GENERAL MAGNAPLATE REPORTS FIRST QUARTER RESULTS
GENERAL MAGNAPLATE REPORTS FIRST QUARTER RESULTS LINDEN, N.J., Nov. 15 /PRNewswire/ -- General Magnaplate Corporation
(NASDAQ: GMCC) President Candida C. Aversenti today announced financial results for the first fiscal quarter that reflect the softening of the national economy during the summer months. In addition, a portion of the decrease resulted from the expiration of a contract with a blue chip computer customer.
However, growth plans for the future continue right on track with the official opening of the Wisconsin facility in December and the strengthening of the Canadian operation with a new management team. Aversenti said, "All plants took advantage of the slowdown to do maintenance and waste treatment upgrades, as well as R&D for several new processes that will be available to the marketplace next quarter. Regular production remained on schedule, and pricing has been held down to afford our customers every advantage during this difficult economy. "We remain optimistic as we enter the second quarter with backlogs at the established facilities, and the grand opening of the new General Magnaplate Wisconsin plant." GENERAL MAGNAPLATE CORPORATION Condensed Statement of Income Three months ended Sept. 30 1991 1990 Gross revenue $2,070,120 $2,520,317 Income before corporate income taxes 68,917 240,962 Net income $ 41,108 $ 143,865 Net income per share $.01 $.05 Average shares outstanding 3,091,528 3,092,844 -0- 11/15/91 /CONTACT: Candida C. Aversenti, president of General Magnaplate, 908-862-6200/ (GMCC) CO: General Magnaplate Corporation ST: New Jersey IN: SU: ERN GK-OS -- NY041 -- 1501 11/15/91 11:33 EST
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|Date:||Nov 15, 1991|
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