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BLISS & LAUGHLIN INDUSTRIES REPORTS FISCAL 1992 FIRST QUARTER RESULTS

BLISS & LAUGHLIN INDUSTRIES REPORTS FISCAL 1992 FIRST QUARTER RESULTS
 HARVEY, Ill., Feb. 5 /PRNewswire/ -- Bliss & Laughlin Industries Inc. (NASDAQ: BLIS) today reported that net revenues for the first fiscal quarter ended Dec. 31, 1991, were down 9 percent to $26,478,000 from $29,156,000 a year earlier.
 For the 1992 first fiscal quarter, the company experienced a net loss of $304,000, or 8 cents per share, compared with a net loss of $264,000, or 7 cents per share, in the quarter ended Dec. 31, 1990.
 Chairman and Chief Executive Officer Gregory H. Parker told shareholders at today's annual meeting that the loss in the 1992 first quarter was a significant improvement over the $1,084,000 loss in the 1991 fourth fiscal quarter, in spite of lower revenues. "This was due in large part," he said, "to the positive effects of the company's cost- cutting measures and lower interest rates. We expect expenses in fiscal 1992 to be about $2,000,000 lower than in the previous year, based on a reduction in salaried personnel, reduced interest expense, and lower depreciation costs."
 According to Parker, lower first quarter results were due primarily to sluggish shipments in December, traditionally a slow month, as well as the continuing recession which has been particularly hard on the steel industry.
 "We are beginning to see some improvement," he said. "Our backlog is higher and there was a marked increase in tonnage shipped in January over the previous month. Based on this strengthening market for cold finished steel bars, we increased prices on certain products on Feb. 1."
 Stockholders reelected Parker and Dennis W. Sheehan as Class III directors of the company to serve until the 1995 annual meeting or until their successors are elected. They have been directors of the company since its formation in 1988.
 On Jan. 31, 1992, the company extended its line of credit with the Northern Trust Company for a one-year period on the same terms and conditions except that the line of credit has been reduced from $16.5 million to $15.0 million and the company agreed to grant additional collateral to the bank.
 Headquartered in Harvey, Ill., Bliss & Laughlin Industries Inc. is a manufacturer of cold finished steel bars, producing the widest range of grades, sizes and shapes in the industry.
 BLISS & LAUGHLIN INDUSTRIES, INC.
 Consolidated Financial Report
 (In thousands except per share amounts, Unaudited)
 Three months ended Dec. 31 1991 1990
 Net revenues $26,478 $29,156
 Loss before taxes (461) (416)
 Income tax benefit 157 152
 Net loss (304) (264)
 Net loss per share (.08) (.07)
 Average shares outstanding 3,970 3,970
 -0- 2/5/92
 /CONTACT: George W. Fleck, vice president and chief financial officer of Bliss & Laughlin Industries, 312-264-1800, or Liz Howells, vice president of Doremus & Company, 312-321-1377, for Bliss & Laughlin Industries/
 (BLIS) CO: Bliss & Laughlin Industries, Inc. ST: Illinois IN: MNG SU: ERN


SM-OS -- NY033 -- 7153 02/05/92 11:49 EST
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Date:Feb 5, 1992
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