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VERNITRON CORPORATION REPORTS THIRD QUARTER RESULTS

 VERNITRON CORPORATION REPORTS THIRD QUARTER RESULTS
 NEW YORK, Oct. 28 /PRNewswire/ -- Vernitron Corporation


(NASDAQ: VRNT) announced today net sales of $20,035,000 for the quarter ended Sept. 30, 1992, compared with sales of $19,825,000 for the third quarter of 1991.
 Operating income was $812,000 for the third quarter of 1992 compared with $987,000, for the same period a year ago. The company reported net income for the quarter of $123,000 or 2 cents per share, compared with net income of $137,000, or 3 cents per share, for the third quarter of 1991. Weighted average common shares outstanding were 5,185,000 in 1992 compared with 3,834,000 for the third quarter of 1991.
 Net sales for the nine months ended Sept. 30, 1992, were $56,692,000 compared with $60,350,000 for the first nine months of 1991. The net loss for the first nine months of 1992 was $291,000, or 7 cents per share, compared with a net loss of $177,000, or 7 cents per share, for the nine months ended Sept. 30, 1991. Operating income was $1,750,000 for the first nine months of 1992 compared with $2,410,000 for the same period last year.
 Vernitron Corporation designs, manufactures, distributes and markets a full range of motion control products and precision electrochemical components for use in high reliability applications in the aerospace, defense, communications and office equipment markets.
 VERNITRON CORPORATION
 Condensed Consolidated Statements of Operations
 (Unaudited; dollars in thousands, except per-share data)
 Periods ended Quarter Nine months
 Sept. 30 1992 1991 1992 1991
 Net sales $20,035 $19,825 $56,692 $60,350
 Cost of sales 15,103 14,821 43,095 45,715
 SG&A expenses 4,066 3,833 11,690 11,667
 Amortization of intangible
 assets 54 184 157 558
 Operating income 812 987 1,750 2,410
 Interest expense - net 635 846 1,985 2,623
 Other (income) expense - net 54 4 56 (36)
 Income before taxes 123 137 (291) (177)
 Provision for taxes -- -- -- --
 Net income (loss) 123 137 (291) (177)
 Preferred stock dividends 33 16 57 16
 Net income (loss) applied to
 common shareholders' equity 90 121 (348) (193)
 Net income per common share $.02 $.03 ($.07) ($.07)
 Weighted average common
 shares outstanding 5,185,000 3,834,000 5,181,000 2,883,000
 -0- 10/28/92
 /CONTACT: Elliot Konopko of Vernitron Corporation, 212-593-7900/
 (VRNT) CO: Vernitron Corporation ST: New York IN: SU: ERN


CK-TS -- NY067 -- 6009 10/28/92 12:39 EST
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Publication:PR Newswire
Date:Oct 28, 1992
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