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MAXCO, INC. REPORTS FISCAL 1993 YEAR END RESULTS; EXPECTS STRONG 1994

 LANSING, Mich., June 11 /PRNewswire/ -- Maxco, Inc. (NASDAQ: MAXC) today reported record revenues of $106,994,000 along with net income of $1,367,000 for the year ended March 31, 1993. The company also said it expects a strong first quarter to end June 30, 1993 and record revenues and earnings for fiscal 1994.
 Revenues for the 1993 year rose 18 percent to $106,994,000 from $91,042,000. Operating earnings were $2,571,000 compared to $3,423,000 in 1992.
 Net income was $1,367,000, or 26 cents a share, compared to $1,893,000, or 38 cents a share. There were 4.4 million weighted average common shares outstanding in fiscal 1993 and 4.5 million average common shares in fiscal 1992.
 Fourth quarter revenues were $23,882,000 up from $21,895,000. The company posted a net loss of $160,000, or five cents a share, compared to net earnings of $156,000, or two cents a share, in the year earlier quarter. There were 4.4 million weighted average shares in the 1993 fourth quarter and 4.5 million the year before.
 Operating earnings were impacted by increased profitability at the company's distribution segment and by lower earnings in Maxco's manufacturing segment. The company said general and administrative costs rose as health insurance and other expenses increased coupled with higher employment levels.
 The year earlier results included $605,000 in gains from the sale of Medar, Inc. common stock, and there were no comparable gains in 1993. The just ended year included a $250,000 gain from the sale of real estate.
 "The company's growth is coming primarily from FinishMaster, Inc., our distributor of automotive refinishing products," said Max. A. Coon, chairman. "We expect FinishMaster sales to reach $65 million in the current year, partly due to internal growth and partly due to the past year's expansion in Indiana. We plan to continue growth within the Great Lakes area.
 "We expect record revenues this year to about $125 to $130 million, and earnings should also reach a high. First quarter revenues will be about $32 million," Mr. Coon said, "and net earnings will be about 10 percent higher than last year's $708,000.
 "We are getting some improvement from the economy," he said, "and we expect profitability from all Maxco units."
 Maxco distribution businesses include the construction supplies group (Ersco and Wisconsin Wire & Steel), which markets commercial and highway construction materials throughout Michigan, Wisconsin and Indiana, as well as FinishMaster. Wright Plastics, Pak Sak Industries and Akemi are Maxco manufacturing businesses.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 Maxco, Inc. and Subsidiaries
 Year Ended March 31,
 1993 1992
 (in thousands, except per share data)
 Net sales $106,994 $91,042
 NET INCOME $1,367 $1,893
 NET INCOME PER SHARE $0.26 $0.38
 Maxco, Inc. and Subsidiaries
 Three Months Ended March 31,
 1993 1992
 (in thousands, except per share data)
 Net sales $23,882 $21,895
 NET INCOME (loss) (160) 156
 NET INCOME (loss)
 PER SHARE ($0.05) $0.02
 -0- 6/11/93
 /CONTACT: Max Coon, president, or Vince Shunsky, vice president- Finance, Maxco, Inc., 517-321-3130; or Dixie Watterson, 708-564-5610, Mark Perlgut, 212-580-4141, or Earle Brown, 813-796-1452, all of The Investor Relations Company, for Maxco, Inc./
 (MAXC)


CO: Maxco, Inc. ST: Michigan IN: SU: ERN

JG -- DE021 -- 1103 06/11/93 13:42 EST
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Publication:PR Newswire
Date:Jun 11, 1993
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