Printer Friendly

MICHIGAN RIVET REPORTS RESULTS

 WARREN, Mich., Aug. 31 /PRNewswire/ -- Michigan Rivet Corporation announced its results of operations for the third quarter and nine months ended July 31, 1993.
 Sales for the quarter ended July 31, 1993, were $7,813,000, down 5 percent from the same quarter in 1992. Net loss of ($329,000) or ($.51) per share compared to a net profit of $31,000 or $.05 per share in the comparable period a year ago.
 For the nine months ended July 31, 1993, sales were $24,482,000, up 5 percent from the same period in 1992. Net loss was ($480,000) or ($.75) per share. The nine months 1992 loss includes a gain of $190,000 for change in accounting for income taxes.
 MICHIGAN RIVET CORPORATION
 Three Months Ended Nine Months Ended
 July 31 July 31
 1993 1992 1993 1992
 Net sales $7,812,667 $8,235,627 $24,481,789 $23,353,273
 Income (loss)
 before cumulative
 effect of accounting
 change ($498,431) $47,529 ($727,409) ($403,454)
 Cumulative effect
 of change in
 accounting for
 income taxes --- --- --- $190,000
 Net income
 (loss) ($329,431) $30,529 ($480,409) ($76,454)
 Earnings (loss)
 per share ($.51) $.05 ($.75) ($.12)
 Michigan Rivet Corporation produces specialty fasteners for the automotive industry. Its manufacturing facilities are located in Warren and Petoskey, Mich. Michigan Rivet's stock is traded on the Michigan Over-the-Counter exchange.
 -0- 8/31/93
 /CONTACT: William P. Lianos, vice president and treasurer of Michigan Rivet Corporation, 313-754-5100/


CO: Michigan Rivet Corporation ST: Michigan IN: AUT SU: ERN

ML -- DE006 -- 7375 08/31/93 09:08 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 31, 1993
Words:265
Previous Article:ALLTEL TO ACQUIRE TDS HEALTHCARE SYSTEMS
Next Article:ARBOR DRUGS, INC. DECLARES QUARTERLY CASH DIVIDEND
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters