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BEARINGS, INC. REPORTS LOWER RESULTS FOR SECOND QUARTER AND FIRST HALF OF FISCAL YEAR; DECLARES REGULAR QUARTERLY DIVIDEND

 BEARINGS, INC. REPORTS LOWER RESULTS FOR SECOND QUARTER AND
 FIRST HALF OF FISCAL YEAR; DECLARES REGULAR QUARTERLY DIVIDEND
 CLEVELAND, Jan. 23 /PRNewswire/ -- Bearings, Inc. (NYSE: BER) today reported net income and sales for the second quarter ended Dec. 31, 1991.
 Chairman of the Board and Chief Executive Officer John C. Dannemiller reported that second quarter net income was $381,000 on sales of $198,639,000. This compares with net income of $689,000 on sales of $203,159,000 during the same period a year ago. Earnings per share were $.05 compared with $.10 a year ago.
 For the six months ended Dec. 31, 1991, net income was $1,418,000 on sales of $400,677,000. Comparable net income was $1,757,000 on sales of $409,172,000 during the prior year. Earnings per share were $.20 compared with $.25 a year ago.
 Dannemiller commented, "Our sales volume continues to be adversely affected by the recessionary environment in the U.S. industrial economy in most areas served by the company. During January the transition of 76 remaining branch locations to the OMNEX 2.0 computer network was completed. This should enable us to achieve improved asset management, including significant inventory reductions through utilization of a single computer system for all locations of our comapny. Additionally, reduced operating expenses will result from closure of our California Data Center. We will also continue to consolidate and realign administrative, branch and other operations to effect future cost reductions. We expect this process to continue throughout 1992."
 No shares were purchased during the quarter under the company's authorization to acquire additional shares of its cmmon 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.
 On Jan. 23, 1992, the board of directors declared a regular quarterly dividend of $.16 per share, payable Feb. 28 to shareholders of record Feb. 14, 1992.
 Bearings, Inc. is the nation's leading independent distributor of bearings and power transmission components with more than 330 branches in 37 states.
 BEARINGS, INC. AND SUBSIDIARIES
 Statements of Consolidated Income
 (Unaudited)(Thousands, except per share data)
 Three Months Ended
 Dec. 31
 1991 1990
 Net Sales $198,639 $203,159
 Cost and Expenses
 Cost of Sales 146,507 151,704
 Selling, distribution
 and administrative 49,617 47,596
 Total 196,124 199,300
 Operating Income 2,515 3,859
 Interest expense 1,878 2,902
 Interest income (111) (184)
 Total 1,767 2,718
 Income Before Income Taxes 748 1,141
 Income Taxes
 Federal 313 356
 State and local 54 96
 Total 367 452
 Net Income $ 381 $ 689
 Net Income Per Share .05 .10
 Average Shares Outstanding: 7,075 7,072
 Six Months Ended
 Dec. 31
 1991 1990
 Net Sales $400,677 $409,172
 Cost and Expenses
 Cost of Sales 296,924 307,005
 Selling, distribution
 and administrative 97,699 94,111
 Total 394,623 401,116
 Operating Income 6,054 8,056
 Interest expense 3,793 5,539
 Interest income (232) (377)
 Total 3,561 5,162
 Income Before Income Taxes 2,493 2,894
 Income Taxes
 Federal 898 906
 State and local 177 231
 Total 1,075 1,137
 Net Income $ 1,418 $ 1,757
 Net Income Per Share .20 .25
 Average Shares Outstanding: 7,069 7,098
 Notes to consolidated financial statements: For its quarterly statements of consolidated income the comapny uses estimated gross profit percentage 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- 1/23/92
 /CONTACT: Raymond E. Smiley of Bearings, Inc., 216-881-8900, ext. 253/
 (BER) CO: Bearings, Inc. ST: Ohio IN: MAC SU: ERN


LC -- CL017 -- 2951 01/23/92 15:47 EST
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Date:Jan 23, 1992
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