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HAKO MINUTEMAN REPEATS RECORD SALES;2ND-QUARTER OPERATING PROFITS UP 82 PERCENT ON 20-PERCENT SALES GROWTH

 ADDISON, Ill., July 21 /PRNewswire/ -- Hako Minuteman, Inc. (NASDAQ-NMS: HAKO) said today that sales for the second quarter, ended June 30, 1993, marked the second consecutive quarter of record sales in the company's history.
 Net sales for the second quarter increased 20 percent to $10,013,000 from $8,327,000 in the 1992 period. Income from operations escalated 82 percent in the 1993 second quarter to $1,110,000 from $609,000 in the year-ago quarter.
 For the six months ended June 30, 1993, net sales advanced 21 percent to $19,765,000 from $16,328,000 in the 1992 six months. Income from operations rose 47 percent in the 1993 first half, to $2,152,000 from $1,467,000 during the similar 1992 period.
 Jerome E. Rau, president and chief executive officer, said that while the net sales increase was due, in part, to the success of the company's international distribution, its domestic dealer business continues to show significant improvement, in spite of a lagging economy.
 Net income for the second quarter was $689,000, or 19 cents per share, a 54-percent increase from $446,000, or 13 cents per share, in the second quarter 1992. Net income for the 1993 first half increased 32.4 percent to $1,350,000, or 38 cents per share from $1,020,000, or 29 cents per share in the year-earlier period.
 Reflecting on the company's achievements, throughout the last 18 months, Rau said, "The benefits of our concerted efforts to control costs, improve distribution, and introduce new products, are successfully being realized."
 DIVIDEND DECLARED
 The board of directors of Hako Minuteman, Inc. has declared a quarterly dividend of 7 cents per share on the company's common stock, payable Aug. 16, 1993, to shareholders of record on July 30, 1993.
 Headquartered in Addison, Hako Minuteman, Inc. is a full-line manufacturer of commercial and industrial vacuums, floor and carpet care equipment and chemical cleaning and coating products which the company markets worldwide. It also manufactures and markets litter pick-up machines and lawn sweeping equipment.
 The company's shares are traded on the NASDAQ National Market System under the symbol HAKO.
 HAKO MINUTEMAN, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 (In thousands, except per-share data, unaudited)
 Three Months Ended Six Months Ended
 June 30, Pct. June 30, Pct.
 1993 1992 Change 1993 1992 Change
 Net sales $10,013 $8,327 20.2 $19,765 $16,328 21.0
 Cost of sales 6,565 5,421 21.1 13,047 10,683 22.1
 Gross profit $3,448 $2,906 18.7 $6,718 $5,645 19.0
 Selling expenses 1,819 1,750 3.9 3,585 3,264 9.8
 General and
 administrative
 expenses 519 547 (5.1) 981 914 7.3
 Income from
 operations $1,110 $609 82.3 $2,152 $1,467 46.7
 Other income 26 64 (59.4) 59 132 (55.3)
 Income before
 income taxes $1,136 $673 68.8 $2,211 $1,599 38.3
 Income tax expense 447 227 96.9 861 579 48.7
 Net income $689 $446 54.5 $1,350 $1,020 32.4
 Net income per
 share $.19 $.13 --- $.38 $.29 ---
 Average number of
 shares
 outstanding 3,568 3,568 --- 3,568 3,568 ---
 -0- 7/21/93
 /CONTACT: Jerome E. Rau, president and CEO, Hako Minuteman, 708-627-6900/
 (HAKO)


CO: Hako Minuteman, Inc. ST: Illinois IN: HOU SU: ERN DIV

SB-SM -- DE006 -- 3841 07/21/93 10:12 EDT
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Publication:PR Newswire
Date:Jul 21, 1993
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