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JONES PLUMBING SYSTEMS REPORTS INCREASED OPERATING PROFITS

 BIRMINGHAM, Ala., May 4 /PRNewswire/ -- Kenneth R. Wells, president and chief executive officer of Jones Plumbing Systems, Inc. (AMEX: JPS), announced today the company's operating results for the three months ended March 31.
 Consolidated net sales of the company increased 8.7 percent to $10,272,000 for the three months ended March 31, as compared with $9,449,000 for the same period in 1992.
 The company reported net income of $182,000, or $.03 a share, in the first quarter of 1993, as compared with net income of $248,000, or $.04 a share, for the same period in 1992. However, the net income for the year-earlier period included the benefit of the cumulative effect of a change in the method of accounting for income taxes in the amount of $238,000, or $.04 a share. The company booked a charge in the amount of $209,000 in the first three months of 1993 for certain reorganizational expenses and legal matters incurred in the period, the net effect of which reduced earnings by approximately $138,000, or $.02 a share, in the quarter.
 The company attributes the increase in net sales for 1993 primarily to the introduction of new products combined with the efforts of the management team to achieve new business in the marketplace. Wells said, "The significant improvement in the operating results relates primarily to profit improvement programs that were implemented in the fall of 1992."
 Wells further stated, "We believe the company is well positioned to continue its sales growth reflected in the last 12 months even at the current economic level."
 JONES PLUMBING SYSTEMS, INC.
 CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited)
 3 mos. ended 3/31/93 3/31/92
 Net sales $10,271,660 $ 9,448,625
 Cost of sales 6,929,054 6,709,932
 Gross profit 3,342,606 2,738,693
 Operating costs and expenses:
 Warehousing and shipping 808,626 798,307
 Selling, general & administrative 1,810,783 1,670,586
 Total costs and expenses 2,619,409 2,468,893
 Operating income 723,197 269,800
 Other expenses:
 Interest expense, net 230,338 254,523
 Other 208,913 ---
 Total 439,251 254,523
 Income before income taxes 283,946 15,277
 Provision for income taxes 102,221 5,576
 Income from continuing operations
 before cumulative effect of acctg. chg. 181,725 9,701
 Cumulative effect as of Jan. 1, 1992,
 of change in method of accounting
 for income taxes --- 238,433
 Net income $ 181,725 $ 248,134
 Earnings per common share from:
 Continuing operations $ 0.03 $ ---
 Change in method of acounting for
 income taxes --- 0.04
 Total $ 0.03 $ 0.04
 Weighted average shares outstanding 5,749,275 5,749,275
 -0- 5/4/93
 /CONTACT: Kim Nolan of Jones Plumbing Systems, 205-956-5511 or 800-633-6633/
 (JPS)


CO: Jones Plumbing Systems, Inc. ST: Alabama IN: SU: ERN

BR-BN -- AT014 -- 4584 05/04/93 17:45 EDT
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Publication:PR Newswire
Date:May 4, 1993
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