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MACHINE TECHNOLOGY, INC. REPORTS SECOND QUARTER RESULTS

 PARSIPPANY, N.J., April 14 /PRNewswire/ -- Machine Technology, Inc., today reported a loss of $191,138 or $.03 per share for second quarter 1993. This loss is significantly 59.5 percent less than the loss of $472,344 or $.07 per share reported by the company for the second quarter of the prior fiscal year. Through aggressive operating cost reduction the company has reduced its net loss consecutively over the last two fiscal quarters.
 Net sales for the second quarter of fiscal 1993 decreased 33.2 percent to $4,113,134, from $6,155,393 for last year's second quarter. For the six months ended Feb. 28, 1993, net sales were $7,515,487 with a net loss of $723,547 or $.12 per share as compared to net sales of $13,410,640 with a net loss of $270,706 or $.04 per share for the same period a year ago. The market for semiconductor processing equipment and the overall economy remained weak during the last six months of the prior fiscal year. Consequently, that has resulted in the lower year to date sales performance. Conversely the company has experienced a modest increase in business activity in the second quarter which is anticipated as revenue in the second half of fiscal 1993. The company has reallocated its reduced resources in sales, marketing, research and development to more effective and efficiently expand its customer base and geographic product distribution with proper technological support.
 Gary Hillman, president, stated, "We are experiencing a positive response from product enhancements and the efforts to expand our customers base which leaves us moderately optimistic as to our future operating results."
 Machine Technology, Inc., designs, manufactures and markets automated production systems used in the manufacture of semiconductor devices.
 MACHINE TECHNOLOGY, INC.
 Periods ended Three Months Six Months
 Feb. 28 1993 1992 1993 1992
 Net sales $4,113,134 $6,155,393 $7,515,487 $13,410,640
 Loss before
 income tax (191,138) (475,344) (723,547) (270,706)
 Income tax
 (benefit) -- (3,000) -- --
 Net loss (191,138) (472,344) (723,547) (270,706)
 Net loss per share:
 Primary $(.03) $(.08) $(.12) $(.05)
 Fully diluted $(.03) $(.07) $(.12) $(.04)
 Weighted average
 shares outstanding:
 Primary 6,023,577 5,937,053 5,962,548 5,926,443
 Fully diluted 6,023,577 6,682,659 5,962,548 6,679,653
 -0- 4/14/93
 /CONTACT: Gary Hillman, president, 201-386-0600, ext. 223, or Stephen C. Clark III, controller, 201-386-0600, ext. 212, both of Machine Technology/
 (MTEC)


CO: Machine Technology, Inc. ST: New Jersey IN: CPR SU: ERN

AH-SM -- NY091 -- 5848 04/14/93 15:49 EDT
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Publication:PR Newswire
Date:Apr 14, 1993
Words:439
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