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MCCLAIN INDUSTRIES, INC. ANNOUNCES FISCAL 1993 EARNINGS

 STERLING HEIGHTS, Mich., Jan. 12 /PRNewswire/ -- McClain Industries, Inc. (NASDAQ-NMS: MCCL) today announced record sales and earnings for the year ended Sept. 30, 1993.
 Sales for the year ended Sept. 30, 1993 were $61,795,000 compared to $31,895,000 in fiscal 1992. Net income was $2,111,000 or $.69 a share compared to net income of $1,190,000 or $.40 a share during the prior year. Fiscal 1993 results reflect an entire year of operations of Galion Solid Waste and Galion Dump Bodies which were acquired on July 27, 1992.
 "Considering the fact that 1993 was a transition year in which a considerable amount of time, effort, and expense were needed to combine and consolidate the McClain and Galion operation, we are satisfied with our fiscal 1993 results," said Kenneth D. McClain, president. While some of the benefits of cost-savings techniques implemented at the Galion operations are reflected in fiscal 1993 results, we expect such savings to continue to positively affect our financial performance beyond fiscal 1993.
 McClain Industries is one of the nation's leading manufacturers of solid waste handling equipment for the waste disposal industry.
 MCCLAIN INDUSTRIES, INC.
 CONSOLIDATED STATEMENT OF OPERATIONS
 Three Months Ended Year Ended
 Sept. 30 Sept. 30
 1993 1992 1993 1992
 Net sales $20,754,385 $12,245,187 $61,794,822 $31,895,313
 Cost of sales 16,141,706 9,020,021 48,281,844 23,994,655
 Gross profit 4,612,679 3,225,166 13,512,978 7,900,658
 Selling, general
 and administrative
 expenses 2,770,695 1,704,450 9,271,167 5,018,790
 Operating
 profit 1,841,984 1,520,716 4,241,811 2,881,868
 Other income
 (expense) (364,763) (343,188) (1,346,973) (961,483)
 Income before
 income taxes 1,477,221 1,177,528 2,894,838 1,920,385
 Provision for
 income taxes 414,950 477,400 784,000 730,000
 Net income $1,062,271 $700,128 $2,110,838 $1,190,385
 Income per share $.34 $.23 $.69 $.40
 Average shares
 outstanding 3,078,057 2,941,327 3,078,057 2,941,327
 -0- 1/12/94
 /CONTACT: Kenneth McClain, president of McClain Industries, 810-264-3611/
 (MCCL) CO: McClain Industries ST: Michigan IN: SU: ERN


TO -- DE015 -- 1393 01/12/94 11:45 EST
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Publication:PR Newswire
Date:Jan 12, 1994
Words:389
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