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CHROMALINE SALES UP 14 PERCENT IN 1992

 DULUTH, Minn., Feb. 26 /PRNewswire/ -- The Chromaline Corporation (OTC Bulletin Board: CMLH), a Duluth-based developer and manufacturer of photochemical imaging products for the screen printing industry reported a drop in 1992 earnings from 1991 levels. In 1991, the company earned $.29 per share and in 1992, earnings were $.16 per share.
 Sales grew in 1992 to $4,672,450, a 14 percent increase over 1991 sales of $4,104,006. According to the company's president, Tom Erickson, operating costs increased sharply in 1992, compared to 1991, because of quality and research programs and a major expansion of European operations. Erickson said, "Our sales and margins remained good in 1992 but the expenses in setting up shop in Europe depressed earnings."
 THE CHROMALINE CORPORATION
 Balance Sheets
 ASSETS 12/31/92 12/31/91
 Current assets
 Cash $55,983 $72,718
 Receivables:
 Trade 735,636 707,787
 Refundable income taxes 25,710 15,532
 Inventories 464,556 377,936
 Total current assets 1,281,885 1,173,973
 Property and equipment, at cost
 Land and building 645,520 604,308
 Machinery and equipment 946,738 894,007
 Office furniture and equipment 424,704 363,349
 Vehicles 112,662 53,450
 -- 2,129,624 1,915,114
 Less accumulated depreciation 1,353,313 1,156,157
 -- 776,311 758,957
 -- $2,058,196 $1,932,930
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities
 Note payable, bank $75,000 --
 Current maturities of
 long-term debt 10,848 --
 Accounts payable 158,875 238,761
 Accrued expenses 109,128 75,792
 Total current liabilities 353,851 314,553
 Long-term debt, less
 current maturities 36,750 --
 Stockholders' equity
 Preferred stock, par value
 $.10 per share; authorized
 250,000 shares; issued none
 Common stock, par value $.10
 per share; authorized
 4,750,000 shares; issued
 781,177 shares in 1992 and
 813,977 shares in 1991 78,118 81,398
 Additional paid-in capital 313,996 327,179
 Retained earnings 1,275,481 1,209,800
 -- 1,667,595 1,618,377
 -- $2,058,196 $1,932,930
 THE CHROMALINE CORPORATION
 STATEMENTS OF INCOME
 Year Ended
 12/31/92 12/31/91
 Sales $4,672,450 $4,104,006
 Costs and expenses:
 Cost of goods sold 2,055,522 1,824,710
 Selling, general and administrative 1,909,001 1,407,169
 Research, development
 and quality control 480,640 487,464
 -- 4,445,163 3,719,343
 Income before income taxes 227,287 384,663
 Federal and state income taxes 99,000 145,000
 Net income $128,287 $239,663
 Earnings per common share $0.16 $0.29
 -0- 2/26/93
 /CONTACT: Thomas L. Erickson, president of Chromaline, 218-628-2217/
 (CMLH)


CO: The Chromaline Corporation ST: Minnesota IN: SU: ERN

AL -- MN008 -- 0995 02/26/93 16:33 EST
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Publication:PR Newswire
Date:Feb 26, 1993
Words:458
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