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 WALTHAM, Mass., Oct. 1 /PRNewswire/ -- Oak Industries Inc., (NYSE: OAK), announced that its third quarter 1993 earnings will include a net nonrecurring gain of $1.0 million, relating to the receipt of a $3.9 million refund from the Internal Revenue Service for the settlement of a tax dispute. The company has chosen to partially offset this gain with a charge of $2.9 million to accelerate existing programs for facility consolidations and overhead cost reductions. William S. Antle III, president and chief executive officer of Oak Industries said, "This nonrecurring gain is in addition to our expected results from normal operations. As was announced last week, we expect those results to be in line with the first and second quarters of 1993 and represent a significant improvement over the third quarter of 1992."
 Antle continued, "We will partially use the tax refund to accelerate our ongoing programs of reducing our overhead and facility costs to further improve our operating performance. These programs include expanding production at our new low-cost facilities in Mexico, consolidating our U.S. operations, and improving efficiencies at all locations. These initiatives are an integral part of our continuing drive to be the technical leader and low cost provider in our markets", added Antle.
 Antle continued, "The current programs will lower our facility costs, reduce our employment expenses as a percent of sales and provide us with additional efficiencies to profitably grow our businesses in an increasingly competitive market environment."
 Oak Industries Inc., is primarily a provider of components for the cable television and telecommunications industries as well as controls for the appliance, avionics, and test and instrumentation markets. The company is pursuing a strategy for growth through acquisitions, new- product introductions and ongoing productivity enhancements.
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 /CONTACT: William C. Weaver, chief financial officer, of Oak Industries, 617-890-0400; or Jean M. Devine, account executive, of Sharon Merrill Associates, 617-262-1800, for Oak Industries/

CO: Oak Industries Inc. ST: Massachusetts IN: TLS SU:

JL-DD -- NE003 -- 7659 10/01/93 09:09 EDT
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Publication:PR Newswire
Date:Oct 1, 1993

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