HARLYN PRODUCTS ANNOUNCES FISCAL-YEAR RESULTS
HARLYN PRODUCTS ANNOUNCES FISCAL-YEAR RESULTS LOS ANGELES, Sept. 25 /PRNewswire/ -- Harlyn Products Inc.
(AMEX: HRN) announces net income of $1,111,000 earned for its fiscal year ended June 30, 1992. Operating in an economic climate that has been particularly difficult for the jewelry industry, Harlyn has succeeded in earning net income of more than $1,000,000 for the fifth year in a row.
Net sales for fiscal 1992 were $27,534,000, compared to $29,338,000 for 1991. This decline in sales is primarily because of a decrease in sales volume to U.S. customers of $3,843,000 from the prior year. Sales by Harlyn's Thailand subsidiary increased by $2,039,000 as market penetration expanded to additional European nations. A cost-reduction effort begun last year reduced U.S. selling, general and administrative expenses by $1,100,000; offset by additional depreciation expense of $540,000 and increases in Thailand selling and administrative expenses of $471,000. In addition, the sale of two U.S. land parcels formerly used for parking lots netted a pre-tax gain of $682,000. Through these difficult times, the company will continue to aggressively market its products, monitoring the economy in order to make any adjustments necessary to ensure the long-term profitability of the company. HARLYN PRODUCTS INC. Operating Results (In thousands, except per share data) Fiscal Year Ended June 30, 1992 1991 Net sales $27,534 $29,338 Net income $1,111 $1,593 Earnings per share $0.25 $0.34 Average shares outstanding 4,522,000 4,695,000 -0- 9/25/92 R /CONTACT: Edward Dudziak or Randall Monson of Harlyn Products, 213-746-0745/ (HRN) CO: Harlyn Products Inc. ST: California IN: SU: ERN
EH-LS -- LA003 -- 3462 09/25/92 11:00 EDT
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|Date:||Sep 25, 1992|
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