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RAYTECH CORPORATION ANNOUNCES THIRD QUARTER AND YEAR-TO-DATE RESULTS

RAYTECH CORPORATION ANNOUNCES THIRD QUARTER AND YEAR-TO-DATE RESULTS
 SHELTON, Conn., Nov. 20 /PRNewswire/ -- Raytech Corporation (NYSE: RAY) today announced a net loss for the third quarter ended Sept. 29, 1991, of $.8 million compared with $.5 million for the corresponding period last year.
 Net loss per share was $.24 as compared to $.17 last year. Net sales were $22.7 million for the quarter, a decrease of $2.4 million or 10 percent compared to last year.
 The year-to-date result for the period ended Sept. 29, 1991, was net income of $1.4 million or $.44 per share as compared to $5.8 million or $1.82 per share for the corresponding period in 1990. Excluding an extraordinary gain of $2.6 million from the early extinguishment of debt in 1990, the net income was $3.2 million or $1.00 per share. Net sales for the period were $78.1 million, a decrease of $14.4 million or 16 percent compared to last year.
 The depressed sales and corresponding reduction in earnings are the direct result of sluggish U.S. and European economies as it affects the company's market segments of original equipment construction, agricultural, automotive and the automotive aftermarket.
 Raytech Corporation is headquartered in Shelton, with operations serving world markets for energy absorption and power transmission products, as well as custom-engineered components.
 Comparative, unaudited results for the third-quarter and the nine- month periods are as follows:
 RAYTECH CORPORATION
 Consolidated Statements of Operations
 (Unaudited; in thousands, except share data)
 13 weeks ended Sept. 29, 1991 Sept. 30, 1990
 (Restated)
 Net sales $22,678 $25,122
 Net income (loss) from:
 Continuing operations (760) (268)
 Discontinued operations --- (260)
 Net income (loss) (760) (528)
 Earnings (loss) per share:
 Continuing operations $(.24) $(.09)
 Discontinued operations --- (.08)
 Earnings (loss) per share (.24) (.17)
 Average shares outstanding 3,134,444 3,191,334
 39 weeks ended Sept. 29, 1991 Sept. 30, 1990
 (Restated)
 Net sales $78,116 $92,459
 Net income (loss) from:
 Continuing operations 1,383 6,363(A)
 Discontinued operations --- (517)
 Net income (loss) 1,383 5,846
 Earnings (loss) per share:
 Continuing operations $.44 $1.98
 Discontinued operations --- (.16)
 Earnings (loss) per share .44 1.82
 Average shares outstanding 3,139,120 3,219,701
 (A) Includes an extraordinary gain net of taxes of $2,640.
 -0- 11/20/91
 /CONTACT: A.A. Canosa of Raytech, 203-925-8000/
 (RAY) CO: Raytech Corporation ST: Connecticut IN: SU: ERN


MK-KA -- PH008 -- 5321 11/20/91 10:06 EST
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Publication:PR Newswire
Date:Nov 20, 1991
Words:413
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