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Glassmaster Company Third Quarter Results Net Income Up & QS 9000 Registration

LEXINGTON, S.C., June 26 /PRNewswire/ -- Raymond Trewhella, President of Glassmaster Company (Nasdaq: GLMA), reported today net income for the third quarter ending June 1, 1997 was $103,092 or $0.06 per share compared to the net income of $19,496 or $0.01 per share for the same period last year. Sales for the quarter were $5,641,301 a decrease of 12% over the same period last year and exceeded this year's second quarter sales by 4%.

Year-to-date sales of $15,818,744 are down 10.6% from last year, however, net income of $109,286 or $0.07 per share improved from $64,621 or $0.04 per share last year.

During the quarter, Glassmaster Controls Company, Inc. located in Kalamazoo, Michigan was recommended for QS 9000 registration -- a distinction awarded by Perry Johnson Registrars, Inc., a worldwide recognized certification company. QS 9000 is a general manufacturing quality standard jointly developed by a Chrysler/Ford/ General Motors Supplier Quality Requirements Task Force to harmonize the fundamental quality system expectations of the three major North American Automakers.

We expect our operating performance to continue to improve for monofilament products and truck controls during the fourth quarter.

Glassmaster Company is a Lexington, South Carolina-based processor- fabricator of thermoplastic and thermoset plastic materials, where it manufactures extruded monofilaments including sewing thread, filaments for papermakers fabrics, trimmer and fishing lines. The Company also operates a plant in Newberry, SC, where it manufactures marine and CB antennas and specialty fiberglass products, and a plant in Kalamazoo, Michigan, where it manufactures and assembles a wide range of flexible steel wire controls and molded plastic control panels.
 GLASSMASTER COMPANY
 CONSOLIDATED INCOME STATEMENT
 (Thousands) (Unaudited)
 Three Months Ended Nine Months Ended
 June 1, 1997 June 2, 1996 June 1, 1997 June 2, 1996
 NET SALES $5,641.3 $6,407.0 $15,818.7 $17,703.5
 COST OF SALES 4,569.1 5,439.0 12,994.9 14,877.0
 GROSS MARGIN 1,072.2 968.0 2,823.8 2,826.5
 SELLING EXPENSES 289.4 288.7 799.3 820.7


GENERAL &

ADMINISTRATIVE
 EXPENSES 263.5 311.7 783.0 834.0


GROSS OPERATING
 INCOME 519.2 367.6 1,241.5 1,171.9
 INTEREST EXPENSE 164.3 158.6 468.2 473.1


OTHER (INCOME) AND
 EXPENSES - NET 207.0 182.7 621.4 618.7


INCOME (LOSS) BEFORE
 INCOME TAXES 147.9 26.3 152.0 80.1


PROVISION FOR INCOME
 TAXES 44.8 6.9 42.7 15.5
 NET INCOME (LOSS) $ 103.1 $ 19.5 $ 109.3 $ 64.6


NET INCOME (LOSS)
 PER SHARE $ 0.06 $ 0.01 $ 0.07 $ 0.04
 Consolidated Balance Sheet
 (Thousands) (Unaudited)
 As of As of
 June 1, 1997 June 2, 1996


ASSETS
 CURRENT ASSETS $ 6,971.7 $ 7,058.0
 FIXED ASSETS - NET OF DEPRECIATION 6,072.0 5,592.3
 OTHER ASSETS 332.9 255.3
 TOTAL ASSETS $13,376.6 $12,905.5


LIABILITIES & STOCKHOLDER EQUITY
 CURRENT LIABILITIES $ 5,922.4 $ 5,902.7
 LONG TERM DEBT 3,298.2 3,087.5
 DEFERRED INCOME TAXES 514.5 453.0
 TOTAL LIABILITIES 9,735.1 9,443.2
 STOCKHOLDER'S EQUITY 3,641.5 3,462.4
 TOTAL LIABILITIES & STOCKHOLDER EQUITY $13,376.6 $12,905.5


SOURCE Glassmaster Company
 -0- 6/26/97


/CONTACT: Raymond M. Trewhella, President, Glassmaster Company, 803-359-2594/

(GLMA)

CO: Glassmaster Company ST: South Carolina IN: TEX SU: ERN

BR -- CHTH010 -- 7127 06/26/97 15:36 EDT http://www.prnewswire.com
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Publication:PR Newswire
Date:Jun 26, 1997
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