COMBUSTION ENGINEERING<CSP> SEES 1ST QTR NET OFF Combustion Engineering Inc said it expects first quarter earnings to be 20 to 25 pct below the year-ago 13.6 mln dlrs, mainly due to financing costs resulting from the January 1987 acquisition of AccuRay Corp. The company said it has filed for an offering of four mln common shares and 150 mln dlrs of subordinated debentures due 2017, with proceeds to be used to refinance the short-term bank debt incurred for the AccuRay acquisition, to finance other costs of the transaction and for general corporate purposes. Combustion said 3,500,000 shares will be sold in the U.S. and the remainder overseas. Combustion paid about 218 mln dlrs for AccuRay, a maker of computer-based measurement and control systems used in pulp and paper mills. The company said it expects to release first quarter results in the third week in April. Combustion said it expects further restructuring of core businesses -- particularly Lummus Crest -- this year through staff reductions downsizings and the consolidation of facilities. Combustion said the restructuring at Lummus Crest is expected to substantially reduce but not eliminate this year losses in the Engineering and Construction segment. But it said improvement at Lummus Crest is expected to be approximately offset by a number of factors, including a somewhat lower level of earnings in the Power Generation segment than in 1986, financing costs of the AccuRay acquisition, costs associated with integrating AccuRay technology and operations and delays in waste to energy projects.