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BEARINGS, INC. REPORTS IMPROVED THIRD QUARTER AND NINE MONTH EARNINGS AND SALES

 CLEVELAND, April 22 /PRNewswire/ -- Bearings, Inc. (NYSE: BER) today reported growth in sales, net income and net income per share for the quarter and nine month period that ended March 31, 1993.
 Chairman of the Board and Chief Executive Officer, John C. Dannemiller, reported that net income was $2,378,000, or $.33 per share, on record quarterly sales of $210,789,000 for the quarter ended March 31, 1993. Net income in the same quarter last year was $392,000, or $.06 per share, on sales of $208,144,000.
 For the nine months ended March 31, 1993, net income was $5,638,000 on record nine month sales of $613,499,000. Comparable net income was $1,810,000 on sales of $608,821,000 during the prior year. Earnings per share were $.78 per share compared with $.26 a year ago.
 Dannemiller commented, "We continue to see improved operating results through productivity gains and the implementation of the restructuring of operations begun in the fourth quarter of the prior fiscal year. Gross profit margin increased during the quarter while selling, distribution and administrative expenses declined both in absolute terms and as a percentage of sales. Our average rate of sales per business day showed progressive improvement in each succeeding month during the quarter."
 Dannemiller also added, "Operations at our new distribution center in Florence, Ky., are now in full swing with the consolidation of four previously existing distribution centers into the new center being completed on schedule in March 1993."
 Dannemiller concluded, "The level of business activity has improved and we look forward to a strong fourth quarter."
 No shares were purchased during the quarter under the company's authorization to acquire additional shares of its common stock. The company has remaining authorization to acquire up to 263,000 shares of its common stock in open market and negotiated transactions from time- to-time depending on market conditions.
 Bearings, Inc. is the nation's leading independent distributor of bearings, mechanical and electrical drive systems, industrial rubber products, fluid power components and specialty maintenance and repair products with over 300 branches in 37 states.
 BEARINGS, INC. AND SUBSIDIARIES
 Statements of Consolidated Income
 (Unaudited)(Thousands, except per share data)
 Three Months Ended
 March 31
 1993 1992
 Net Sales $210,789 $208,144
 Cost and Expenses
 Cost of Sales 156,116 156,063
 Selling, distribution
 and administrative 49,180 50,019
 Total 205,296 206,082
 Operating Income 5,493 2,062
 Interest expense 1,623 1,551
 Interest income (70) (65)
 Total 1,553 1,486
 Income Before Income Taxes 3,940 576
 Income Taxes
 Federal 1,337 158
 State and local 225 26
 Total 1,562 184
 Net Income $ 2,378 $ 392
 Net Income Per Share $ .33 $ .06
 Average Shares Outstanding: 7,294 7,087
 Nine Months Ended
 March 31
 1993 1992
 Net Sales $613,499 $608,821
 Cost and Expenses
 Cost of Sales 456,636 452,987
 Selling, distribution
 and administrative 143,704 147,718
 Total 600,340 600,705
 Operating Income 13,159 8,116
 Interest expense 3,989 5,344
 Interest income (258) (297)
 Total 3,731 5,047
 Income Before Income Taxes 9,428 3,069
 Income Taxes
 Federal 3,171 1,056
 State and local 619 203
 Total 3,790 1,259
 Net Income $ 5,638 $ 1,810
 Net Income Per Share $ .78 $ .26
 Average shares outstanding 7,180 7,075
 Notes To Consolidated Financial Statements:
 For its quarterly statements of consolidated income, the company uses estimated gross profit percentages to compute cost of sales. An adjustment to actual cost is made at the end of the fiscal year based on the annual physical inventory.
 -0- 4/22/93
 /CONTACT: John R. Whitten, vice president, finance and treasurer of Bearings, Inc., 216-881-7700, ext. 245/
 (BER)


CO: Bearings, Inc. ST: Ohio IN: MAC SU: ERN

LC -- CL025 -- 9622 04/22/93 15:13 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
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