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HAKO MINUTEMAN REPORTS FOURTH QUARTER PER SHARE NET ROSE 83 PERCENT; 1991 PER SHARE UP 21 PERCENT

HAKO MINUTEMAN REPORTS FOURTH QUARTER PER SHARE NET ROSE 83 PERCENT;
 1991 PER SHARE UP 21 PERCENT
 ADDISON, Ill., Feb. 20 /PRNewswire/ -- Hako Minuteman, Inc. (NASDAQ-NMS: HAKO) today reported net income per share for the fourth quarter ended Dec. 31, 1991, rose 83.2 percent and per share for all of 1991 up 20.7 percent.
 Net income for the 1991 fourth quarter was $628,000 or 18 cents per share, up from $359,000, or 10 cents per share, in the quarter ended Dec. 31, 1990. Net sales for the 1991 fourth quarter increased 4 percent to $6,413,000 from $6,165,000 last year.
 For the year ended Dec. 31, 1991, net income rose to $2,503,000 or 70 cents per share, from $2,108,000, or 58 cents per share, a year earlier. Net sales were up 3.4 percent to $30,238,000 from $29,238,000.
 President and Chief Executive Officer Jerome E. Rau attributed the sales increase to the demand for new products, coupled with a stronger distribution network, particularly in the export market. He said higher income was due primarily to increased sales, a LIFO inventory gain, a reduction in advertising and promotional expense and increased tax benefits related to export income generated by its foreign sales corporation.
 Rau said he expects improved results in 1992 as the overall economy strengthens.
 Headquartered in Addison, 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 Statements of Income
 (In thousands, except per-share data)
 Periods ended Three months Percent Twelve months Percent
 Dec. 31: 1991 1990 change 1991 1990 change
 Net sales $6,413 $6,165 4.0 $30,238 $29,238 3.4
 Cost of sales 3,866 3,719 4.0 19,065 18,395 4.2
 Gross profit 2,547 2,446 4.1 11,173 10,933 2.2
 Operating expenses:
 Selling 1,624 1,508 7.7 6,130 6,023 1.8
 Genl. & admin. 364 406 (10.3) 1,783 1,805 (1,2)
 Total operating
 expenses 1,988 1,914 7,913 7,828
 Income from
 operations 559 532 5.1 3,260 3,105 5.0
 Other income (expense):
 Interest income,
 net 81 102 294 389
 Other income
 (expense), net 52 (104) 219 (89)
 Total other income
 (expense), net 133 (2) 6,750.0 513 300 71.0
 Income before
 income taxes 692 530 30.6 3,773 3,405 10.8
 Provision for
 income taxes 64 171 (62.6) 1,270 1,297 (2.1)
 Net income 628 359 74.9 2,503 2,108 18.7
 Earnings per share $0.18 $0.10 83.2 $0.70 $0.58 20.7
 Avg. no. of common
 shrs. outstdg. 3,573 3,654 3,590 3,665
 -0- 2/20/92
 /CONTACT: Jerome E. Rau, president and CEO of Hako Minuteman, 708-627-6900/
 (HAKO) CO: Hako Minuteman Inc. ST: Illinois IN: HOU SU: ERN


CK-TS -- NY019 -- 0849 02/20/92 10:36 EST
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Date:Feb 20, 1992
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