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TRANZONIC REPORTS SECOND QUARTER EARNINGS

 CLEVELAND, Sept. 28 /PRNewswire/ -- The Tranzonic Companies (AMEX: TNZA/TNZB) today reported net income of $925,500, or 27 cents per share, on sales of $33,279,700 for the second fiscal quarter ended Aug. 31. In the like period last year, the Cleveland-based manufacturer/distributor of paper, cloth and vinyl products had net income of $1,550,500, or 44 cents per share, on sales of $32,067,800.
 Robert S. Reitman, chairman and chief executive officer, said that while sales of both consumer and industry-oriented products recorded modest sales gains during the quarter, margins on some product lines were affected by competition for market share. He added that second quarter results also were affected adversely by manufacturing start-up costs and production inefficiencies which have been identified and are being corrected.
 Reitman said that results of operations of Ever-Ready Appliance Manufacturing Company, which Tranzonic purchased two weeks before the end of the quarter, while positive, were not material to the quarter.
 Ever-Ready is a leading manufacturer of ironing boards and step stools, products which complement the ironing board pads and covers produced by Tranzonic's Pressing Supply Company. Reitman said the company is planning actions to exploit the complementary nature of the two businesses which he said are expected to produce important long-term sales and earnings benefits.
 For the six months ended Aug. 31, net income amounted to $2,002,500, or 57 cents per share, on sales of $64,517,900. In the year-ago period, net income was $2,616,700, or 74 cents per share, on sales of $60,118,200.
 Tranzonic has four divisions. Its Personal Care Division manufactures and distributes personal hygiene products while the Industrial Textiles Division supplies industrial wiping products. The Housewares Division produces and markets laundry accessories, closet organization products, personal travel organizers and cedar storage units. The Industrial Packaging Division manufactures spiral-wound paper tubes and cores for industry.
 THE TRANZONIC COMPANIES (Unaudited)
 THREE MONTHS
 Period ended Aug. 31 1993 1992
 Sales $33,279,700 $32,067,800
 Earnings before taxes 1,524,000 2,474,500
 Income taxes 598,500 924,000
 Net earnings 925,500 1,550,500
 Per share amounts:
 Net earnings .27 .44
 Dividends:
 Per Class A Common Share .045 .04
 Per Class B Common Share .085 .08
 Average Class A Common,
 Class B Common and Common
 Equivalent Shares Outstanding 3,523,902 3,551,436
 SIX MONTHS
 Period ended Aug. 31 1993 1992
 Sales $64,517,900 $60,118,200
 Earnings before taxes 3,298,500 4,234,700
 Income taxes 1,296,000 1,618,000
 Net earnings 2,002,500 2,616,700
 Per share amounts:
 Net earnings .57 .74
 Dividends:
 Per Class A Common Share .09 .08
 Per Class B Common Share .17 .16
 Average Class A Common,
 Class B Common and Common
 Equivalent Shares Outstanding 3,529,992 3,551,802
 -0- 9/28/93
 /CONTACT: Robert S. Reitman of Tranzonic, 216-831-5757/
 (TNZA TNZB)


CO: The Tranzonic Companies ST: Ohio IN: HOU SU: ERN

BM -- CL014 -- 6472 09/28/93 15:18 EDT
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Publication:PR Newswire
Date:Sep 28, 1993
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