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ALL AMERICAN SEMICONDUCTOR, INC. ANNOUNCES RECORD HIGH SALES AND FIRST QUARTER RESULTS

 ALL AMERICAN SEMICONDUCTOR, INC. ANNOUNCES
 RECORD HIGH SALES AND FIRST QUARTER RESULTS
 MIAMI, May 15 /PRNewswire/ -- All American Semiconductor, Inc. (NASDAQ: SEMI), a national distributor of electronic components, today announced its results for the first quarter of 1992.
 Net sales for the first quarter of 1992 were the highest sales for a quarter in the company's history at $12,116,000. This surpasses the company's previous record high sales of $12,072,000 achieved in the first quarter of 1991. The increase was primarily due to industry growth as well as the company's increased penetration in certain territories. Income from operations increased significantly to $613,000 for the first quarter of 1992, up $219,000, or 56 percent from $394,000 in the first quarter of 1991. Income from operations as a percentage of sales also increased to 5.1 percent compared to 3.3 percent in the first quarter of 1991. These increases were primarily due to record high sales, a slight increase in profit margins and to a decrease in selling, general and administrative expenses ("SG&A") to $2.9 million from $3.1 million in the same quarter last year. As a percentage of net sales, SG&A decreased to 24.1 percent compared to 25.3 percent for the first quarter of 1991. These decreases in SG&A were primarily attributable to increased productivity as the company reduced its labor force after the consolidation of its warehouse operations at the end of 1991. This benefit more than offset additional depreciation expense associated with new computer and communications equipment placed into service in June 1991.
 The company had net income of $196,000, or $.05 per share, for the quarter compared to net income of $111,000, or $.03 per share, in the first quarter of 1991. This increase in earnings per share was accomplished notwithstanding an increase of 254,594 in the weighted average number of shares outstanding.
 Paul Goldberg, chairman of All American, stated: "The first quarter of 1992 was the largest sales level of any quarter in our 27-year history. As previously stated, we were pleased to have achieved these sales levels and earnings results despite the disturbances relating to reorganizing our operations after the completion of our headquarters relocation and warehouse consolidation. In addition to being able to increase our operating efficiencies, our new facility will enable us to expand our customer services as well as improve our quality control programs and inventory management. Furthermore, we now have the flexibility and capacity to sustain significant growth with minimal investment in fixed overhead items."
 All American was ranked as the nation's 24th largest distributor of electronic components will 11 offices throughout the United States.
 ALL AMERICAN SEMICONDUCTOR, INC.
 CONSOLIDATED CONDENSED STATEMENTS OF INCOME
 (Unaudited)
 Quarters Ended March 31, 1992 1991
 Net Sales $ 12,116,000 $ 12,072,000
 Income from Operations $ 613,000 $ 394,000
 Income Before Income Taxes $ 327,000 $ 170,000
 Provision for Income Taxes (131,000) (59,000)
 Net Income $ 196,000 111,000
 Net Income per Common Share $.05 $.03
 Average Number of Common
 Shares Outstanding 3,976,385 3,721,791
 -0- 5/15/92
 /CONTACT: Bruce M. Goldberg, executive vice president or Howard L. Flanders, vice president and chief financial officer of All American Semiconductor, Inc., 305-621-8282/
 (SEMI) CO: All American Semiconductor, Inc. ST: Florida IN: CPR SU: ERN


JB-AW -- FL013 -- 0810 05/15/92 14:17 EDT
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Publication:PR Newswire
Date:May 15, 1992
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