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FEDERAL SCREW WORKS REPORTS RESULTS

    DETROIT, Aug. 13 /PRNewswire/ -- Federal Screw Works (NASDAQ-NMS: FSCR) reports net earnings for the fiscal year ended June 30, 1993, of $2,006,000, or $1.84 per share, on sales of $73,050,000.  For the year ended June 30, 1992, the company reported net earnings of $2,020,000 or $1.83 per share, on sales of $67,618,000.  Net earnings for the fourth quarter were $1,561,000, or $1.43 per share, on sales of $20,684,000.  In the fourth quarter ended June 30, 1992, the company reported net earnings of $1,308,000, or $1.19 per share, on sales of $18,710,000.
    Sales increases in the fourth quarter and for the year as a whole are largely attributable to the improvement in automotive industry sales.  Earnings for the fourth quarter were favorably affected by year- end inventory adjustments in both years, but continue to be impacted by fierce price competition within the industry.
    The company will adopt FASB Standard No. 106 for employee postretirement health care benefits in the first quarter of fiscal 1994. Although the company's cash flows will not be adversely affected, the implementation of this accounting standard will have the effect of reducing earnings by approximately $100,000 per month.
    The board of directors declared a regular quarterly cash dividend of $.10 per share, and an extra cash dividend of $.20 per share, both payable Oct. 1, 1993, to stockholders of record Sept. 10, 1993.
    -0-             08/13/93
    CONTACT:  W.T. ZurSchmiede Jr. of Federal Screw Works, 313-963-2323
    (FSCR) CO:  FEDERAL SCREW WORKS IN:  MAC SU:  ERN ST:  MI


-- DE007 -- X612 08/13/93
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Publication:PR Newswire
Date:Aug 13, 1993
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