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CHAMPION PARTS REPORTS 2ND-QUARTER LOSS ON LOWER SALES; SMALL PROFIT EARNED IN FIRST HALF OF 1992

 CHAMPION PARTS REPORTS 2ND-QUARTER LOSS ON LOWER SALES;
 SMALL PROFIT EARNED IN FIRST HALF OF 1992
 OAK BROOK, Ill., July 22 /PRNewswire/ -- Champion Parts, Inc. (NASDAQ-NMS: CREB) reported lower sales and a loss for the second quarter of 1992. A small profit was achieved for the first half of the year, despite lower sales.
 Sales for the second quarter ended June 28 were down 9 percent to $24,484,000 compared to $27,024,000 a year ago. Sales for the first half declined 14 percent to $49,497,000 from $57,376,000. A loss of $171,000, or 5 cents per share was recorded in the second quarter, and a profit of $37,000, or 1 cent per share for the first half. This compares to a loss of $536,000 or 15 cents per share in last year's second quarter and $345,000 or 9 cents per share in the first half of 1991. Last year's results were after a plant consolidation and product restructuring program.
 "The second quarter is normally our weakest and the results also reflect continued competitive market conditions as well as an uncertain national economy. Unit sales have been strengthening in recent weeks, but competitive conditions continue," said Charles P. Schwartz Jr., chairman and chief executive officer.
 "The aftermarket generally may have stabilized, and we expect to benefit during the second half of the year from various operating economies at Champion Parts. Recent order input has improved, and the third quarter has been our strongest in recent years. Vacation driving is predicted to run at a stronger level this year. Over 80 percent of vacations are taken by car and this puts stress and strain on vehicles which leads to the need to install parts of the type produced by Champion Parts," Schwartz said.
 Champion Parts is the country's largest independent automotive replacement parts remanufacturer in the multi-billion-dollar automotive, truck and farm equipment aftermarket. It remanufactures, tests and distributes about 4 million parts each year throughout the U.S. and Canada. Its major products, representing some 80 percent of the sales volume of rebuilt parts sold by automotive jobbers and retail outlets, include fuel system products such as carburetors, and a wide line of automotive electrical and mechanical parts. The company currently employs about 1,750 men and women and operates three major plants in the U.S. and Canada.
 CHAMPION PARTS, INC.
 CONSOLIDATED RESULTS
 (Unaudited)
 Second Quarter Ended First Half Ended
 6/28/92 6/30/91 6/28/92 6/30/91
 Net Sales $24,484,000 $27,024,000 $49,497,000 $57,376,000
 Earnings before
 interest and
 income taxes (a) 355,000 --- 1,333,000 1,255,000
 Interest 645,000 925,000 1,270,000 1,850,000
 Earnings (loss) before
 income taxes (290,000) (925,000) 63,000 (595,000)
 Income Taxes
 (benefit) (119,000) (389,000) 26,000 (250,000)
 Net earnings (loss) (171,000) (536,000) 37,000 (345,000)
 Net earnings (loss)
 per common share ($0.05) ($0.15) $0.01 ($0.09)
 Average shares
 outstanding 3,655,266 3,655,266 3,655,266 3,655,266
 (a) 1991 includes nonrecurring plant consolidation and restructuring cost of $1,034,000.
 -0- 7/22/92
 /CONTACT: Charles P. Schwartz Jr. of Champion Parts, 708-573-6600; or Alex Tassos of Alex Tassos & Associates, 619-451-8784, for Champion Parts/
 (CREB) CO: Champion Parts, Inc. ST: Illinois IN: AUT SU: ERN


DH -- DE001 -- 1698 07/22/92 08:55 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
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