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AUTOCLAVE ENGINEERS REPORTS FISCAL THIRD QUARTER, NINE-MONTH RESULTS

AUTOCLAVE ENGINEERS REPORTS FISCAL THIRD QUARTER, NINE-MONTH RESULTS
 ERIE, Pa., April 7 /PRNewswire/ -- Autoclave Engineers, Inc. (NASDAQ: ACLV) today reported results for the third quarter and first nine months of fiscal 1992, ended Feb. 29, 1992.
 Net sales for the third quarter were $21,373,000 vs. $19,464,000 for the same period in the prior year. Net income was $351,000, or $0.08 per share as compared to a net loss of $(192,000) or $(0.05) per share in the same period of 1991.
 For the first nine months of fiscal 1992, net income was $882,000, or $0.21 per share on net sales of $58,329,000. The same period of 1991 resulted in a net loss of $(324,000) or $(0.08) per share on net sales of $56,190,000.
 James C. Levinson, president and chief executive officer, commented: "Our third quarter results follow the pattern established during the first two quarters, with gross margins comparable to fiscal 1991, but operating expenses well below last year's levels." He went on to say, "Now that we have operating expenses under good control, we are focusing our efforts on gross margins, and we expect to see some improvement in the fourth quarter."
 Commenting on the outlook for the fourth quarter, Levinson said: "The markets for our products continue to be sluggish, but we expect good operating results based on an improvement in gross margins and continuing control of operating expenses. However, we are taking further steps to restructure our Burton Corblin operation and the cost of this restructuring will impact the fourth quarter. Thus, the fourth quarter will be profitable, but the level of profit will be reduced by the restructuring costs."
 Autoclave Engineers, Inc., headquartered in Erie, with subsidiaries in Erie, Yorba Linda, Calif., and Nogent, France, is a recognized leader in providing high quality, engineered products for chemical research and related industrial process markets worldwide.
 AUTOCLAVE ENGINEERS, INC., COMPARATIVE ANALYSIS
 Period Third Quarter Nine Months
 Ended 2/29/92 2/28/91 2/29/92 2/28/91
 Net sales $21,373,000 $19,464,000 $58,329,000 $56,190,000
 Net income
 (loss) 351,000 (192,000) 882,000 (324,000)
 Net income (loss)
 per share $.08 $(.05) $.21 $(.08)
 Avg. shares used to
 compute earnings
 per share 4,239,807 4,206,184 4,233,276 4,249,461
 -0- 4/7/92
 /CONTACT: Thomas C. Guelcher, chief financial officer of Autoclave Engineers, 814-838-5804/
 (ACLV) CO: Autoclave Engineers, Inc. ST: Pennsylvania IN: CHM SU: ERN


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Publication:PR Newswire
Date:Apr 7, 1992
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