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TRIMAS CORPORATION ANNOUNCES RECORD THIRD-QUARTER RESULTS AS EARNINGS PER SHARE INCREASE 41 PERCENT ON HIGHER NUMBER OF SHARES OUTSTANDING

TRIMAS CORPORATION ANNOUNCES RECORD THIRD-QUARTER RESULTS AS EARNINGS PER SHARE INCREASE 41 PERCENT ON HIGHER NUMBER OF SHARES OUTSTANDING
 ANN ARBOR, Mich., Oct. 26 /PRNewswire/ -- TriMas Corporation (NYSE: TMS) today reported record sales and earnings for the third quarter ended Sept. 30, 1992. Earnings available for common stock, after providing for preferred stock dividends, for the third quarter of 1992 increased 109 percent to $6.5 million, as compared to $3.1 million for the comparable period of 1991. Earnings per common share increased 41 percent in the third quarter to $.45 based on 14.5 million shares outstanding compared to $.32 per share and 9.9 million shares in the third quarter of 1991. The higher number of shares outstanding during the quarter resulted from the public offering of 4.6 million common shares in April 1992. Net sales for the quarter increased 19 percent to $100.6 million as compared to $84.9 million recorded in the third quarter of 1991.
 Although the economy is recovering at a slower pace than originally forecast earlier in the year, all of the company's business segments recorded increased sales and operating earnings during the third quarter, as compared to third quarter 1991. The ongoing strength that the company sees in several key markets leads management to believe that TriMas should achieve record sales and earnings in 1992. Ongoing operating efficiencies, market share initiatives, new product introductions, and interest expense reductions should continue to favorably impact operating results for the remainder of 1992, as well as in 1993.
 In view of the favorable long-term outlook for the company, the board of directors has declared an initial quarterly cash dividend of $.05 per common share. The dividend is payable on Nov. 16, 1992, to shareholders of record on Oct. 16, 1992.
 TriMas Corporation is a diversified manufacturer of products for consumer, industrial and commercial markets including specialty fasteners, towing systems and related accessories, specialty container products, specialty insulation and tape products, and precision cutting tools.
 TRIMAS CORPORATION
 Consolidated Condensed Statement of Income
 (Amounts in thousands except per-share data; unaudited)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Net sales $100,600 $84,870 $303,370 $260,230
 Cost of sales (69,870) (59,020) (208,260) (177,170)
 Selling, general and
 administrative
 expenses (15,610) (13,470) (48,060) (40,290)
 Other expense, net (1,190) (4,200) (7,590) (14,480)
 Income before income
 taxes and extraordinary
 charge 13,930 8,180 39,460 28,290
 Income taxes 5,650 3,310 16,020 11,480
 Income before
 extraordinary charge 8,280 4,870 23,440 16,810
 Extraordinary charge
 related to the early
 extinguishment of debt,
 net of income taxes --- --- (5,740) ---
 Net income $8,280 $4,870 $17,700 $16,810
 Earnings available
 for common stock:
 Before extraordinary
 charge $6,530 $3,120 $18,190 $11,560
 After extraordinary
 charge $6,530 $3,120 $12,450 $11,560
 Earnings per common
 share:
 Before extraordinary
 charge $.45 $.32 $1.45 $1.17
 Extraordinary charge --- --- (.45) ---
 Earnings per common
 share $.45 $.32 $1.00 $1.17
 Weighted average no.
 of common and common
 equivalent shares
 outstanding 14,513 9,901 12,507 9,908
 -0- 10/26/92
 /CONTACT: Brian Campbell, president, TriMas Corporation, 313-747-7025/
 (TMS) CO: TriMas Corporation ST: Michigan IN: SU: ERN


ML -- DE006 -- 4616 10/26/92 09:41 EST
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Publication:PR Newswire
Date:Oct 26, 1992
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