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CROMPTON & KNOWLES POSTS RECORD QUARTER AS EARNINGS RISE 20 PERCENT ON 13 PERCENT SALES GAIN

CROMPTON & KNOWLES POSTS RECORD QUARTER AS EARNINGS RISE 20 PERCENT
 ON 13 PERCENT SALES GAIN
 STAMFORD, Conn., July 15 /PRNewswire/ -- Crompton & Knowles Corporation (NYSE: CNK), a producer and marketer of specialty chemicals and equipment, announced record sales and earnings for the second quarter. Earnings increased 20 percent to $12.9 million, or 26 cents a share, from $10.7 million, or 22 cents a share in the same period last year. Sales rose 13 percent to $134.6 million from $119.0 million. All figures have been adjusted to reflect a two-for-one stock split in May 1992.
 "Sales in all of our businesses are ahead of last year and ahead of this year's first quarter," said Vincent A. Calarco, the company's chairman, president and chief executive officer. "This performance reinforces our confidence that we can sustain this trend for the rest of 1992 and post record year-end results."
 For the six months, Crompton & Knowles' reported that net earnings rose 21 percent to $22.7 million, or 46 cents a share, compared with $18.9 million, or 38 cents a share in 1991. Sales increased 10 percent to $248.3 million for the first half from $225.2 million in the same period last year.
 Crompton & Knowles' two business segments performed as follows in the second quarter.
 Special Chemicals
 The company's specialty chemicals segment increased sales by 15 percent in the quarter to $105.3 million from $91.6 million in the second quarter last year. Both the dyes and specialty ingredients businesses contributed to the sales gains and improved earnings. Dyes performance continued to be led by stronger demand from the domestic apparel business as well as improved carpet business. While the dyes markets in Europe continued their overall weakness, Crompton & Knowles' operations posted improved results compared with the prior year. These gains came from the company's existing European dyes business as well as from the May acquisition of a pre-metallized dyes business in Oissel, France. The company's specialty ingredients operations had higher sales and earnings in flavors and sweeteners for foods and additives for the pharmaceutical industry.
 Specialty Process Equipment & Controls
 Sales for the specialty process equipment and controls segment rose 7 percent to $29.3 million from $27.4 million last year. The company's order backlog for extrusion systems and industrial blow molding equipment for the plastics industry increased to $35 million at the end of the second quarter from $34 million at the end of the first quarter.
 CROMPTON & KNOWLES CORPORATION AND SUBSIDIARIES
 Condensed Statements of Consolidated Earnings
 (In thousands, except per share data, Unaudited)
 Period ended Second quarter Six months
 6/27/92 6/29/91 6/27/92 6/29/91
 Net sales $134,629 $119,032 $248,270 $225,162
 Pretax earnings 20,385 16,991 36,059 29,940
 Income taxes 7,520 6,287 13,320 11,078
 Net earnings 12,865 10,704 22,739 18,862
 Net earnings per
 common share(A) .26 .22 .46 .38
 Dividends per
 common share(A) .08 .065 .145 .1175
 Average shares
 outstanding(A) 49,840 49,186 49,890 49,190
 (A) Per share data have been adjusted to reflect the two-for-one stock split effective May 22, 1992.
 -0- 7/15/92
 /CONTACT: Yanis Bibelnieks of Bibelnieks Associates, 212-949-2295, for Crompton & Knowles/
 (CNK) CO: Crompton & Knowles Corporation ST: Connecticut IN: CHM SU: ERN


TQ-OS -- NY025 -- 9539 07/15/92 12:23 EDT
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Publication:PR Newswire
Date:Jul 15, 1992
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