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MORGAN PRODUCTS REPORTS SECOND QUARTER EARNINGS

 LINCOLNSHIRE, Ill., July 23 /PRNewswire/ -- Morgan Products Ltd. (NYSE: MGN) announced today that earnings for the second quarter ended July 3, 1993 were $103,000 or $.01 per share, compared to $557,000 or $.07 per share in the same period of 1992. Net sales for the quarter were $96.2 million, down 8.2 percent from the $104.8 million shipped in the comparable 1992 period.
 Year-to-date net income was $150,000 or $.02 per share, up from a loss of $475,000 or $.06 per share for the six months of 1992. Net sales were $191.2 million, down 2.1 percent from the $195.3 million reported in the first half of 1992.
 Arthur Knight, Jr., president and CEO, commented, "Our disappointing sales volume for the quarter reflected soft business conditions in some of our key geographic areas, continuing weather-related construction delays, and reduced wood door demand in anticipation of price reductions based on customers' expectations of falling lumber costs. In spite of the weak volume, our Morgan Distribution and Morgan Manufacturing business units were profitable for the quarter."
 Mr. Knight commented further, "We look for continued volatility in wood raw material costs which is having an adverse impact on Morgan Manufacturing's revenues and earnings.
 The company also announced it had sold its idle Shawano facility for $1.8 million in mid-July 1993 which will be reflected in the third quarter balance sheet. Long-term debt was $55.8 million as of July 3, 1993, compared to $58.3 million for the prior quarter.
 Morgan Products Ltd. is leading manufacturer and distributor of specialty building products through its two business units, Morgan Distribution and Morgan Manufacturing.
 Morgan Distribution, a regional wholesale distributor, is comprised of eleven distribution/fabrication centers. Major products distributed include Morgan doors, Andersen premium window systems, Morgan mantels, Morgan stairway systems, Pease and Therma-Tru steel and composite doors, flush doors, molded doors, wood bi-fold doors and louvered doors.
 Morgan Manufacturing is a national manufacturer of premium solid wood interior and exterior doors and entrance systems and other specialty building products such as wood veneer and fireplace mantels. Products manufactured by the company are sold under the trade names "Morgan" and "Nicolai." Manufactured products are sold through the company's Morgan Distribution unit and independent distributors, home improvement chain stores and other retail outlets.
 MORGAN PRODUCTS LTD.
 (Unaudited)
 Six months ended Three months ended
 July 3 July 4 July 3 July 4
 1993 1992 1993 1992
 Net sales $191,169,000 $195,298,000 $96,205,000 $104,822,000
 Net income (loss) 150,000 (475,000) 103,000 557,000
 Earnings (loss)
 per share $0.02 ($0.06) $0.01 $0.07
 Average shares
 outstanding 8,489,533 8,489,410 8,494,285 8,489,904
 -0- 7/23/93
 /CONTACT: Gerard Coffey of G.A. Kraut Company Inc., 212-696-5600, for Morgan Products, Ltd., or Arthur L. Knight, Jr., president and CEO, or Douglas H. MacMillan, vice president and CFO of Morgan Products Ltd., 708-317-2400/
 (MGN)


CO: Morgan Products Ltd. ST: Illinois IN: CST SU: ERN

TS-MP -- NY078 -- 5280 07/23/93 16:09 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
Words:520
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