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KIT ANNOUNCES EARNINGS FOR THIRD QUARTER 1993

 LONG BEACH, Calif., Sept. 7 /PRNewswire/ -- KIT Manufacturing Co. (AMEX: KIT) reported a sales increase for the third quarter ended July 31, 1993, as compared to the third quarter of fiscal 1992. The company reported net income of $53,000, or $0.04 per share, for the current fiscal quarter in comparison to net income of $215,000, or $0.15 per share, for the same period in 1992.
 Total sales increased 30 percent from the prior fiscal quarter. Manufactured housing sales increased 9 percent, while recreational vehicle sales increased 41 percent in comparison to the second quarter in fiscal 1992.
 According to Dan Pocapalia, KIT's chairman of the board and chief executive officer, "The drop in earnings was the result of several factors. First, earnings for the third quarter in 1992 included an experience refund from our medical insurance carrier which was based upon the prior-year's activity. However, the continued escalation of medical costs and increases in health care utilization will preclude any experience refunds for the current year. Also, earnings were impacted by the temporary shutdown during the second quarter of the current year, by the Midwestern RV plant's re-tooling for the introduction of a new product line. And finally, year-to-date results were affected by the loss of the Midwestern manufactured housing plant in June 1992."
 The achievement of a 30 percent increase in sales is evidence that management is on course to achieve both our short-term and long-term objectives of the company. This increase will be further enhanced by the various programs to boost our manufacturing capacity. KIT's management team is excited about the company's aggressive goals and the outlook for the future.
 KIT MANUFACTURING CO.
 Condensed Financial Statements
 Statements of Income (Unaudited)
 Three Months Nine Months
 Ended July 31, Ended July 31,
 1993 1992 1993 1992
 Sales $18,399,000 $14,189,000 $42,446,000 $42,971,000
 Costs and
 expenses 18,309,000 13,830,000 43,099,000 43,024,000
 Income (loss)
 before income
 taxes 90,000 359,000 (653,000) (53,000)
 Provision (credit)
 for income
 taxes 37,000 144,000 (268,000) (21,000)
 Net income
 (loss) $53,000 $215,000 ($385,000) ($32,000)
 Net income
 (loss) per share $0.04 $0.15 ($0.26) ($0.02)
 Average shares
 outstanding 1,472,389 1,472,389 1,472,389 1,472,389
 -0- 9/7/93
 /CONTACT: Dale J. Gonzalez, senior VP & treasurer, 310-595-7451/
 (KIT)


CO: KIT Manufacturing Co. ST: California IN: CST SU: ERN

LM-JB -- LA023 -- 9451 09/07/93 16:00 EDT
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Publication:PR Newswire
Date:Sep 7, 1993
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