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FEDERAL SCREW WORKS REPORTS RESULTS

 DETROIT, Oct. 28 /PRNewswire/ -- Federal Screw Works (NASDAQ-NMS: FSCR) reported net sales of $16,653,000 for the first quarter ended Sept. 30, 1993, compared to net sales of $16,232,000 for the quarter ended Sept. 30, 1992. The company's net earnings for the quarter ended Sept. 30, 1993, were $5,576, or $.01 per share, after a quarterly after-tax charge of $300,000 for FAS 106. The FAS 106 charge is a non-cash charge. This compares to net earnings of $109,000, or $.10 per share, for the same quarter of the prior year which did not have a FAS 106 charge.
 First-quarter sales were adversely affected by a variety of production problems at one of the company's major customers and certain factory realignments at another major customer that resulted in some normal summer shipments being advanced into the prior fiscal year. These conditions will be largely eliminated in the second quarter. The company anticipates rather steady increases in shipments throughout the new fiscal year as new models from all three of the U.S.-owned auto manufacturers go into production.
 The board of directors declared a regular $.10 per share dividend today to be paid Jan. 4, 1994, to shareholders of record Dec. 10, 1993.
 -0- 10/28/93
 /CONTACT: W.T. ZurSchmiede Jr., CEO-CFO of Federal Screw Works, 313-963-2323/
 (FSCR)


CO: Federal Screw Works ST: Michigan IN: MAC SU: ERN

JG -- DE015 -- 7920 10/28/93 12:25 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
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