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GUARDSMAN PRODUCTS, INC. ANNOUNCES SECOND-QUARTER RESULTS

 GRAND RAPIDS, Mich., July 15 /PRNewswire/ -- Guardsman Products, Inc. (NYSE: GPI) today announced that net income amounted to $.16 per share for the quarter ended June 30, 1993, up 60 percent from the $.10 per share earned during the comparable 1992 quarter. Sales for the second quarter were $44,562,000 in 1993 and $39,446,000 for 1992, up 13 percent.
 For the six months ended June 30, 1993, net income amounted to $.30 per share compared to $.15 per share for the first six months of 1992. Sales for the six months increased 14.7 percent to $86,892,000 in 1993 from $75,767,000 in 1992. Included in 1993 earnings is a one-time benefit of $.02 per share for the cumulative effect of adopting Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes," which was recorded in the first quarter.
 Charles E. Bennett, president and chief executive officer, stated that, "During the second quarter we continued to experience a broad- based strengthening in demand for our products, The Coatings Group reported an overall sales increase of 8 percent over the second quarter of 1992, in spite of a planned reduction of $2 million in sales of resin products between the periods. This increase reflects both internal sales growth as well as additional business obtained through acquisition. Second-quarter sales also improved in most areas of our Consumer Products business. Demand was especially strong for our after- market automotive maintenance products, leading an overall sales increase of 26 percent for the Consumer Products Group.
 "Sales growth, stable margins and better leveraging of our operating expenses contributed to our improved profitability during the quarter. While economic uncertainty exists due to the unsettled nature of pending congressional budget legislation, we are confident that in an improving economy we can build on the advances we achieved during the first half of the year."
 Guardsman Products, Inc. is a producer of custom industrial coatings and diversified consumer products.
 GUARDSMAN PRODUCTS, INC.
 Quarter Ended June 30
 1993 1992
 Sales $44,562,000 $39,446,000
 Net income $1,209,000 $747,000
 Net income per share (a) $.16 $.10
 Six Months Ended June 30
 Sales $86,892,000 $75,767,000
 Income
 Before cumulative effect of change
 in accounting principle $2,079,000 $1,089,000
 Cumulative effect of change in
 accounting principle 150,000 ---
 Net income $2,229,000 $1,089,000
 Income per share (a)
 Before cumulative effect of change
 in accounting principle $.28 $.15
 Cumulative effect of change
 in accounting principle .02 ---
 Net income $.30 $.15
 (a) Based on 7,483,087 and 7,473,499 weighted average shares outstanding for the quarter and six months ended June 30, 1993, respectively, and 7,430,164 and 7,421,823 weighted average shares outstanding for the respective 1992 periods.
 -0- 7/15/93
 /CONTACT: Charles E. Bennett, president and chief executive officer, Guardsman Products, Inc., 616-957-2600/
 (GPI)


CO: Guardsman Products, Inc. ST: Michigan IN: SU: ERN

JG-KE -- DE013 -- 1902 07/15/93 11:25 EDT
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Publication:PR Newswire
Date:Jul 15, 1993
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