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CIMCO ANNOUNCES MARKED IMPROVEMENT IN SECOND QUARTER RESULTS

 COSTA MESA, Calif., Nov. 23 ~PRNewswire~ -- CIMCO Inc. (NASDAQ: CIMC) today reported sharply higher sales and earnings for its second fiscal quarter ended Oct. 31, 1992, as compared with the second fiscal quarter of 1991.
 For the most recent three months net earnings advanced threefold to $279,408, or $.10 per share, from $77,040, or $ .03 per share, for the comparable quarter last year. Net sales for the current three months rose 10 percent to $19.2 million, from $17.5 million reported for the second quarter of fiscal 1992.
 Net income for the first six months of fiscal 1993 nearly doubled to $649,048, or $.22 per share, from $366,711, or $.12 per share, compared with the same period last year. Net sales for the first half of fiscal 1992 increased 10 percent to $37.9 million from $34.5 million for the first half of fiscal 1991.
 "The increase in the second quarter sales and earnings were principally due to growth in our Compounding and Medical Groups," said President and Chief Executive Officer Russell T. Gilbert. "The continued growth in Compounding primarily reflects additional sales to existing customers, both domestically and internationally. With the Singapore facility receiving International Standards Organization (ISO) 9002 certification, we are well positioned to continue to grow with the vibrant Southeast Asian economy," Gilbert said.
 Gilbert noted that the Medical Group returned to profitability as volume improved and cost controls started to take effect. However, he said the Commercial~Industrial Group sustained an operating loss for the period, attributable to a loss in tooling operations, lower sales and plant utilization, as recessionary pressures continued to impact some of the company's customers. "Although tooling sales are down from second quarter last year, we are starting to see improvement in tooling backlogs," Gilbert added.
 Founded in 1959, CIMCO Inc. is a major developer and manufacturer of high-performance plastic components for commercial~industrial and medical markets. The company also custom formulates and compounds reinforced thermoplastic materials. CIMCO supplies more than 100 original equipment manufacturers in the business machine, computer, commercial irrigation, automotive safety, telecommunications and health care industries.
 CIMCO INC. SELECTED FINANCIAL DATA
 (unaudited)
 Fiscal Year 1993
 Second quarter ended Oct. 31, 1992 Oct. 31, 1991
 Net sales $19,181,820 $17,506,862
 Earnings before taxes 369,408 129,040
 Provision for income taxes 90,000 52,000
 Net earnings 279,408 77,040
 Earnings per common share $0.10 $0.03
 Weighted average
 shares outstanding 2,973,905 2,971,587
 First six months ended Oct. 31, 1992 Oct. 31, 1991
 Net sales $37,941,701 $34,463,787
 Earnings before taxes 886,048 612,711
 Provision for income taxes 237,000 246,000
 Net earnings 649,048 366,711
 Earnings per common share $0.22 $0.12
 Weighted average shares
 outstanding 2,971,615 2,980,320
 -0- 11~23~92
 ~CONTACT: S. Suki Shattuck, director of Corporate Relations of CIMCO, 714-546-4460; or Cecilia A. Wilkinson of Pondel Parsons & Wilkinson, 310-207-9300, for CIMCO~
 (CIMC)


CO: CIMCO Inc. ST: California IN: SU: ERN

JL-JB -- LA009 -- 0306 11~23~92 09:34 PST
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Publication:PR Newswire
Date:Nov 23, 1992
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