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MORGAN PRODUCTS LTD. EXPECTS THIRD QUARTER RESULTS TO TRAIL PRIOR YEAR

MORGAN PRODUCTS LTD. EXPECTS THIRD QUARTER RESULTS TO TRAIL PRIOR YEAR
 LINCOLNSHIRE, Ill., Sept. 30 /PRNewswire/ -- Morgan Products Ltd. (NYSE: MGN) announced today that the company expects earnings for the quarter ending Oct. 3, 1992, to be slightly above breakeven with earnings per share of one cent to two cents versus the nine cents earned in the prior year's period. Management cited poor order volume and the ongoing high level of raw material costs in the manufacturing business unit and higher start up expenses of the software technologies business unit as the primary factors. Total sales, however, are expected to be modestly improved over the prior year, because the company's distribution business unit is benefiting from higher volume due to its location in the higher growth Midwest and mid-Atlantic regions.
 Arthur Knight, president and CEO, said, "July sales were off nearly 33 percent at Morgan Manufacturing from last year and we have been unable to fully recover in August and September. It appears our customers are reducing inventories in anticipation of lower product prices following a modest decline in lumber prices. Even though manufacturing sales volume began to recover in August, the continued weak housing and repair/replacement markets results in a difficult business environment." Knight further emphasized, "We are proceeding, as previously stated, to make a return to sustainable profitable operations our highest priority."
 Morgan Products Ltd. is a leading manufacturer and distributor of specialty building products through its three business units: Morgan Distribution, Morgan Manufacturing, and Morgan Technologies.
 Morgan Distribution, a regional wholesale distributor, is comprised of 11 distribution/fabrication centers. Major products distributed include Morgan doors, Andersen premium window systems, Morgan mantels, Morgan stairway systems, Pease and Thera-Tru steel and composite doors, flush doors, molded doors, bi-fold doors and louvered doors.
 Morgan Manufacturing is a national manufacturer of premium solid wood interior and exterior doors and entrance systems and other specialty building products such as wood veneer and fireplace mantels. Products manufactured by the company are sold under the trade names "Morgan" and "Nicolai." Manufactured products are sold through the company's captive Morgan Distribution unit, independent distributors, home improvement chain stores and other retail outlets.
 Morgan Technologies is a developer and marketer of electronic and computer software services for the building products industry.
 -0- 09/30/92
 CONTACT: Arthur L. Knight, Jr., president and CEO, or Douglas H. MacMillan, vice president and CFO, 708-317-2400, both of Morgan Products; or Gerard Coffey of G.A. Kraut Company, 212-696-5600, for Morgan Products
 (MGN) CO: MORGAN PRODUCTS LTD. IN: CST ST: IL -- NY016 -- X328 09/30/92
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Sep 30, 1992
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