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BEARINGS, INC REPORTS THIRD QUARTER EARNINGS AND SALES; ANNOUNCES RESTRUCTURING CHARGE IN FOURTH QUARTER

 BEARINGS, INC REPORTS THIRD QUARTER EARNINGS AND SALES;
 ANNOUNCES RESTRUCTURING CHARGE IN FOURTH QUARTER
 CLEVELAND, April 23 /PRNewswire/ -- Bearings, Inc. (NYSE: BER) today reported net income for the quarter ended March 31, 1992.
 Chairman of the board and chief executive officer John C. Dannemiller reported that net income was $392,000, or $.06 per share, on sales of $208,144,000 for the quarter ended March 31, 1992. Net income in the same quarter last year was $412,000, or $.06 per share, on sales of $201,189,000.
 For the nine months ended March 31, 1992, net income was $1,810,000 on sales of $608,821,000. Comparable net income was $2,169,000 on sales of $610,361,000 during the prior year. Earnings per share were $.26 compared with $.31 a year ago.
 Dannemiller commented, "Since July 1991, our sales volume on a quarter-to-quarter basis has generally paralleled the Industrial Production and Manufacturing Capacity Utilization Indexes. Profitable performance during the period has been achieved primarily through diligent asset and financial management. We have yet to see the effects on sales of any significant economic upturn."
 Earlier this week, Bearings, Inc. announced plans to construct a large regional distribution center in Florence, Ky., on a site adjacent to the Greater Cincinnati Airport. This new center will replace four existing distribution centers, three in Ohio and one in Tennessee, and is expected to be operational in the fall of 1992.
 Dannemiller continued, "The replacement of four distribution centers with a single location represents a cost-effective restructuring in the operations and administration of our business. This action will improve the service level to our branches and customers. As part of this restructuring we have commenced implementation of a plan to critically evaluate the performance of all facilities and administrative functions to enhance the company's long- term profitability. We believe these actions will position us well for the anticipated recovery in the economy."
 The company expects to incur a pre-tax restructuring charge of approximately $4 million to $7 million during its fourth quarter, related to actions that will be implemented during the fourth quarter and in fiscal 1993 as a result of these plans.
 No shares were purchased during the quarter under the company's authorization to acquire additional shares of its common stock. The company has remaining authorization to acquire up to 263,000 shares of its common stock in open market and negotiated transactions, from time to time, depending on market conditions.
 On April 23, 1992, the board of directors declared a regular quarterly dividend of $.16 per share, payable May 29, 1992 to shareholders of record May 15, 1992.
 Bearings, Inc. is the nation's leading independent distributor of replacement bearings and power transmission components with more than 330 branches in 37 states.
 BEARINGS, INC. AND SUBSIDIARIES
 Statements of Consolidated Income
 (Unaudited)(Thousands, except per share data)
 Three Months Ended
 March 31
 1992 1991
 Net Sales $208,144 $201,189
 Cost and Expenses
 Cost of Sales 156,063 146,827
 Selling, distribution
 and administrative 50,019 51,390
 Total 206,082 198,217
 Operating Income 2,062 2,972
 Interest expense 1,551 2,443
 Interest income (65) (163)
 Total 1,486 2,280
 Income Before Income Taxes 576 692
 Income Taxes
 Federal 158 210
 State and local 26 70
 Total 184 280
 Net Income $ 392 $ 412
 Net Income Per Share $ .06 $ .06
 Average Shares Outstanding 7,087 7,050
 Nine Months Ended
 March 31
 1992 1991
 Net Sales $608,821 $610,361
 Cost and Expenses
 Cost of Sales 452,987 453,832
 Selling, distribution
 and administrative 147,718 145,501
 Total 600,705 599,333
 Operating Income 8,116 11,028
 Interest expense 5,344 7,982
 Interest income (297) (540)
 Total 5,047 7,442
 Income Before Income Taxes 3,069 3,586
 Income Taxes
 Federal 1,056 1,116
 State and local 203 301
 Total 1,259 1,417
 Net Income $ 1,810 $ 2,169
 Net Income Per Share $ .26 $ .31
 Average Shares Outstanding 7,075 7,082
 Notes To Consolidated Financial Statements
 For its quarterly statements of consolidated income the company uses estimated gross profit percentages to compute cost of sales. An adjustment to actual cost is made at the end of the fiscal year, based on the annual physical inventory.
 -0- 4/23/92
 /CONTACT: Raymond E. Smiley, vice president and chief financial officer of Bearings, Inc., 216-881-8900, ext. 253/
 (BER) CO: Bearings, Inc. ST: Ohio IN: MAC SU: ERN


KK -- CL016 -- 2013 04/23/92 14:55 EDT
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Date:Apr 23, 1992
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