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ACTON CORPORATION ANNOUNCES RESULTS OF OPERATIONS

 ACTON CORPORATION ANNOUNCES RESULTS OF OPERATIONS
 RALEIGH, N.C., Aug. 13 /PRNewswire/ -- Acton Corporation


(AMEX: ATN), Common Stock (ATN), 3.75 Cumulative Preferred Stock (ATNPR), today announced net income of $281,455 in the three months ended June 30, 1992 for a loss of $.04 per primary and fully diluted share on net revenues of $62,200,987, compared to a loss of $3,727,931 or $1.64 per primary and fully diluted share on net revenues of $62,353,306 in 1991. All per share computations are after consideration of the Company's preferred stock dividend requirements. The 1992 earnings were primarily attributable to net gains of approximately $1,840,000 realized during the quarter in the insurance subsidiary's investment portfolio. Second quarter 1992 reported earnings of the Company's textile equipment manufacturing division were approximately $516,000 higher as the result of the Company's previously announced purchase on April 13, 1992, of Hickory Furniture Company's remaining interests in Sew Simple Systems, Inc.
 For the six months ended June 30, 1992, the Company reported net income of $2,497,582 on net revenues of $126,207,303 or $.69 per primary share ($.54 fully diluted) compared to a loss of $4,439,697 or $2.08 per share (both primary and fully diluted) on revenues of $120,925,412 for the first six months of 1991. The 1992 earnings were primarily attributable to net gains of approximately $6,910,000 realized during the first six months of 1992 in the insurance subsidiary's investment portfolio.
 Stockholders' equity decreased $8,785,669 during the six months of 1992, from $32,076,512 to $23,290,843, primarily due to the previously announced reduction of $10,933,955 required in conjunction with the Company's acquisition of Hickory Furniture Company's remaining interest in Sew Simple Systems, Inc., Acton's Fountain Inn, South Carolina subsidiary which designs and manufactures automated textile machinery. This reduction was required under generally accounting principles due to the Sew Simple interest being acquired from an affiliate of Acton and does not represent an economic dimunition in shareholders' interests since the transaction price represented no more than the fair value of the assets acquired.
 Acton Corporation is primarily engaged in specialized automobile insurance underwriting, manufacturing, real estate development and the operation of a cable television system.
 ACTON CORPORATION
 FINANCIAL SUMMARY
 (Amounts in Thousands, except per share data)
 (Unaudited)
 Quarter Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Net revenues $62,201 62,353 126,207 120,925
 Income (loss) before
 extraordinary item 579 (3,728) 2,114 (4,440)
 Extraordinary income --
 Benefit from (reduction in)
 utilization of net operating
 loss carryforwards (298) -- 383 --
 Net income (loss) 281 (3,728) 2,497 (4,440)
 Per share data:
 Primary:
 Income (loss) before
 extraordinary item .08 (1.64) .54 (2.08)
 Extraordinary item (.12) -- .15 --
 Net income (loss) (.04) (1.64) .69 (2.08)
 Fully diluted:
 Income (loss) before
 extraordinary item .08 (1.64) .42 (2.08)
 Extraordinary item (.12) -- .12 --
 Net income (loss) (.04) (1.64) .54 (2.08)
 Assets 282,220 290,166
 Stockholders' Equity 23,291 3-781-5611/
 (ATN) CO: Acton Corporation ST: North Carolina IN: SU: ERN


JZ -- CH012 -- 9773 08/13/92 17:42 EDT
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Publication:PR Newswire
Date:Aug 13, 1992
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