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CHAMPION PARTS REPORTS HIGHER FIRST-QUARTER EARNINGS ON REDUCED SALES

CHAMPION PARTS REPORTS HIGHER FIRST-QUARTER EARNINGS ON REDUCED SALES
 OAK BROOK, Ill., April 15 /PRNewswire/ -- Champion Parts, Inc. (NASDAQ-NMS: CREB) today reported higher earnings on reduced sales for the first quarter ended March 29, 1992. Net sales of $25,013,000 were 18 percent below the $30,352,000 of a year ago. Net earnings were up 9 percent at $208,000 or 6 cents per share, compared to $191,000 or 5 cents per share in last year's first quarter.
 "We achieved higher earnings despite sales that were significantly lower, mainly due to the recession. This reflects the benefit of our plant consolidation program and cost reduction measures as well as significantly lower interest costs due to prepayment of our high interest debt and the generally lower level of interest rates. Our product mix was also somewhat better than we expected during the first quarter," said Charles P. Schwartz Jr., Champion Parts' chairman and chief executive.
 "We are continuing to monitor all costs as well as pursuing opportunities for additional profitable business," said Schwartz.
 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)
 First Quarter Ended
 March 29, 1992 March 31, 1991
 Net sales $25,013,000 $30,352,000
 Earnings before interest and
 income taxes 978,000 1,255,000
 Interest 625,000 925,000
 Earnings before income taxes 353,000 330,000
 Income taxes 145,000 139,000
 Net earnings 208,000 191,000
 Net earnings per common share .06 .05
 Average shares outstanding 3,655,266 3,655,266
 -0- 4/15/92
 /CONTACT: Charles P. Schwartz Jr. of Champion Parts, Inc., 708-573-6600; or Alex Tassos of Alex Tassos & Associates, 619-451-8784, for Champion Parts, Inc./
 (CREB) CO: Champion Parts, Inc. ST: Illinois IN: AUT SU: ERN


JG-SM -- DE023 -- 8769 04/15/92 13:54 EDT
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Publication:PR Newswire
Date:Apr 15, 1992
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