HEIN-WERNER REPORTS FIRST QUARTER RESULTS
HEIN-WERNER REPORTS FIRST QUARTER RESULTS WAUKESHA, Wis., April 30 /PRNewswire/ -- Hein-Werner Corp.
(AMEX: HNW) today reported results for the first quarter ended March 28, 1992. Net sales increased 2 percent to $22.1 million from $21.7 million in the year ago quarter. The net loss for the quarter was $499,000 or 23 cents per share as compared to a loss of $1.5 million or 71 cents per share in the year ago quarter.
Joseph L. Dindorf, president and chief executive officer, said, "Hein-Werner's operating results for the first quarter demonstrate marked improvement in a tough economic environment. On essentially level sales, the company posted a bottom line improvement of $1.0 million for the first quarter. This improvement is the direct result of steps taken early in 1991 to reduce excess manufacturing capacity and drastically trim operating costs. The hard decisions of 1991 are beginning to yield results. The company's break-even point in North America has been dramatically reduced." Dindorf continued, "Every operating unit in North America posted substantially improved operating results. The automotive related business segments have stabilized and product order activity is better. The fluid power and European segments are performing to expectations and their profit contribution should grow significantly as general worldwide economic conditions improve." Dindorf concluded, "We have the appropriate cost structure in place which should allow us to operate profitably at a lower break-even point. Sales remain the key. As general economic conditions improve and sales gradually increase to pre-recession levels, Hein-Werner will begin to see the significant positive operating results that both management and shareholders desire." Hein-Werner Corp. is a leading worldwide manufacturer and marketer of collision repair, automotive service and fluid power equipment. The company has manufacturing operations and sales offices in the United States, Canada, Mexico and Europe with distribution channels throughout the rest of the world. HEIN-WERNER CORPORATION AND SUBSIDIARIES Consolidated Statements of Income (in thousands, except per share amounts) Three months ended 3/28/92 3/30/91 Net Sales $22,129 $21,733 Cost of Sales $15,262 15,290 Gross Profit 6,867 6,443 Selling, engineering and administrative expenses 6,703 7,654 Operating Profit 164 (1,211) Interest expense, net 774 1,080 Other (income) expense, net (35) (103) Earnings before income taxes (575) (2,188) Income taxes (76) (663) Net Earnings $ (499) (1,525) Per common share $ (.23) $ (.71)(A) Weighted average shares outstanding 2,146 2,146(A) (A) Restated to give effect to a 5 percent stock dividend paid Jan. 24, 1992. -0- 4/30/92 /CONTACT: Edward F. Duffy, VP-finance and treasurer of Hein-Werner, 414-542-6611/ (HNW) CO: Hein-Werner Corp. ST: Wisconsin IN: AUT SU: ERN
SH -- NY027 -- 4819 04/30/92 10:19 EDT
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|Date:||Apr 30, 1992|
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