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WEDCO TECHNOLOGY REPORTS 111 PERCENT INCREASE IN FIRST QUARTER OPERATING RESULTS

 WEDCO TECHNOLOGY REPORTS 111 PERCENT INCREASE
 IN FIRST QUARTER OPERATING RESULTS
 BLOOMSBURY, N.J., July 23 /PRNewswire/ -- Wedco Technology, Inc., (NASDAQ-NMS: WEDC), a provider of custom processing services and manufacturer of related machinery for the plastics industry today announced its first quarter operating results for the three-month period ended June 30, 1992.
 WEDCO TECHNOLOGY, INC.
 Three months e ? Percent
 June 30 1992 1991 Increase
 Net revenues $8,194,960 $7,052,253 16.2
 Operating income 1,205,608 824,831 46.2
 Equity in income of
 joint ventures 236,572 117,207 101.8
 Income before income taxes 1,108,903 492,578 125.1
 Net income 669,038 316,902 111.1
 Net income per common share $.22 $.10 ---
 Average common and
 common equivalent
 shares outstanding 3,098,290 3,040,117 ---
 In commenting on these results, William E. Willoughby, chairman and president, said, "We are very pleased with our first quarter results. In addition to the anticipated improvement in joint venture earnings, both U.S. and European operations reported a marked improvement in operating income. The increase in our 50 percent-owned joint venture income is the direct result of a 111 percent increase in the net revenues of the joint ventures."
 Total joint venture net revenues increased from $1,932,000 to $4,076,000 the three months ended June 30, 1991, and 1992, respectively. Under the equity method of accounting, net revenues of the joint ventures are not included in the consolidated net revenues of the company.
 /delval/
 -0- 7/23/92
 /CONTACT: Nicholas Ruitenberg, chief financial officer of Wedco Technology, 908-479-4181/
 (WEDC) CO: Wedco Technology, Inc. ST: New Jersey IN: MAC SU: ERN


MP-MJ -- PH034 -- 2579 07/23/92 13:35 EDT
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Publication:PR Newswire
Date:Jul 23, 1992
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