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FURON REPORTS SIGNIFICANT INCREASE IN EARNINGS FOR SECOND QUARTER

FURON REPORTS SIGNIFICANT INCREASE IN EARNINGS FOR SECOND QUARTER
 LAGUNA NIGUEL, Calif., Aug. 26 /PRNewswire/ -- Furon Co. (NASDAQ: FCBN) today announced that second quarter net income increased significantly over the same period last year.
 For the quarter ended Aug. 1, 1992, net income rose to $1,744,000, equal to $.20 per share, from $148,000, equal to $.02 per share, in the corresponding quarter a year ago. Revenues were $74,086,000, compared with $74,444,000 last year.
 For the first half of 1992, net income increased 124 percent to $3,968,000, equal to $.46 per share, compared with $1,773,000, equal to $.21 per share in 1991. Revenues for the year-to-date period were $153,500,000, compared with $155,846,000 for the same period a year ago.
 "We are pleased with the much-improved earnings picture for the second quarter and the first half of the year," said J. Michael Hagan, chairman and chief executive officer. "While our markets have not shown signs of improvement, we are optimistic about the future due to our new product introductions and expanded market penetration both domestically and internationally."
 Hagan said that the plans for the sale of the four remaining businesses as part of the company's previously announced corporate restructuring were on schedule. Their sale is expected to be completed by the end of the year. Two businesses were sold during the first quarter of the year.
 "The implementation of our world class performance program which increased manufacturing productivity and quality are paying off. The same can be said for our cost reduction program which enabled us to increase operating margins and use cash flow from operations to pay down debt," added Hagan.
 Furon Co., headquartered in Laguna Niguel, is a manufacturer of components form specialized polymer materials for the industrial market. The company serves a wide range of industries, including petrochemical, aerospace, medical, transportation, pollution control and fluid power.
 FURON CO.
 Sales/Earnings for Fiscal 1993
 Financial Highlights
 (Unaudited)
 (In thousands, except per share data)
 Six Months Ended Three Months Ended
 Aug. 1, Aug. 3, Aug. 1, Aug. 3,
 1992 1991 1992 1991
 Net sales $153,500 $155,846 $74,086 $74,444
 Cost of sales 109,082 113,601 52,741 55,202
 Gross profit 44,418 42,245 21,345 19,242
 Selling, general and
 administrative expenses 36,253 37,213 17,736 17,746
 Other (income), net (1,000) (1,081) (511) (396)
 Interest expense 2,323 3,107 1,112 1,641
 Income before taxes 6,842 3,006 3,008 251
 Taxes based on income 2,874 1,233 1,264 103
 Net income $3,968 $1,773 $1,744 $148
 Net income per share $0.46 $0.21 $0.20 $0.02
 Weighted average
 number of shares 8,649 8,619 8,676 8,607
 New orders $150,363 $148,702 $73,558 $69,665
 Current assets --- --- $88,328 $91,083
 Current liabilities --- --- 47,505 40,065
 Ratio of current assets
 to current liabilities --- --- 1.9 to 1 2.3 to 1
 Total assets --- --- 176,754 200,332
 Long-term debt --- --- 34,522 48,620
 Stockholders' equity --- --- 74,331 96,568
 -0- 8/26/92
 /CONTACT: Mike Hagan or Ron Bissell of Furon, 714-831-5350; or Roger Pondel or Kim Feazle of Pondel Parsons & Wilkinson, 310-207-9300, for Furon/
 (FCBN) CO: Furon Co. ST: California IN: CHM SU: ERN


JB-LS -- LA004 -- 3346 08/26/92 09:31 EDT
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Date:Aug 26, 1992
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