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ATHEY PRODUCTS ANNOUNCES RESULTS

 ATHEY PRODUCTS ANNOUNCES RESULTS
 RALEIGH, N.C., July 30 /PRNewswire/ -- The following is an earnings


announcement letter to shareholders of Athey Products Corporation (NASDAQ-NMS: ATPC) from Company President and Chief Executive Officer James D. Cloonan:
 TO THE SHAREHOLDERS:
 Athey's Net Sales of $5,463,793 in the Second Quarter of 1992, as compared to the $6,290,247 recorded in the First Quarter of 1992, reflect a continuing slow market. Our Balance Sheet, however, remains strong, along with our ability to respond to future market needs, and with equipment designed to meet the various demands of our customers.
 Shown are the results for the first six months of 1992 and 1991:
 1992 1991
 Second Qtr Six Months Second Qtr Six Months
 Net Sales $5,463,793 $11,754,041 $7,602,507 $13,196,537
 Earnings
 (Loss)
 Before
 Income
 Taxes (348,026) (607,466) 97,767 (370,858)
 Provision For
 Income
 Taxes (116,000) (207,000) 22,900 (148,300)
 Net Earnings
 (Loss) $(232,026) $(400,466) $74,867 $(222,558)
 Per Share(A) $ (.06) $ (.11) $ .02 $ (.06)
 (A) Based on 3,784,503 shares.
 We do see recent positive signs in the larger cities regarding their again moving forward with equipment programs, and we stand ready to supply these needs at any time.
 Very truly,
 Athey Products Corporation
 (Sig)
 James D. Cloonan
 President and
 Chief Executive Officer
 -0- 7/30/92
 /CONTACT: James D. Cloonan, President and Chief Executive Officer, Athey Products Corporation, 919-556-5171/
 (ATPC) CO: Athey Products Corporation ST: North Carolina IN: SU: ERN


JZ -- CH002 -- 5048 07/30/92 11:25 EDT
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Publication:PR Newswire
Date:Jul 30, 1992
Words:265
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