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CROMPTON & KNOWLES NET UP 20 PERCENT ON 15 PERCENT SALES GAIN

 CROMPTON & KNOWLES NET UP 20 PERCENT ON 15 PERCENT SALES GAIN
 STAMFORD, Conn., Oct. 21 /PRNewswire/ -- Crompton & Knowles Corporation (NYSE: CNK), a producer and marketer of specialty chemicals and equipment, announced a third quarter earnings gain of 20 percent on 15 percent higher sales. Net income for the third quarter ended Sept. 26, 1992, was $10.1 million, or 20 cents per share, compared to $8.4 million, or 17 cents a share, in the same period last year. Sales were $131.8 million compared to $115.1 million in 1991. Per share figures have been adjusted to reflect a two-for-one stock split in May 1992.
 "Successful integration of recent acquisitions, continued focus on niche markets and control of costs have contributed to record third quarter results despite the unsettled global economic environment," said Vincent A. Calarco, the company's chairman, president and chief executive officer.
 For the nine months, Crompton & Knowles reported that net earnings rose 20 percent to $32.8 million, or 66 cents a share, compared with $27.3 million, or 55 cents a share, in 1991. Sales increased 12 percent to $380.1 million for the nine months from $340.3 million in the same period last year.
 Crompton & Knowles' two business segments performed as follows in the third quarter:
 Specialty Chemicals
 Sales in the company's specialty chemicals segment increased 18 percent in the quarter to $104.1 million from $88.5 million in the third quarter last year. The sales gains was accounted for by the acquisition of a dyes business in France this past May as well as the company's base worldwide dyes operations. Domestic dyes sales increased due to market gains in the carpet industry as well as ongoing strength in the knitwear apparel markets using cotton and nylon fibers. Export dyes sales to the Far East were significantly above the prior year's results. Sales of the company's specialty ingredients


operations were essentially unchanged versus the third quarter of 1991 as a result of delays with customer product commercialization schedules.
 Specialty Process Equipment & Controls
 Sales for the company's specialty process equipment and controls segment rose 4 percent to $27.7 million from $26.6 million last year. Strong demand for wire and cable extrusion systems and higher sales in the plastic sheet and profile extrusion markets accounted for the sales gains. The company's order backlog for extrusion systems and industrial blow molding equipment for the plastics industry increased to $39 million at the end of the third quarter from $35 million at the end of the second quarter.
 CROMPTON & KNOWLES CORPORATION AND SUBSIDIARIES
 Condensed Consolidated Statement of Earnings
 (Unaudited -- In thousands, except per share data)
 Third Quarter Ended Nine Months Ended
 9/26/92 9/28/91 9/26/92 9/28/91
 Net sales $131,849 $115,091 $380,119 $340,253
 Earnings before
 income taxes 15,951 13,265 52,010 43,205
 Income taxes 5,872 4,843 19,192 15,921
 Net earnings 10,079 8,422 32,818 27,284
 Net earnings per
 common share(A) $.20 $.17 $.66 $.55
 Dividends per common
 share(A) $.08 $.065 $.225 $.1825
 Average shares
 outstanding(A) 49,928 49,348 49,917 49,340
 (A) Reflects the two-for-one stock split effective May 22, 1992
 -0- 10/21/92
 /CONTACT: Yanis Bibelnieks of Bibelnieks Associates, 212-949-2295, from Crompton & Knowles/
 (CNK) CO: Crompton & Knowles Corporation ST: Connecticut IN: CHM SU: ERN


PS-SM -- NY042 -- 2828 10/21/92 11:17 EDT
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Publication:PR Newswire
Date:Oct 21, 1992
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