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BLISS & LAUGHLIN INDUSTRIES REPORTS RESULTS FOR FOURTH QUARTER AND YEAR

BLISS & LAUGHLIN INDUSTRIES REPORTS RESULTS FOR FOURTH QUARTER AND YEAR
 HARVEY, Ill., Nov. 14 /PRNewswire/ -- Bliss & Laughlin Industries Inc. (NASDAQ-NMS: BLIS) today reported a net loss of $1,084,000, or 27 cents per share, for the fourth fiscal quarter ended Sept. 30, 1991.
 This compares with net income of $292,000, or 7 cents per share, for the 1990 quarter. Net revenues were $26,733,000, down 15 percent from $31,585,000 a year earlier.
 For the fiscal year ended Sept. 30, 1991, the company reported a net loss of $2,397,000, or 60 cents per share, compared to a net loss of $225,000, or 7 cents per share, for the 1990 fiscal year. Net revenues were $114,528,000, down 2 percent from $116,648,000 a year earlier.
 Results of operations since May 11, 1990, include the results of the company's Canadian subsidiary, the assets of which were purchased from Stelco Inc.
 Chairman and Chief Executive Officer Gregory H. Parker said 1991 results were affected by the continuing recession and intense competition in the steel industry. "The government and economists are now admitting what we have said all along, that there has been little or no recovery in the steel industry,"
 He noted that inventory reductions in the 1991 fourth quarter provided sufficient cash flow to support operations.
 Parker said expenses in fiscal 1992 will be about $2 million lower than in fiscal 1991. One of the company's operating subsidiaries, Bliss & Laughlin Steel Company, instituted a salary freeze for all salaried employees on Oct. 1 and subsequently reduced its salaried work force by approximately 15 percent. The company anticipates that this action will save about $800,000 in salary and benefits in 1992. Interest expenses are expected to drop approximately $500,000, primarily due to decreased inventory levels and lower rates, and depreciation costs will be down an estimated $600,000. Approximately $100,000 of savings will be generated through lower freight costs. Cost reductions are being explored at the company's other operating subsidiary, Canadian Drawn Steel Company Inc., and any savings there will be in addition to the approximately $2 million discussed above.
 "Significantly lower costs, continued inventory reductions and reduced capital spending provide the basis for a better year in 1992," he said. "We expect to increase our shipments and the percentage of that increase will depend on how quickly the economy improves."
 Per-share results for the 1991 fiscal year are based on 3,970,000 average shares outstanding compared with 3,021,000 a year earlier. The increased number of shares reflects the sale of 1,559,759 common shares to Stelco Inc. on May 11, 1990. Also on that date, the company purchased all the assets of Stelco's Canadian Drawn Steel Company business unit. Bliss & Laughlin Industries realized $6.3 million in net cash from these transactions which was used to reduce debt.
 Headquartered in Harvey, Bliss & Laughlin Industries Inc. is a manufacturer of cold finished steel bars, producing the widest range of grades, sizes and shapes in the industry.
 BLISS & LAUGHLIN INDUSTRIES INC.
 Consolidated Financial Report
 (In thousands, except per-share amounts)
 Periods ended Three Months 12 Months
 Sept. 30 1991 1990 1991 1990
 Net revenues $26,733 $31,585 $114,528 $116,648
 Income (loss) before taxes (1,576) 589 (3,662) (280)
 Income tax (provision) benefit 492 (297) 1,265 55
 Net income (loss) (1,084) 292 (2,397) (225)
 Net income (loss) per share $(.27) $.07 $(.60) $(.07)
 Average shares outstanding 3,970 3,970 3,970 3,021
 -0- 11/14/91
 /CONTACT: George W. Fleck, VP and CFO of Bliss & Laughlin Industries, 312-264-1800, or Liz Howells of Doremus & Company, 312-321-1377, for Bliss & Laughlin/
 (BLIS) CO: Bliss & Laughlin Industries Inc. ST: Illinois IN: MNG SU: ERN SH-CK -- NY071 -- 1145 11/14/91 14:15 EST
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Publication:PR Newswire
Date:Nov 14, 1991
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