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BREED TECHNOLOGIES, INC. ANNOUNCES FISCAL 1993 THIRD-QUARTER RESULTS

 BOONTON TOWNSHIP, N.J., April 29 /PRNewswire/ -- Breed Technologies, Inc. (NYSE: BDT) reported today that strong sales by its customers, in addition to internal cost controls, have resulted in earnings of $4,861,000, or $0.16 per share, on revenues of $38,852,000 for its third quarter ending March 31, 1993. The company's net earnings increased by 727 percent compared with the $588,000 earned during the same period last year. Net earnings were $11,004,000 for the first nine months of fiscal 1993 on sales of $106,682,000. Earnings of $0.39 per share were $0.31 higher than the $0.08 earned in the first nine months of fiscal 1992, a 387 percent increase. The third quarter results reflect the continued strong sales and earnings growth which the company has experienced in recent periods.
 The May, 1993 issue of INC. Magazine has ranked Breed Technologies among the 100 fastest growing public companies in the U.S.
 Breed Technologies, Inc. is a worldwide leader in the design, development, manufacture and sale of crash senors used in automotive airbag systems. The Company also sells complete all-mechanical airbag systems and is developing a complete line of electrically-initiated airbag inflators and modules for worldwide applications.
 BREED TECHNOLOGIES, INC. AND SUBSIDIARIES
 Consolidated Statements of Earnings
 (in thousands except share and per share data -- unaudited)
 Periods ended Three months Nine months
 March 31, 1993 1992 1993 1992
 Net sales $ 38,852 $ 20,170 $106,682 $ 59,833
 Cost of sales 25,831 14,604 72,030 43,206
 Gross profit 13,021 5,566 34,652 16,627
 Selling, general and
 administrative expenses 3,858 3,305 11,204 9,789
 Research and development
 expenses 2,153 1,662 6,724 4,703
 Operating income 7,010 599 16,724 2,135
 Other expenses (income), net (589) (253) (477) (743)
 Earnings before inc. taxes 7,599 852 17,201 2,878
 Income taxes 2,738 264 6,197 891
 Net earnings $ 4,861 $ 588 $ 11,004 $ 1,987
 Earns. per common share $ .16 $ .02 $ .39 $ .08
 Wtd. avg. no. of common
 shares outstanding 30,302,000 26,000,000 28,151,000 26,000,000
 BREED TECHNOLOGIES, INC. AND SUBSIDIARIES
 Condensed Consolidated Balance Sheet
 (in thousands)
 3/31/93 6/30/92
 (unaudited)
 ASSETS:
 Current Assets:
 Cash and short-term investments $ 35,688 $ 1,480
 Other current assets 38,014 23,579
 Total current assets 73,702 25,059
 Property, plant and equipment, net 40,774 35,402
 Other assets, net 950 1,259
 Total assets $115,426 $ 61,720
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current Liabilities:
 Current installments
 of long-term debt $ 467 $ 3,837
 Accounts payable &
 accrued liabilities 20,466 14,283
 Income taxes payable 1,964 1,855
 Total current liabilities 22,897 19,975
 Long term debt, excluding
 current installments 11 27,132
 Total liabilities 22,908 47,107
 Stockholders' equity 92,518 14,613
 Total liabilities and
 stockholders' equity $115,426 $ 61,720
 -0- 4/29/93
 /CONTACT: Jeff Hudson, manager - investor relations of Breed Technologies, Inc., 201-299-6500/
 (BDT)


CO: Breed Technologies, Inc. ST: New Jersey IN: AUT SU: ERN

SH -- NY030 -- 2528 04/29/93 10:09 EDT
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Publication:PR Newswire
Date:Apr 29, 1993
Words:531
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