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 COSTA MESA, Calif., July 30 /PRNewswire/ -- Ceradyne Inc. (NASDAQ: CRDN) announced operating results for the second quarter 1993.
 For the quarter ended June 30, 1993, sales were $4,132,000 compared to $4,429,000 a year ago. The company reported a net loss of ($848,000), or ($.14) per share, in the current quarter, compared with a net loss of ($692,000), or ($.11) per share, in the comparable prior year.
 For the first half of 1993, sales were $8,244,000 compared to $9,214,000 a year ago. Net loss for the first six months of 1993 was ($1,336,000), or ($.22) per share, vs. a net loss of ($1,079,000), or ($.18) per share, in the comparable prior year period.
 Included in the second quarter loss were charges of approximately $140,000 to reflect certain restructuring costs and the establishment of a $70,000 reserve against a receivable of a customer who filed a Chapter 11 bankruptcy.
 The company announced reductions in personnel and restructuring which will reduce expenses by at least $700,000 per year. As part of this restructuring, the reporting structure was streamlined with the position of chief operating officer being eliminated and the three profit centers reporting directly to the chief executive officer.
 Both of Ceradyne's divisions, Semicon Associates, Lexington, Ky., and Thermo Materials, Scottdale, Ga., were profitable for the quarter and first half. The continued weakness in the defense markets associated with the California facility accounted for the losses. Most of the cost reduction discussed above were at the California facility.
 Management stated its plans to continue its cost reduction programs while simultaneously increasing its marketing emphasis in new products such as Semicon's CRT cathodes for consumer television applications, global marketing in all product lines and selected emphasis on tactical defense markets.
 Below is a summary of unaudited comparative results:
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Sales $4,132,000 $4,429,000 $8,244,000 $9,214,000
 Net loss ($848,000) ($692,000) ($1,336,000) ($1,079,000)
 Net loss per share ($.14) ($.11) ($.22) ($.18)
 Average shares
 outstanding 6,145,535 6,127,000 6,145,535 6,124,000
 -0- 7/30/93
 /CONTACT: James F. Gardner of Ceradyne, 714-549-0421/

CO: Ceradyne Inc. ST: California IN: CPR SU: ERN

JB-EH -- LA019 -- 7867 07/30/93 15:36 EDT
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Publication:PR Newswire
Date:Jul 30, 1993

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