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DURACRAFT ANNOUNCES THIRD QUARTER EARNINGS

 WHITINSVILLE, Mass., Nov. 10 /PRNewswire/ -- Duracraft Corp. (NASDAQ: DUCR) today announced third quarter net earnings of $2,635,000 or 70 cents, per share, a 68 percent increase compared to net earnings of $1,571,000, or 42 cents per share for the same quarter last year.
 The company announced net sales for the third quarter totaling $27,213,000, up 49 percent from net sales of $18,275,000 for the third quarter of 1992.
 The increase in net sales is attributable to increased sales levels of the company's heater and humidifier product categories. Third quarter 1993 revenues were also favorably impacted by higher than anticipated fan sales as a result of the extremely warm weather in the early part of July and the commencement of shipments of the company's air cleaners.
 Operating income for the third quarter of 1993 was $4,398,000 compared to $2,441,000 in 1992, an increase of 80 percent.
 Duracraft Corp. reported net income of $3,521,000, or 94 cents per share for the first nine months of 1993 compared to net earnings of $1,740,000, or 46 cents per share for the first nine months of 1992.
 In October 1993, Duracraft Corp. reported the initial public offering of 1,600,000 shares of its common stock at a price of $14 per share.
 Duracraft Corp. develops, manufactures and markets branded consumer household products.
 DURACRAFT CORP.
 Unaudited Consolidated Statements Of Operations
 (In thousands, except for per share data)
 Three Months Ended Nine Months Ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Net sales $27,213 $18,275 $54,342 $41,635
 Cost of goods sold 18,208 13,193 38,573 32,340
 Gross margin 9,005 5,082 15,769 9,295
 Operating expenses:
 Product development 797 225 1,430 671
 Selling 1,344 631 2,467 1,415
 General & admin. 2,466 1,785 6,042 4,225
 Total 4,607 2,641 9,939 6,311
 Operating income 4,398 2,441 5,830 2,984
 Interest and
 other income 2 3 48 47
 Interest expense (180) (69) (383) (299)
 Gain (loss) on foreign
 currency transaction (27) 77 (2) (23)
 Income before
 provision for
 income taxes 4,193 2,452 5,493 2,709
 Provision for income
 taxes 1,558 881 1,972 969
 Net income $2,635 $1,571 $3,521 $1,740
 Net income per share $.70 $.42 $.94 $.46
 Weighted average
 common shares
 outstanding 3,750 3,750 3,750 3,750
 The accompanying notes are an integral part of these unaudited consolidated financial statements.
 DURACRAFT CORP.
 NOTES TO UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
 SEPT. 30, 1993
 (A) The unaudited consolidated statements of operations for Duracraft Corp. ("the company") reflect all adjustments and accruals (consisting only of normal recurring adjustments), which in the opinion of management are necessary for a fair presentation. It is suggested that these unaudited consolidated statements of operations be read in conjunction with the financial statements and the notes thereto included in the company's Registration Statement (No. 33-68234) on Form S-1 filed with the Securities and Exchange Commission.
 (B) On Nov. 2, 1993 the company issued an additional 1,600,000 shares of its common stock through an initial public offering at a price of $14 per share.
 -0- 11/10/93
 /CONTACT: Keith Seidman, executive vice president and chief financial officer of Duracraft Corp., 508-243-4600/
 (DUCR)


CO: Duracraft Corporation ST: Massachusetts IN: HOU SU: ERN

CM-DD -- NE005 -- 2699 11/10/93 11:10 EST
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Publication:PR Newswire
Date:Nov 10, 1993
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