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PEERLESS TUBE COMPANY REPORTS FINANCIAL RESULTS FOR NINE MONTHS ENDED SEPT. 30, 1993

 BLOOMFIELD, N.J., Oct. 29 /PRNewswire/ -- Peerless Tube Company (AMEX: PLS) reported net income for the quarter ended Sept. 30, 1993, of $14,000 on sales of $8,015,000, compared to a net income of $62,000 on sales of $8,024,000 in the third quarter of 1992. The net income per share for the quarter ended Sept. 30, 1993 was $.01, compared to a net income per share $.03 for the comparable period in 1992.
 For the nine months ended Sept. 30, 1993, the net loss was $433,000 on sales of $26,605,000, compared to a net income of $2,971,000 on sales of $23,175,000 for the same period in 1992. The net loss per share for the nine months ended Sept. 30, 1993 was $.18, compared to net income per share of $1.21 for nine months ended Sept. 30, 1992. The net income for the first nine months of 1992 included a net gain of $4,642,000 from the sale of certain assets which occurred in January 1992.
 Paul Peterik, the company's vice president, finance, indicated that the loss in 1993 was entirely at the company's Puerto Rican subsidiary, where sales volume was down from a major customer. Further, he stated that the operations of the company's U.S. operations are much improved over prior years due to increased sales volume and the results of the company's restructuring and continuing improvement efforts.
 -0- 10/29/93
 /CONTACT: Paul Peterik of Peerless Tube, 201-743-5100/
 (PLS)


CO: Peerless Tube Company ST: New Jersey IN: SU: ERN

CK-RW -- NY087 -- 8709 10/29/93 17:00 EDT
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Publication:PR Newswire
Date:Oct 29, 1993
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