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CENTRAL SPRINKLER REPORTS FOURTH QUARTER AND ANNUAL SALES AND EARNINGS

CENTRAL SPRINKLER REPORTS FOURTH QUARTER AND ANNUAL SALES AND EARNINGS
 LANSDALE, Pa., Dec. 11 /PRNewswire/ -- Central Sprinkler Corporation (NASDAQ: CNSP) reported today its sales and earnings for the fourth quarter and fiscal year ended Oct. 31, 1991.
 Net sales for the fourth quarter of fiscal 1991 were $16,368,000, approximately 8 percent below the $17,803,000 of net sales achieved in the fourth quarter of 1990. Fourth quarter net income of $924,000 declined 44 percent from the $1,643,000 earned in the fourth quarter of 1990.
 Results for the fiscal year ended Oct. 31, 1991, included net sales of $62,319,000 which were 12 percent below the $70,651,000 in net sales achieved in fiscal 1991. Net income for fiscal 1991 was $2,981,000, down 48 percent from the $5,755,000 earned in fiscal 1990. Earnings per share for the fiscal year ended Oct. 31, 1991, were $.61 compared to $1.11 for the fiscal year ended Oct. 31, 1990.
 The financial results for both the fourth quarter and full fiscal year 1991 primarily reflect a continuation of the weak level of new construction activity throughout most of the United States. This weakness in the new construction market has caused depressed levels of sales and earnings in each of the four quarters of fiscal 1991. Net income has declined at a greater rate than sales for several reasons including lower gross profit margins, less favorable sales mix and a higher level of research and development costs. The weak market has led to increased competition for customers and market share resulting in lower sales prices. Other items which reduced the gross profit margin were a less favorable sales mix with greater sales of the lower margin resale product lines and higher product costs. During fiscal 1991 programs were implemented to reduce operating costs. Research and development programs were maintained and intensified due to their importance in view of the long-term growth prospects in the fire sprinkler industry.
 The company said it expects that the weak new construction market will continue throughout most of fiscal 1992. During this period, the company will continue to position itself for the strong market growth that is expected when the new construction real estate market starts its recovery.
 Central Sprinkler Corporation is a manufacturer and distributor of components used in automatic fire sprinkler systems.
 CENTRAL SPRINKLER CORPORATION
 (Amounts in thousands, except per share)
 Periods ended Three months Year
 Oct. 31 1991 1990 1991 1990
 Net sales $16,368 $17,803 $62,319 $70,651
 Gross profit 5,178 6,169 19,287 24,306
 Operating income 1,176 2,487 3,946 8,931
 Net income 924 1,643 2,981 5,755
 Earnings per share $.19 $.32 $.61 $1.11
 Average number of shares 4,759 5,025 4,859 5,179
 /delval/
 -0- 12/11/91
 /CONTACT: Al Sabol of Central Sprinkler, 215-362-0700/
 (CNSP) CO: Central Sprinkler Corporation ST: Pennsylvania IN: SU: ERN


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Publication:PR Newswire
Date:Dec 11, 1991
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