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AEROVOX REPORTS SECOND QUARTER EARNINGS

 NORTH DARTMOUTH, Mass., Aug. 3 /PRNewswire/ -- Aerovox Incorporated (NASDAQ: ARVX) had revenues of $34,822,000 for the second quarter of 1993, net income of $1,281,000, and earnings of 25 cents per common share. For the same period in 1992, the company reported revenues of $21,930,000, net income of $727,000, and earnings of 14 cents.
 Revenues for the first half of 1993 totaled $61,571,000, net income was $2,691,000, and earnings per share were 52 cents, including 11 cents resulting from the cumulative positive effect of adoption of Financial Accounting Standard 109. For the first half of 1992, the company posted revenues of $41,332,000, net income of $1,220,000, and earnings of 24 cents per common share.
 Aerovox's half year results were favorably impacted by the recent acquisitions of Aero M and BHC, and the shortage which resulted in an increased market share for Aerovox AC capacitors. "We met all our commitments to our customers," Aerovox President Cliff Tuttle noted, "and helped prevent what could have become a hardship situation for the manufacturers in the air conditioning and lighting industries who are dependent on a steady supply of metallized polypropylene capacitors for their finished products."
 "The hot weather that prevailed from Arizona through New England in July demonstrates just how dependent society is on air conditioning, Our customers in that market are reporting their inventories are being significantly depleted because of the hot spell. They are now positioned for a strong new product year that begins in September. This bodes well for our AC capacitor business during the fourth quarter and into 1994," Tuttle stated.
 Aerovox is the leading manufacturer of wound capacitors in North America. Aerovox products include AC, DC film, Power and Aluminum Electrolytic capacitors, as well as EMI filters which are used primarily in AC power supplies for electronic equipment. Capacitors are basic electrical components that store electrical energy and regulate the frequency, timing and condition of electrical signals.
 AEROVOX
 Consolidated Statements of Income (unaudited)
 (In thousands, except per share data)
 Three Months Ended Six Months Ended
 July 3, June 27, July 3, June 27,
 1993 1992 1993 1992
 Net sales $34,822 $21,930 $61,571 $41,332
 Cost of sales 28,201 17,431 50,031 33,116
 Gross profit 6,621 4,499 11,540 8,216
 Selling, general
 and administrative
 expenses 4,179 3,126 7,587 5,879
 Income from
 operations 2,442 1,373 3,953 2,337
 Other income,
 (expense):
 Interest Expense (399) (255) (690) (507)
 Other Income 104 101 259 215
 Income before income
 taxes and cumulative
 effect of change in
 accounting for
 income taxes 2,147 1,219 3,522 2,045
 Provision for
 income taxes 866 492 1,421 825
 Income before cumulative
 effect of change in
 accounting for
 income taxes 1,281 727 2,101 1,220
 Cumulative effect
 of the change in
 accounting for
 income taxes --- --- 590 ---
 Net income $1,281 $727 $2,691 $1,220
 Net income per
 share-primary 25 cents 14 cents 52 cents 24 cents
 Net income per
 share - fully
 diluted 24 cents 14 cents 50 cents 23 cents
 CONSOLIDATED BALANCE SHEET
 (Unaudited) July 3, 1993
 (In thousands) ASSETS
 Current assets:
 Cash and cash equivalents $579
 Accounts receivable, net 18,979
 Inventories 14,971
 Prepaid expenses and other current assets 2,329
 Recoverable income taxes 106
 Deferred income taxes 1,862
 Total current assets 38,826
 Property, plant and equipment,
 net of accumulated depreciation 33,048
 Notes receivable 310
 Deferred income taxes 1,160
 Other assets 99
 Total assets 73,443
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current Liabilities:
 Accounts payable $8,542
 Accrued expenses 6,025
 Current maturities of long-term debt 2,042
 Income taxes 349
 Accrued litigation settlement 1,000
 Total current liabilities 17,958
 Deferred income taxes 4,365
 Long term debt 19,625
 Other long term liabilities 2,437
 Stockholders' equity:
 Common stock 5,158
 Additional paid-in capital 234
 Retained earnings 23,754
 Foreign currency translation adjustment (88)
 Total stockholders' equity 29,058
 Total liabilities and stockholders' equity $73,443
 -0- 2/23/93
 /CONTACT: Mary Mandeville of Aerovox, 508-995-8000/
 (ARVX)


CO: Aerovox ST: Massachusetts IN: CPR SU: ERN

CM-DJ -- NE003 -- 8764 08/03/93 09:24 EDT
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Publication:PR Newswire
Date:Aug 3, 1993
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