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OAK INDUSTRIES REPORTS FOURTH-QUARTER AND YEAR-END RESULTS, YEAR-TO-YEAR OPERATING RESULTS IMPROVE FOR EIGHTH CONSECUTIVE QUARTER

 OAK INDUSTRIES REPORTS FOURTH-QUARTER AND YEAR-END RESULTS, YEAR-TO-YEAR OPERATING RESULTS IMPROVE FOR EIGHTH CONSECUTIVE QUARTER
 WALTHAM, Mass., Feb. 4 /PRNewswire/ -- Oak Industries Inc. (NYSE: OAK) today reported net income of $2.3 million, or 3 cents per share, for the fourth quarter ended Dec. 31, 1991, compared with a net loss of $0.5 million, or 1 cent per share, for the same period in 1990. Last year's fourth-quarter net income included income from discontinued operations of $0.3 million and non-recurring expenses of $0.8 million. Fourth-quarter 1991 sales were $31.5 million, compared with $30.4 million for the fourth quarter of 1990.
 "Our fourth-quarter performance was solid, which is very encouraging given the unfavorable economic environment," said William S. Antle III, president and chief executive officer. "Sales for the quarter were 3.5 percent higher than last year, marking the first quarter in 1991 with this positive comparison. And our backlog rose to $38 million at Dec. 31, 1991, up 26 percent since the beginning of the year.
 "Operating profits continue to improve, as a result of both higher sales volumes and the actions taken over the past two years to restructure and improve our manufacturing processes, and reduce costs. In fact, on an operating basis, this was Oak's most profitable quarter since 1981. It also represents the eighth consecutive quarter of year-to-year improvement in operating profits."
 Antle added, "Our balance sheet continues to be very strong. Operations generated $10.1 million of cash during the year, leaving us with a cash balance of $37.6 million at Dec. 31, 1991. In addition, we retired $5.4 million of debt that matured in September 1991, leaving our total debt at $11.3 million and our debt-to-equity ratio at 13 percent as of Dec. 31, 1991."
 For the year ended Dec. 31, 1991, Oak reported net income of $5.6 million, or 7 cents per share. This includes non-recurring income of $0.7 million and income from discontinued operations of $0.3 million. Last year's comparable net income was $9.7 million, or 12 cents per share, including non-recurring income of $0.3 million and income from discontinued operations of $8.3 million. Sales for 1991 were $124.4 million, compared with $139.3 million for the same period in 1990.
 Antle concluded, "Now that we have substantially completed the major elements of our restructuring and cost-reduction programs, we are focusing on
growing the company in 1992. Specifically, we are more aggressively investing in new-product development, sales and marketing, and capital equipment. Also, we are continuing to pursue acquisition opportunities that will enhance Oak's growth and profitability."
 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.
 A consolidated statement of operations for the company is attached.
 OAK INDUSTRIES INC.
 Consolidated Statements of Operations
 (Dollars in thousands, except per share data)
 For the Three Months For the Year
 ended Dec. 31 ended Dec. 31
 1991 1990 1991 1990
 Net sales $31,462 $30,406 $124,366 $139,325
 Costs and expenses 29,183 30,394 119,761 138,217
 Income from continuing
 operations before
 non-recurring items 2,279 12 4,605 1,108
 Non-recurring income
 (expense) 0 (844) 660 281
 Income (loss) from continuing
 operations 2,279 (832) 5,265 1,389
 Income from discontinued
 operations 0 300 305 8,280
 Net income (loss) $2,279 ($532) $5,570 $9,669
 Income (loss) per
 common share-(a)
 (Primary and fully diluted):
 Continuing operations $0.03 ($0.01) $0.07 $0.02
 Discontinued operations 0 0 0 0.10
 Net income (loss) per
 common share $0.03 ($0.01) $0.07 $0.12
 ----
 NOTE (a)-Primary and fully diluted per share amounts are based on the weighted average number of shares of common stock outstanding of 82,526,685 and 82,525,165 during the quarters ended Dec. 31, 1991 and 1990, respectively, and 82,527,229 and 82,524,459 for the 12 months ended Dec. 31, 1991 and 1990, respectively.
 -0- 2/4/92
 /CONTACT: William C. Weaver, chief financial officer of Oak Industries, 617-890-0400; or Jean M. Devine of Sharon Merrill Associates, Inc., 617-262-1800, for Oak Industries/
 (OAK) CO: Oak Industries ST: Massachusetts IN: CPR SU: ERN


PB-SH -- NE006 -- 6538 02/04/92 09:24 EST
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Date:Feb 4, 1992
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