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TAB PRODUCTS REPORTS FIRST QUARTER RESULTS

 PALO ALTO, Calif., Sept. 16 /PRNewswire/ -- TAB Products Co. (AMEX: TBP) today reported that sales for the first quarter ended Aug. 31, 1993, were $28,751,000, or 8 percent lower than the $31,238,000 in the first quarter of last year. The company reported a net loss of $197,000 or 4 cents per share compared with net earnings of $648,000 or 14 cents per share for the same period last year. The results for the August 1993 quarter included a one-time charge of $440,000 for severance costs related to the company's previously announced cost reduction program implemented during the last month of the quarter.
 Mike Dering, president and chief executive officer, attributed the decline in revenues to sluggish economic conditions in North America and Europe as well as the continuing softness in government orders in the United States. He noted first quarter results did not include any benefit from the recently introduced cost reduction program, which is estimated to save the company approximately $2,000,000 on an annualized basis.
 TAB, which has headquarters in Palo Alto, is a leading records management company which manufactures and markets office filing and furniture systems which are sold worldwide. Common shares are traded on the American Stock Exchange under the symbol TBP.
 TAB PRODUCTS CO.
 Three Months Ended Aug. 31: 1993 1992
 Revenues $28,751,000 $31,238,000
 Operating income 2,000 1,443,000
 Earnings before taxes (337,000) 1,113,000
 Income taxes 140,000 465,000
 Net earnings (loss) (197,000) 648,000
 Earnings per share ($0.04) $ 0.14
 Weighted average shares outstanding 4,788,839 4,700,690
 -0- 9/16/93
 /CONTACT: John W. Peth, executive vice president and chief operating officer of TAB Products, 415-852-2495; or Kevin Costello of Cameron Associates, 212-644-9560, for TAB Products/
 (TBP)


CO: TAB Products Co. ST: California IN: SU: ERN

LH-TM -- SJ003 -- 2722 09/16/93 13:40 EDT
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Publication:PR Newswire
Date:Sep 16, 1993
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