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OAK INDUSTRIES ANNOUNCES FIRST QUARTER RESULTS; SALES UP 12 PERCENT, OPERATING PROFITS UP 440 PERCENT

 OAK INDUSTRIES ANNOUNCES FIRST QUARTER RESULTS;
 SALES UP 12 PERCENT, OPERATING PROFITS UP 440 PERCENT
 WALTHAM, Mass., April 21 /PRNewswire/ -- Oak Industries (NYSE: OAK) today reported net income of $6 million, or 7 cents per share, for the quarter ended March 31, 1992, compared with net income of $0.5 million, or 1 cent per share, for the same period in 1991. First-quarter 1992 results include a benefit of $3.5 million, or 4 cents per share, reflecting the adoption by the company of FAS 109 -- "Accounting for Income Taxes." Sales for the quarter were $36.0 million, up $3.9 million, or 12 percent, over the first quarter of 1991.
 "First quarter operating results were solid and reflect the continuing improvements at our divisions," said William S. Antle III, president and chief executive officer. "Sales for the quarter were up 12 percent over last year and 14 percent over the December 1991 quarter. This is gratifying considering the weak economic environment and reflects some initial results of our efforts to aggressively grow the company. We are continuing to invest significant resources in developing new products for higher growth market segments, in expanding our sales and marketing network, and in modernizing our capital equipment."
 "Operating profits were up 440 percent over the March 1991 quarter reflecting both higher sales volumes and the actions taken over the past two years to improve our manufacturing processes and reduce costs. We are pleased to see the results are reflecting the benefits of these actions. This quarter was, on an operating basis, our third consecutive quarter of record profitability since 1981 and represents the ninth consecutive quarter of year-to-year improvement in operating profits."
 Antle added, "Our balance sheet remains very strong. At March 31, 1992, cash was $34.9 million, total debt was $11.2 million and our debt-to-equity ratio was 13 percent."
 In a separate matter, the company announced its intention to redeem the remaining 10-1/2 percent convertible subordinated debentures outstanding. These bonds, due Feb. 1, 2002, will be called as of June 5, 1992 at full face value.
 Oak Industries Inc., headquartered in Waltham, Mass., provides components and controls for leading manufacturers in a range of industries, including consumer appliances, electronics, medical testing equipment, military, telecommunications and transportation.
 OAK INDUSTRIES INC.
 Unaudited Consolidated Statements of Operations
 (Dollars in thousands, except per share data)
 Three Months Ended
 3/31/92 3/31/91
 Net sales $35,983 $32,127
 Costs & expenses 33,498 31,667
 Income from continuing operations 2,485 460
 Effect of a change in
 accounting principle 3,500 ---
 Net income 5,985 460
 Net Income Per Common Share(a):
 Continuing operations 3 cents 1 cent
 Effect of change in
 accounting principle 4 cents ---
 Net income per common share 7 cents 1 cent
 (a) -- Primary and fully diluted per share amounts are based on the weighted average number of shares of common stock outstanding of 82,528,763 and 82,526,658 during the quarters ended March 31, 1992 and 1991, respectively.
 -0- 4/21/92
 /CONTACT: William C. Weaver, chief financial officer of Oak Industries, 617-890-0400; or Jean M. Devine of Sharon Merrill Associates, 617-262-1800, for Oak Industries/
 (OAK) CO: Oak Industries, Inc. ST: Massachusetts IN: SU: ERN


DH-SH -- NE002 -- 0406 04/21/92 09:06 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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