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CIMCO ANNOUNCES SECOND QUARTER RESULTS FOR FISCAL YEAR 1992

 CIMCO ANNOUNCES SECOND QUARTER RESULTS FOR FISCAL YEAR 1992
 COSTA MESA, Calif., Nov. 26 /PRNewswire/ -- CIMCO Inc. (NASDAQ: CIMC) today reported net earnings of $77,040, or $.03 per share, for its second fiscal quarter ended Oct. 31, 1991. A year ago CIMCO reported second quarter net earnings of $875,241, or $.29 per share. Net sales for the current three months rose to $17.5 million, up from $16.4 million reported for the second quarter of fiscal 1991.
 Net income for the first six months of fiscal 1992 was $366,711, or $.12 per share, compared with $1,251,049, or $.41 per share, a year ago. Net sales for the first half this year increased to $34.5 million from $30.8 million a year ago.
 Russell T. Gilbert, president and chief executive officer, attributed the decrease in the second quarter earnings primarily to lower plant utilization at CIMCO's Costa Mesa manufacturing operations, reflecting reduced sales to a major customer. Additionally, the medical subsidiary incurred a loss for the quarter as sales gains fell short of increases in labor costs and manufacturing expense. Profit margins were further impacted by the material compounding subsidiary due to a change in product mix at the Corona facility and by a slower than expected sales start in the new Singapore plant, as customers in that area took advantage of their proximity to the plant to reduce their inventories.
 "We continue to be optimistic about the longer term profitability of CIMCO Inc. in spite of the current uncertainty about the length and severity of the recession," said Gilbert. "Tooling sales, which typically in the past have preceded sales growth, are up 56 percent over the second quarter of last year for CIMCO manufacturing and our medical subsidiary. Order backlogs at our Singapore plant are strong, and we expect to see significant profit contributions from that plant in future quarters."
 Founded in 1959, CIMCO Inc. is a major manufacturer of high performance plastic components, produced from specially formulated plastic compounds. The company supplies over 100 original equipment manufacturers in the electronics, computer, office equipment, construction and health care industries.
 CIMCO INC.
 Selected Financial Data
 (Unaudited)
 Fiscal Year 1992
 Second Quarter Ended
 Oct. 31, 1991 Oct. 31, 1990
 Net sales $17,506,862 $16,356,097
 Earnings before taxes 129,040 1,462,241
 Provision for income taxes 52,000 587,000
 Net earnings 77,040 875,241
 Earnings per common share $0.03 $0.29
 Weighted average shares
 outstanding 2,971,587 3,046,060
 First Half Ended
 Oct. 31, 1991 Oct. 31, 1990
 Net sales $34,463,787 $30,845,813
 Earnings before taxes 612,711 2,089,049
 Provision for income taxes 246,000 838,000
 Net earnings 366,711 1,251,049
 Earnings per common share $0.12 $0.41
 Weighted average shares
 outstanding 2,980,320 3,052,489
 Oct. 31, 1991 April 30, 1991
 Current assets $21,574,471 $18,312,274
 Total assets 46,632,586 40,993,241
 Current liabilities 11,909,210 10,973,576
 Long-term debt, net 6,601,831 2,017,020
 Stockholders' equity 25,984,167 25,765,267
 -0- 11/26/91
 /CONTACT: S. Suki Shattuck of CIMCO, 714-546-4460; or Cecilia A. Wilkinson of Rifkind Pondel & Parsons, 213-207-9300, for CIMCO/
 (CIMC) CO: CIMCO Inc. ST: California IN: CHM SU: ERN


CH-EH -- LA007 -- 7116 11/26/91 06:30 EST
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Date:Nov 26, 1991
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