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AEROVOX REPORTS FIRST QUARTER EARNINGS

 NORTH DARTMOUTH, Mass., April 20 /PRNewswire/ -- Aerovox Incorporated (NASDAQ: ARVX) reports first quarter 1993 revenues of $26,749,000, and net income of $1,410,000, or 27 cents per share, including an increase of $590,000, or 11 cents per share resulting from adoption of Financial Accounting Standard 109 (FAS 109), "Accounting for Income Taxes." The company adopted FAS 109 as of Jan. 3, 1993; the resulting increase represents the cumulative effect of the required accounting change.
 For the same period of 1992, the company had sales of $19,402,000 and net income of $493,000, or 10 cents per share, compared to net income, excluding the effects of adoption of FAS 109, of $820,000, or 16 cents per share in the first quarter of 1993.
 The company noted that first quarter results were slightly better than anticipated. While increased sales volume to new AC capacitor customers was expected, the strong March performance in the Electrical Group and a good contribution by Aero M, an Aerovox company just since March 5, 1993, pushed earnings above the company's expectations.
 Aerovox President Clifford H. Tuttle is also encouraged by second quarter prospects. "AC capacitor demand continues at a very high level, primarily due to a supply shortage. We won't be burdened with the extraordinary costs of hiring and tquarter ramp up."
 Aerovox, a leading manufacturer of AC capacitors, in March announced the acquisition of all the common stock of Aero M, Inc. from Cooper Industries, and certain assets of BH Components Ltd. and the formation of a new company, BHC Aerovox Ltd. Both Aero M and BHC manufacture aluminum electrolytic capacitors -- AC voltage capacitors for motor start applications and DC voltage large can computer grade capacitors for power supplies. Aero M is headquartered in Glasgow, Ky., and BHC in Weymouth, England.
 AEROVOX
 Consolidated Statements of Income
 (Amounts in thousands, except per share data)
 Quarters Ended
 April 3, 1993 March 28, 1992
 (unaudited) (unaudited)
 Net sales $26,749 $19,402
 Cost of sales 21,830 15,685
 Gross profit 4,919 3,717
 Selling, general and
 administrative expenses 3,408 2,753
 Income from operations 1,511 964
 Other income, (expense):
 Interest expense (291) (252)
 Other income 155 114
 Income before income taxes and
 cumulative effect of change in
 accounting for income taxes 1,375 826
 Provision for income taxes 555 333
 Income before cumulative effect of
 change in accounting for income
 taxes 820 493
 Cumulative effect of the change in
 accounting for income taxes 590 ---
 Net income $1,410 $493
 Net income per share -- primary 27 cents 10 cents
 Net income per share -- fully
 diluted 26 cents 9 cents
 AEROVOX INC.
 CONSOLIDATED BALANCE SHEETS
 April 3, 1993
 (unaudited)
 ASSETS (in thousands)
 Current Assets:
 Cash and cash equivalents $96
 Accounts receivable, net 17,870
 Inventories 15,201
 Prepaid expenses and other current assets 2,008
 Recoverable income taxes 108
 Deferred income taxes 3,290
 Total current assets 38,573
 Property, plant and equipment, net of
 accumulated depreciation 31,659
 Deferred income taxes 779
 Other assets 2,309
 Total assets 73,320
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current Liabilities:
 Accounts payable $11,447
 Accrued expenses ? 6,248
 Short-term debt 6,545
 Current maturities of long-term debt 2,061
 Income taxes 976
 Accrued litigation settlement 1,000
 Total current liabilities 28,277
 Deferred income taxes 3,935
 Industrial revenue bond 3,528
 Long-term debt less current maturities 7,948
 Accrued other 2,000
 Stockholders' Equity:
 Common stock 5,155
 Additional paid-in capital 210
 Retained earnings 22,470
 Foreign currency translation adjustment (203)
 Total stockholders' equity 27,632
 Total liabilities and stockholders' equity $73,320
 -0- 4/20/93
 /CONTACT: Mary Mandeville of Aerovox, 508-995-8000/
 (ARVX)


CO: Aerovox ST: Massachusetts IN: SU: ERN

DJ -- NE017 -- 8142 04/20/93 13:50 EDT
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Date:Apr 20, 1993
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