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HAKO MINUTEMAN REPORTS FIRST QUARTER RESULTS; DECLARES DIVIDEND

HAKO MINUTEMAN REPORTS FIRST QUARTER RESULTS; DECLARES DIVIDEND
 ADDISON, Ill., April 27 /PRNewswire/ -- Hako Minuteman, Inc. (NASDAQ-NMS: HAKO) today reported net sales up 2.5 percent in the first quarter ended March 31, 1992, to $8,001,000 from $7,809,000 a year earlier. Net income in the 1992 quarter was down 12 percent to $574,000, or 16 cents per share, from $654,000, or 18 cents per share in the quarter ended March 31, 1991.
 President and Chief Executive Officer Jerome E. Rau said net income for the 1992 first quarter was impacted by expenses incurred to streamline production at the company's Addison facility and higher advertising and promotion expenses, as well as the continuing recession which caused pressures on pricing and margins.
 "We experienced an order increase toward the end of the first quarter and hope this is an indication that the economy, as well as our industry, is beginning to improve," Rau said. "We are confident that realigning of our manufacturing process, the addition of new sales and technical product personnel, and several new product introductions will contribute to improved results in the current quarter and for the balance of 1992."
 Dividend Declared
 The board of directors of Hako Minuteman, Inc. has declared a quarterly dividend of seven cents per share on the company's common stock, payable May 15, 1992, to shareholders of record on April 30, 1992.
 Headquartered in Addison, Ill., Hako Minuteman, Inc. manufactures one of the most complete lines of commercial and industrial vacuums, floor and carpet care equipment and chemical cleaning and coating products in the United States and Canada.
 HAKO MINUTEMAN, INC. AND SUBSIDIARIES
 Consolidated Statement of Income
 (In thousands, except per share data, unaudited)
 Three months ended March 31 1992 1991 Pct. Change
 Net sales $8,001 $7,809 2.5
 Cost of sales 5,262 5,020 4.8
 Gross profit $2,739 $2,789 (1.8)
 Selling expenses 1,514 1,395 8.5
 General and administrative expenses 367 451 (18.6)
 Income from operations $ 858 $ 943 (9.0)
 Other income 68 129 (47.3)
 Income before income taxes $ 926 $1,072 (13.6)
 Income tax expense 352 418 (15.8)
 Net income $ 574 $ 654 (12.2)
 Net income per share $ .16 $ .18 --
 Average number of shares outstanding 3,568 3,612 --
 -0- 4/27/92
 /CONTACT: Jerome E. Rau, president and CEO of Hako Minuteman, 708-627-6900/
 (HAKO) CO: Hako Minuteman, Inc. ST: Illinois IN: HOU SU: ERN


TQ-OS -- NY072 -- 3164 04/27/92 12:33 EDT
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Publication:PR Newswire
Date:Apr 27, 1992
Words:420
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