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WASHINGTON SCIENTIFIC REPORTS IMPROVED THIRD QUARTER EARNINGS

 WASHINGTON SCIENTIFIC REPORTS IMPROVED THIRD QUARTER EARNINGS
 MINNEAPOLIS, June 18 /PRNewswire/ -- Washington Scientific Industries, Inc. (NASDAQ: WSCI) today reported net earnings of $408,000, or 17 cents per share, for the 12 weeks ended May 31, 1992. This compares with a net loss of $383,000, or 16 cents per share in last year's third quarter.
 Net sales for this year's third quarter were $13,654,000, compared with $15,129,000 in the third quarter of 1991.
 For the 40 weeks ended May 31, 1992, net sales were $46,476,000 and the company reported a net loss of $1,447,000, or 61 cents per share. This compares with net sales of $48,117,000 and a net loss of $360,000, or 15 cents per share, in the same period of 1991. The company's net loss for the first 40 weeks of 1992 includes a reserve of $1,443,000, after tax, taken during the second quarter, relating to the closing of the company's contract manufacturing plant in Covina, Calif.
 Clifford W. Dinsmore, president and CEO, said, "Both efficiencies and cost improvements contributed to third quarter results. We are optimistic that this profitable trend will continue in the near future. However, the extent of our profits going forward will be subject to market conditions and the demands of our customers. We have taken substantial actions to reduce our cost structure, and the benefits of our efforts are beginning to be reflected in our performance."
 Washington Scientific Industries is a Minnesota-based provider of high precision manufacturing services for a variety of industries. The company's Contract Manufacturing Division produces machined metal components and subassemblies in two plants located in Minnesota, and its Advanced Custom Molders subsidiary produces thermoplastic injection molded components in two Texas locations.
 WASHINGTON SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF EARNINGS
 (Unaudited)
 (In thousands except per-share data)
 12 weeks ended 40 weeks ended
 May 31, June 2, May 31, June 2,
 1992 1991 1992 1991
 Net sales $13,654 $15,129 $46,476 $48,117
 Cost of products sold 11,806 13,768 42,060 42,848
 Gross margin 1,848 1,361 4,416 5,269
 Selling and administrative
 expense 1,091 1,515 3,594 4,644
 Provision for costs related
 to restructuring and
 plant closing - - 2,091 -
 Earnings (loss) from
 operations 757 (154) (1,269) 625
 Interest and other income (111) (18) (164) (58)
 Interest expense 278 340 993 1,119
 Earnings (loss) before
 income taxes 590 (476) (2,098) (436)
 Income taxes (benefit) 182 (93) (651) (76)
 Net earnings (loss) $408 $(383) $(1,447) $(360)
 Net earnings (loss)
 per share $.17 $(.16) $(.61) $(.15)
 Weighted average number
 of common shares
 outstanding 2,380,401 2,380,401 2,380,401 2,380,401
 Dividends paid per
 common share - $.05 $.05 $.15
 -0- 6/18/92
 /CONTACT: Jack Falker of Swenson Falker Eilertsen, 612-371-0000 or Bill Lucke of Washington Scientific Industries, 612-473-1271/
 (WSCI) CO: Washington Scientific Industries, Inc. ST: Minnesota IN: SU: ERN


KH -- MN002A -- 1309 06/18/92 05:00 EDT
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Date:Jun 18, 1992
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