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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 GLMA Gay and Lesbian Medical Association ), 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 North American

named after North America.


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see North American blastomycosis.

North American cattle tick
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 Automakers.

We expect our operating performance to continue to improve for monofilament monofilament,
n a single strand of untwisted synthetic material such as nylon; used to create surgical sutures.

monofilament 
 products and truck controls during the fourth quarter.

Glassmaster Company is a Lexington, South Carolina-based processor- fabricator of thermoplastic A polymer material that turns to liquid when heated and becomes solid when cooled. There are more than 40 types of thermoplastics, including acrylic, polypropylene, polycarbonate and polyethylene.  and thermoset A polymer-based liquid or powder that becomes solid when heated, placed under pressure, treated with a chemical or via radiation. The curing process creates a chemical bond that, unlike a thermoplastic, prevents the material from being remelted. See thermoplastic.  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 South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures


Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15.
 IN: TEX (tai epsion chi) A typesetting language developed by Stanford professor Donald Knuth that is noted for its ability to describe elaborate scientific formulas. Pronounced "tek" or the guttural "tekhhh" (the X is the Greek chi, not the English X), TeX is widely used for mathematical book  SU: ERN

BR -- CHTH010 -- 7127 06/26/97 15:36 EDT EDT
abbr.
Eastern Daylight Time


EDT Eastern Daylight Time

EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York

EDT 
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Date:Jun 26, 1997
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