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CIMCO REPORTS IMPROVED FOURTH QUARTER AND FISCAL 1993 PERFORMANCE

 COSTA MESA, Calif., June 15 /PRNewswire/ -- CIMCO Inc. (NASDAQ: CIMC) today reported higher sales and earnings for the full year and fourth quarter ended April 30, 1993.
 Net income for the fiscal 1993 year rose to $1.5 million, or $.50 per share, a 35 percent increase compared to $1.1 million, or $.37 per share in fiscal 1992. The stronger earnings performance was achieved on a 10 percent sales gain to a record $76.9 million, up from $70.1 million a year ago.
 Fourth quarter 1993 net income increased 25 percent, to $734,000, or $.25 per share, as compared to the same quarter of fiscal 1992, and net sales increased to $21.7 million from $19.2 million in the same quarter of the prior year. Results for the fourth quarter of fiscal 1993 included a non-recurring pre-tax charge of $225,000, stemming from the settlement of a contract dispute.
 Russell T. Gilbert, president and chief executive officer of CIMCO Inc., attributed the positive year-end results to significant strides made during the year in cost containment as well as productivity gains. he noted that operating profit for the year, before the non-recurring charge, increased 27 percent, and important progress was made in diversifying the company's customer base.
 "Despite a sales decline for the year in the Commercial/Industrial Group, it achieved an improved operating profit that is testament to the group's tenacious attention to quality, productivity and cost controls," Gilbert said. "In this economic environment, we have not been able to increase prices and, in fact, overall our pricing declined somewhat in fiscal 1993."
 Gilbert added, "Our stellar performer for the year was the Compounding Group, which enjoyed impressive growth in its Singapore operation. Although our Medical Group posted modest sales improvements, it recorded an operating loss due largely to the expiration of one significant contract."
 Fourth quarter sales performance benefited from continued strength in the Compounding Group, bolstered by an upturn in sales in the Commercial/Industrial Group. However, the company cautioned that while the business plan calls for further growth in fiscal 1994, the 1993 fourth quarter performance should not be used as a model for projecting sales and earnings performance in subsequent periods.
 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 computer, commercial irrigation, automotive safety, telecommunications and health care industries.
 CIMCO INC.
 Selected Financial Data
 Quarter Ended
 April 30, 1993 April 30, 1992
 Net sales $21,678,000 $19,196,000
 Earnings before taxes 1,178,000 893,000
 Provision for income taxes 444,000 306,000
 Net earnings 734,000 587,000
 Earnings per common share (primary) $.25 $.20
 Weighted average shares outstanding 2,978,994 3,004,006
 Year Ended
 April 30, 1993 April 30, 1992
 Net sales $76,887,000 $70,132,000
 Earnings before taxes 2,096,000 1,693,000
 Provision for income taxes 620,000 593,000
 Net earnings 1,476,000 1,100,000
 Earnings per common share (primary) $.50 $.37
 Weighted average shares outstanding 2,975,618 2,975,062
 -0- 6/15/93
 /CONTACT: S. Suki Shattuck, director corporate relations of CIMCO, 714-546-4460, ext. 252; or Roger S. Pondel of Pondel Parsons & Wilkinson, 310-207-9300, for CIMCO/
 (CIMC)


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

JB-BP -- LA006 -- 1968 06/15/93 09:06 EDT
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Publication:PR Newswire
Date:Jun 15, 1993
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