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HAKO MINUTEMAN CONTINUES RECORD SALES PERFORMANCE; THIRD-QUARTER OPERATING PROFITS UP 82 PERCENT ON 10-PERCENT SALES INCREASE

 Company Declares Quarterly Dividend
 ADDISON, Ill., Oct. 20 /PRNewswire/ -- Hako Minuteman, Inc.


(NASDAQ-NMS: HAKO) said today that revenues for the third quarter, ended Sept. 30, 1993, represent the third successive record sales performance for the company.
 Net sales for the third quarter increased 10 percent to $10,227,000 from $9,260,000 in the 1992 period. Income from operations soared 82 percent in the 1993 third quarter to $1,118,000 from $616,000 in the year-ago quarter.
 For the nine months ended Sept. 30, 1993, net sales rose 17 percent to $29,992,000 from 25,588,000 in the 1992 nine months. Income from operations was $3,270,000 in the first nine months, up 57 percent from $2,083,000 during the similar 1992 period.
 According to President and Chief Executive Officer Jerry Rau, the increase in operating profits was due primarily to higher sales volume and the continued containment of selling, general and administrative expenses. The success of Hako Minuteman's new products has driven the company's sales levels to their current record.
 Net income for the third quarter was $698,000, or 19 cents per share, a 62-percent increase from $432,000, or 12 cents per share, in the third quarter of 1992. Net income for the 1993 first nine months increased 41 percent to $2,048,000, or 57 cents per share from $1,452,000, or 41 cents per share in the year-earlier period.
 "The significant contributions of our U.S. dealer organization and the solid foundation it provides us are the basis for our continued success," said Rau. "Additionally, our export business continues to realize substantial growth as new markets are penetrated and new dealers established."
 DIVIDEND DECLARED
 The board of directors of Hako Minuteman, Inc. has declared a quarterly dividend of 7 cents per share on the company's common stock, payable Nov. 15, 1993, to shareholders of record on Nov. 1, 1993.
 Headquartered in Addison, Hako Minuteman, Inc. is a full line manufacturer of commercial and industrial vacuums, floor and carpet care equipment and chemical cleaning and coating products which the company markets worldwide. It also manufactures and markets litter pick-up machines and lawn sweeping equipment.
 The company's shares are traded on the NASDAQ National Market System under the symbol HAKO.
 HAKO MINUTEMAN, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 (In thousands, except per-share data, unaudited)
 Three Months Ended
 Sept. 30
 1993 1992 Pct. Change
 Net sales $10,227 $9,260 10.4
 Cost of sales 6,802 6,315 7.7
 Gross profit $3,425 $2,945 16.3
 Selling expenses 1,822 1,722 5.8
 General and administrative
 expenses 485 607 (20.1)
 Income from operations $1,118 $616 81.5
 Other income 17 76 (77.6)
 Income before income taxes $1,135 $692 64.0
 Income tax expense 437 260 68.1
 Net income $698 $432 61.6
 Net income per share $.19 $.12
 Average number of
 shares outstanding 3,568 3,568
 Nine Months Ended
 Sept. 30
 1993 1992 Pct. Change
 Net sales $29,992 $25,588 17.2
 Cost of sales 19,849 16,998 16.8
 Gross profit $10,143 $8,590 18.1
 Selling expenses 5,407 4,986 8.4
 General and administrative
 expenses 1,466 1,521 (3.6)
 Income from operations $3,270 $2,083 57.0
 Other income 76 208 (63.5)
 Income before income taxes $3,346 $2,291 46.0
 Income tax expense 1,298 839 54.7
 Net income $2,048 $1,452 41.0
 Net income per share $.57 $.41
 Average number of
 shares outstanding 3,568 3,568
 -0- 10/20/93
 /CONTACT: Jerome E. Rau, president and CEO of Hako Minuteman, Inc., 708-627-6900/
 (HAKO)


CO: Hako Minuteman, Inc. ST: Illinois IN: HOU SU: ERN

JG -- DE010 -- 4458 10/20/93 10:06 EDT
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Publication:PR Newswire
Date:Oct 20, 1993
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