results included extraordinary gains of $35.2 million in the first quarter of 1991 and $612,000 in the first quarter of 1992 because of elimination of debt. The 1991 results also included $2.6 million in income from two businesses Bally sold last year.

Earnings, D13