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KRELITZ INDUSTRIES ANNOUNCES SECOND QUARTER RESULTS

 KRELITZ INDUSTRIES ANNOUNCES SECOND QUARTER RESULTS
 MINNEAPOLIS, Dec. 16 /PRNewswire/ -- Krelitz Industries


(NASDAQ: KRLZ) announced today that net sales from continuing operations for the six months were $123,549,000, as compared to $127,607,000 last year. Loss from continuing operations was $(899,000), or $(.26) per share, compared to income of $502,000, or $.15 per share, for the same period last year. Net loss, including discontinued operations, for the six months was $(899,000), or $(.26) per share, versus income of $520,000, or $.15 per share last year.
 Sales from continuing operations for the second quarter ended Oct. 31, 1991, were $62,080,000, compared with the $66,024,000 reported for the same period last year. Loss from continuing operations was $(656,000), or $(.19) per share, compared to income of $239,000, or $.07 per share, for the second quarter of last year. Net loss, including discontinued operations, for the quarter ended Oct. 31, 1991, was $(656,000), or $(.19) per share, compared to income of $282,000, or $.08 per share, for the second quarter last year.
 Sales increases from existing and new customers in the drug distribution business essentially offset the previously reported loss of a significant customer. The loss from continuing operations in the first six months of fiscal 1992 was primarily attributed to lower gross profit margins and increased operating expenses as compared to last year.
 Krelitz Industries, Inc., is the largest independent drug wholesaler in the Upper Midwest. The company also distributes general merchandise and develops and markets computerized management systems. The company's common stock is traded nationally over-the-counter under the NASDAQ symbol KRLZ.
 KRELITZ INDUSTRIES, INC.
 SELECTED CONSOLIDATED FINANCIAL DATA
 (In thousands except per-share amounts)
 Three Months Ended Six Months Ended
 10/31/91 10/31/90 10/31/91 10/31/90
 Net sales $62,080 $66,024 $123,549 $127,607
 Operating income (loss) (527) 924 (478) 1,626
 Income (loss) from continuing
 operations, net of taxes (656) 239 (899) 502
 Gain from discontinued
 operations, net of taxes -- 43 -- 18
 Net income (loss) $(656) $282 $(899) $520
 Income (loss) per share of
 common stock:
 Continuing operations $(.19) $.07 $(.26) $.15
 Discontinued operations -- .01 -- --
 Net income (loss) $(.19) $.08 $(.26) $.15
 Weighted average number of
 shares outstanding (restated
 for stock split) 3,474 3,474 3,474 3,474
 -0- 12/16/91
 /CONTACT: Barry M. Krelitz, 612-936-0401 or Dennis J. Allingham, 612-347-9729, both of Krelitz Industries/
 (KRLZ) CO: Krelitz Industries ST: Minnesota IN: SU: ERN


DS -- MN021 -- 2719 12/16/91 17:46 EST
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Publication:PR Newswire
Date:Dec 16, 1991
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