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CONTINENTAL MATERIALS PROFIT FROM ONGOING OPERATIONS INCREASES IN 1992; NON-RECURRING COSTS REDUCE NET EARNINGS

 CHICAGO, March 16 /PRNewswire/ -- Continental Materials Corp. (AMEX: CUO) today reported net income of $137,000, or 12 cents per share, on net sales of $79.2 million. This compares to 1991 net income of $598,000, or 51 cents per share, on net sales of $73.5 million.
 The company's 1992 results were negatively impacted by non-recurring pre-tax charges of $925,000 ($590,000, or 50 cents per share on an after-tax basis), mainly attributable to litigation costs of an unsuccessful trade secret suit filed against a competitor and former executives of CMC's Imeco, Inc., subsidiary.
 In 1991, a net non-recurring charge of $70,000, or 6 cents per share, was incurred by Continental Materials Corp.
 On a year-to-year basis, net income per share, excluding non- recurring items, would have been 62 cents per share in 1992, vs. 57 cents per share in 1991.
 For the fourth quarter, traditionally the strongest of the year for CMC, net income was $649,000, or 55 cents per share, on net sales of $20.1 million. This compares to 1991 figures of $545,000 net income, or 46 cents per share, on net sales of $20.3 million.
 Without the previously mentioned non-recurring items, 1992 fourth quarter net income would have been approximately $940,000, or 80 cents per share. On the same basis in 1991, net income would have been approximately $750,000, or 64 cents per share, for the quarter.
 CONTINENTAL MATERIALS CORP.
 Summary of Sales and Earnings
 Periods Three Months Fiscal Year
 Ended 1/1/93 1/3/92 1/1/93 1/3/92
 Net sales $20,137,000 $20,273,000 $79,175,000 $73,544,000
 Operating income 2,003,000 1,721,000 3,007,000 3,096,000
 Interest expense (444,000) (533,000) (1,862,000) (2,374,000)
 Interest income 18,000 370,000 54,000 398,000
 Trade secrets
 litigation costs (472,000) -- (925,000) --
 Write-off of
 terminated
 acquisition costs (117,000) (900,000) (117,000) (900,000)
 Other income 50,000 202,000 105,000 418,000
 Income before
 income tax 1,038,000 860,000 262,000 638,000
 Provision for
 income taxes 389,000 315,000 125,000 40,000
 Net income $ 649,000 $ 545,000 $ 137,000 $ 598,000
 Net income (loss)
 per share $0.55 $0.46 $0.12 $0.51
 Average shares
 outstanding 1,174,000 1,174,000 1,174,000 1,174,000
 -0- 3/16/93
 /CONTACT: Joe Sum, 312-661-7222, or Mark Nichter, 312-661-7247, both of Continental Materials Corp./
 (CUO)


CO: Continental Materials Corp. ST: Illinois IN: CST SU: ERN

GK -- NY047 -- 6596 03/16/93 13:37 EST
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Publication:PR Newswire
Date:Mar 16, 1993
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