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BUFFTON CORPORATION ANNOUNCES FOURTH QUARTER RESULTS AND ANNUAL LOSS

BUFFTON CORPORATION ANNOUNCES FOURTH QUARTER RESULTS AND ANNUAL LOSS
 FORT WORTH, Texas, Dec. 5 /PRNewswire/ -- Robert H. McLean, chairman of the board and president of Buffton Corporation (AMEX: BFX), announced today a net loss of $2,298,000, or $(.62) per share on revenues of $15,612,000 for its fourth quarter ended Sept. 30, 1991. For the same period last year, the net income was $724,000, or $.19 per share on revenues of $24,856,000.
 For the year ended Sept. 30, 1991, the net loss was $2,246,000, or $(.59) per share on revenues of $69,316,000. For the same period last year, the net loss was $1,137,000, or $(.29) per share on revenues of $94,863,000.
 In making the announcement, McLean stated, "As previously announced, the reason for the fourth quarter loss was due to the sale of certain tooling and other assets of our Flo Control, Inc. subsidiary, as well as the closing of its Pompano Beach, Fla., manufacturing plant which resulted in a nonrecurring pre-tax charge of $2,830,000. Flo Control's remaining operations have been consolidated in California."
 McLean continued, "The overall operating results of our remaining operations have significantly improved throughout the current year and are well ahead of the prior year. The primary reason for the improvement is the sales of the Cockpit Voice Recorder product of B&D Instruments and Avionics, Inc. In addition, the results of Contex Electronics improved significantly, led by its Electro-Mech subsidiary which recorded near record profits."
 McLean added, "While we had to make a number of difficult decisions regarding plant closings and product sales during the current year, the result is that the company has significantly improved its balance sheet compared to the prior year end. Bank debt has been reduced from $27,825,000 in the prior year to $14,833,000 at our current year end. Total liabilities have been reduced from $45,014,000 in the prior year to $26,036,000."
 McLean continued, "In connection with the Bank of Boston's requirement to pay off our current debt in the amount of $14,833,000 by April 1, 1992, we continue to find it difficult to find a replacement source of financing. Although we continue to vigorously pursue this objective, in today's economic environment, as it affects banks and other financing sources, we believe it is highly unlikely we will be able to find an alternative source of financing by April 1, 1992. As a result, we are evaluating the sale of certian subsidiaries and assets of the company in an effort to meet the requirement of the Bank of Boston."
 McLean concluded, "As a result of making difficult decisions and taking decisive action during the the current year, the existing operations of the company are well positioned to weather the poor economic climate and to provide positive results in 1992."
 BUFFTON CORPORATION
 Earnings Summary
 (In thousands, except per share amounts)
 For the Quarter Ended For the Year Ended
 September 30, September 30,
 1991 1990 1991 1990
 Net revenues $15,612 $24,856 $69,316 $94,863
 Net income (loss) (2,298) 724 (2,246) (1,137)
 Income (loss) per
 average common
 and common
 equivalent share (.62) .19 (.59) (.29)
 Buffton Corporation is a diversified group of companies engaged in the manufacture of avionic, electronic and plastic products.
 -0- 12/5/91
 /CONTACT: Robert Korman, vice president and chief financial officer of Buffton, 817-332-4761/
 (BFX) CO: Buffton Corporation ST: Texas IN: SU: ERN


KD -- NY063 -- 9702 12/05/91 13:08 EST
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Publication:PR Newswire
Date:Dec 5, 1991
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