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AEROVOX REPORTS FIRST QUARTER EARNINGS

 AEROVOX REPORTS FIRST QUARTER EARNINGS
 NORTH DARTMOUTH, Mass., April 21 /PRNewswire/ -- Aerovox Inc.


(NASDAQ: ARVX) reported revenues of $19,402,000 for the first quarter of 1992, net income of $493,000 and primary earnings of 10 cents per common share. During the same period in 1991, the company had sales of $16,598,000, net income of $512,000, and earnings of 10 cents per common share, including a net benefit of 3 cents per share from an adjustment made for inventory revaluation. Although first quarter sales in 1992 were up approximately $3 million from the previous year, earnings were impacted by a margin drop of 1.0 percentage point.
 Aerovox noted that all markets for the company's AC capacitor products are stronger than anticipated for this time of year. In particular, orders from air conditioning customers -- the largest market served by the Electrical Products Group -- were up 50 percent from a year ago. Demand from the niche markets served by the Electronic Products Group is mixed. While the telecommunications industry, the primary market for the Group's primary product line -- DC film capacitors, has not yet rebounded from the recession, orders for discharge capacitors are ahead of last year and though it is a small part of the business, orders for EMI filters are up more than 50 percent. The company is experiencing moderate demand for power factor correction products, usually slow during the first three months of the year.
 "Business should be good during the next three months," according to Aerovox Chairman Clifford H. Tuttle, "and certainly will be important in gauging the remainder of the year. Still, we must wait until the third quarter to confirm that the upturn is solid and will continue."
 Aerovox is the largest manufacturer of a complete line of AC film and paper capacitors in North America and has the largest manufacturing capability for DC film capacitors in the United States.
 AEROVOX INC.
 Consolidated Statement of Income
 (Unaudited)
 Quarters ended
 3/28/92 3/30/91
 Net sales $19,402 $16,598
 Cost of sales 15,685 13,267
 Gross profit 3,717 3,331
 Selling, general and
 administrative expenses 2,753 2,441
 Income from operations 964 890
 Interest expense (252) (158)
 Other income 114 136
 Income before income taxes 826 868
 Provision for income taxes 333 356
 Net income $493 $512
 Net income per share:
 Primary 10 cents 10 cents
 Fully diluted 9 cents ---
 Consolidated Balance Sheet
 (In thousands) Assets March 28, 1992
 Current assets: (Unaudited)
 Cash and cash equivalents $5
 Accounts receivable, net 10,491
 Inventories 8,671
 Prepaid expenses and other current assets 1,917
 Deferred income taxes 2,200
 Total current assets 23,284
 Property, plant and equipment,
 net of accumulated depreciation 26,912
 Deferred income taxes 1,384
 Other assets 481
 Total assets $52,061
 Liabilities And Stockholders' Equity
 Current Liabilities:
 Accounts payable $6,779
 Accrued expenses 3,357
 Income taxes 578
 Accrued litigation settlement 5,500
 Total current liabilities 16,214
 Deferred income taxes 2,791
 Industrial revenue bond 4,050
 Accrued litigation settlement 3,305
 Loan payable 500
 Stockholders' equity:
 Common stock 5,131
 Additional paid-in capital 114
 Retained earnings 20,013
 Foreign currency translation adjustment (57)
 Total stockholders' equity 25,201
 Total liabilities and stockholders'
 equity $52,061
 -0- 4/21/92
 /CONTACT: Mary Mandeville of Aerovox, 508-995-8000/
 (ARVX) CO: Aerovox Inc. ST: Massachusetts IN: CPR SU: ERN


SH-PB -- NE011 -- 0639 04/21/92 12:16 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
Words:574
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