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OAK INDUSTRIES ANNOUNCES SECOND-QUARTER RESULTS; SALES GROW 22 PERCENT -- OPERATING PROFITS INCREASE 193 PERCENT

 OAK INDUSTRIES ANNOUNCES SECOND-QUARTER RESULTS;


SALES GROW 22 PERCENT -- OPERATING PROFITS INCREASE 193 PERCENT
 WALTHAM, Mass., July 15 /PRNewswire/ -- Oak Industries Inc., (NYSE:OAK) today reported net income of $2.4 million, or 3 cents per share, for the quarter ended June 30, 1992, compared with a net loss of $1.5 million, or a loss of 2 cents per share, for the same period in 1991. Second quarter 1991 results included non-recurring charges of $2.6 million and income of $0.3 million from discontinued operations. Net sales increased 22 percent to $38.2 million, from $31.2 million for the second quarter of 1991.
 For the six months ended June 30, 1992, Oak reported net income of $8.4 million, or 10 cents per share, compared with a net loss of $1.0 million, or a loss of 1 cent per share, for the same period in 1991. Net sales for the first half of 1992 were $74.2 million, compared with $63.3 million for the same period of 1991. This year's results include a benefit of $3.5 million, or 4 cents per share, reflecting the adoption by the company in the first quarter of FAS 109 - "Accounting for Income Taxes."
 "We are pleased with our performance this quarter, because it demonstrates our ability to profitably grow our businesses despite the weak economic environment," said William S. Antle III, president and chief executive officer. "Our sales growth resulted from an emphasis on expanding market positions by developing new products, intensifying sales and marketing efforts, and investing in capital equipment. Oak's increase in operating profits reflected both higher sales volumes and ongoing efforts to improve our manufacturing processes and reduce costs."
 Antle added, "Oak's balance sheet remains strong and, as of June 30, 1992, we had $33.9 million in cash, total debt of $7.2 million and a debt-to-equity ratio of eight percent. During the quarter, we redeemed the remaining $4.1 million of our 10-1/2 percent convertible subordinated debentures that were outstanding."
 Oak Industries Inc., provides components and controls for leading manufacturers in a range of industries, including consumer appliances, electronics, medical testing equipment, military, telecommunications and transportation. The company is pursuing a strategy for growth through new-product introductions, ongoing productivity enhancements and strategic acquisitions.
 A consolidated statement of operations for the company is attached.
 OAK INDUSTRIES INC.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1992 AND 1991
 (Unaudited)
 (In thousands, except per share data)
 For the three months For the six months
 ended June 30 ended June 30
 1992 1991 1992 1991
 Net sales $38,204 $31,225 $74,187 $63,352
 Costs and expenses 35,779 30,396 69,277 62,063
 Income from continuing
 operations before
 non-recurring items 2,425 829 4,910 1,289
 Non-recurring income
 (expense) 0 (2,640) 0 (2,640)
 Income (loss) from
 continuing operations 2,425 (1,811) 4,910 (1,351)
 Income from discontinued
 operations 0 305 0 305
 Effect of change in
 accounting principle 0 0 3,500 0
 Net income (loss) $2,425 ($1,506) $8,410 ($1,046)
 Net income (loss)
 per common share
 (Primary and fully diluted)
 Continuing operations $0.03 ($0.02) $0.06 ($0.01)
 Discontinued operations 0 0 0 0
 Effect of change in
 accounting principle 0 0 0.04 0
 Net income (loss)
 per common share $0.03 ($0.02) $0.10 ($0.01)
 Weighted average common
 shares outstanding 82,556 82,529 82,542 82,528
 -0- 7/15/92
 /CONTACT: William C. Weaver, chief financial officer, Oak Industries Inc., 617-890-0400; or Jean M. Devine of Sharon Merrill Associates, Inc., 617-262-1800, for Oak Industries/
 (OAK) CO: Oak Industries ST: Massachusetts IN: CPR SU: ERN


PB -- NE003 -- 9391 07/15/92 08:59 EDT
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Publication:PR Newswire
Date:Jul 15, 1992
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