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AEROVOX REPORTS ANNUAL EARNINGS

 NORTH DARTMOUTH, Mass., Feb. 23 /PRNewswire/ -- Aerovox Incorporated (NASDAQ-NMS: ARVX) today announced revenues of $73,651,000 for the fiscal year 1992, and net income of $1,654,000 or 32 cents per share. In fiscal 1991, the company had revenues of $63,582,000 and net income of $133,000 or three cents per share, including provisions for two unusual pre-tax expenses.
 Company President Clifford H. Tuttle noted that for the Electrical Group, the year was characterized by intense competition, pricing pressure and reduced industry demand. In spite of those conditions, compounded by the national economy and the effect the cool weather had on sales to air conditioning manufacturers, Aerovox's Electrical Group maintained market share and increased the number of capacitors sold during 1992. He also noted that during the second half of the year, the new Electronic Group, which manufactures a variety of niche products including DC film capacitors and systems, made a very positive contribution to earnings.
 Aerovox recently announced that the company had reached an agreement with Cooper Industries to purchase all the stock of Cooper's Aero M aluminum electrolytic capacitor subsidiary. The transaction is expected to be completed during the first quarter of 1993.
 AEROVOX
 Consolidated Statements of Income
 (Amounts in thousands, except per share data)
 For the years ended
 Jan. 2, 1993 Dec. 28, 1991
 Net sales $73,651 $63,582
 Cost of sales 59,190 50,920
 Gross profit 14,461 12,662
 Selling, general and
 administrative expenses 10,971 9,240
 Income from operations 3,490 3,422
 Other income, (expense):
 Litigation settlement -- (2,000)
 Plant closing (228) (262)
 Interest expense (922) (953)
 Other income, (expense) 453 748
 Income before income taxes 2,793 955
 Provision for income taxes 1,139 822
 Net income 1,654 133
 Net income per share 32 cents 3 cents
 -0- 2/23/93
 /CONTACT: Mary Mandeville of Aerovox, 508,995,8000/
 (ARVX)


CO: Aerovox ST: Massachusetts IN: SU: ERN

DJ -- NE008 -- 9381 02/23/93 11:38 EST
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Publication:PR Newswire
Date:Feb 23, 1993
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