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GENERAL MAGNAPLATE CORPORATION ISSUES THREE-MONTH REPORT TO STOCKHOLDERS

 GENERAL MAGNAPLATE CORPORATION ISSUES THREE-MONTH REPORT
 TO STOCKHOLDERS
 LINDEN, N.J., Nov. 11 /PRNewswire/ -- The following was released today by General Magnaplate Corporation (NASDAQ-NMS: GMCC):
 Financial results for the past three months are a direct reflection of our nation's economic condition. Earnings per share were up from $0.01 to $0.07, when compared to the similar three-month period last year. Revenues increased from $2,070,120 in 1991 to $2,337,647, a 13 percent increase for this period.
 We are maintaining our customer base and still adding new users of our processes; however, all segments of the broad spectrum of industries we service are not in any form of production increases. Inventory buildups that were anticipated in the past have not materialized; defense requirements for new or replacement parts are not on the horizon. Consumer product customers are extremely slow or not replacing inventories.
 We have streamlined all plants and implemented labor saving cost reduction strategies wherever possible. We have tightened our belts and all personnel have been made aware of the need to increase output per man-hour.
 The board of directors has eliminated the proposed dividend for this period to conserve cash.
 New facilities in Wisconsin and Canada are now fully in operation and slowly increasing sales.
 GENERAL MAGNAPLATE CORPORATION
 Condensed Statement of Income
 Three months ending Sept. 30 1992 1991
 Gross revenue $2,337,647 $2,070,120
 Net income $ 221,720 $ 41,108
 Earnings per share $0.07 $0.01
 Weighted average shares outstanding 3,051,694 3,091,528
 -0- 11/11/92
 /CONTACT: C. Aversenti, chief operating officer of General Magnaplate, 908-862-6200/
 (GMCC) CO: General Magnaplate Corporation ST: New Jersey IN: SU: ERN


GK-KW -- NY077 -- 9862 11/11/92 16:13 EST
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Publication:PR Newswire
Date:Nov 11, 1992
Words:289
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