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ROBESON REPORTS PROFITS FOR SECOND QUARTER AND FIRST HALF

       ROBESON REPORTS PROFITS FOR SECOND QUARTER AND FIRST HALF
    PLAINFIELD, N.J., Feb. 24 /PRNewswire/ -- Robeson Industries Corp. (OTC Bulletin Board: RBSNE), a marketer of household appliances and accessories, reported higher profits for the second quarter and first half of its fiscal year.
    For the quarter ended Aug. 30, 1991, net income was $373,153 or 14 cents a share on revenues of $7,256,952 compared with net income of $290,326 or 11 cents a share on revenues of $9,475,115 for the same period a year earlier.
    For the first half, net income amounted to $391,703 or 15 cents a share on net sales of $14,809,488 versus net income of $136,761 or 5 cents a share on net sales of $18,280,136 for the comparable period of the prior year.
    John Raab, president and CEO, said that results for both periods of the current year reflect a gain on the sale of certain tools, dies and equipment of $282,239 or the equivalent of 11 cents a share.
    Net income also included extraordinary credits from a tax loss carryforward of 3 cents and 2 cents a share, respectively, for the second quarter of 1991 and 1990, and 3 cents and 1 cent per share, respectively, for the current and prior first half.
    "This year Robeson has achieved sharp reductions in selling, general and administrative expense as well as cost of sales and interest expense," Raab added.
    Robeson is a leading manufacturer and marketer of household appliances which has developed a series of value added accessories and combination kitchen appliance sets.
            ROBESON INDUSTRIES CORPORATION AND SUBSIDIARIES
                  Consolidated Statement of Operations
                              (UNAUDITED)
    Periods ended           Three months              Six months
                       8/30/91       8/31/90     8/30/91      8/31/91
    Net sales       $7,256,952     $9,475,115  $14,809,488  $18,280,136
    Cost of sales    6,312,391      8,142,030   12,996,539   15,958,060
    Gross profit       944,561      1,333,085    1,812,949    2,322,076
    SG&A expense      824,925        968,918    1,643,473    1,974,698
    Total              119,636        364,167      169,476      347,378
    Other income       282,239          --         282,239        --
    Total              401,875        364,167      451,715      347,378
    Interest expense    28,722         73,841       60,012      210,617
    Profit (loss) bef.
     provision for inc.
     tax               373,153        290,326      391,703      136,761
    Provision for
    income tax          86,000         67,000       90,092       31,455
    Net profit (loss)
     before extraord.
     credit            287,153        223,326      301,611      105,306
    Extraord. credit    86,000         67,000       90,092       31,455
    Net income      $  373,153     $  290,326  $   391,703  $   136,761
       Earnings per share:
    Income before extraord.
     credit              $0.11          $0.09         $0.12        $0.04
    Extraord. credit      0.03           0.02          0.03         0.01
    Net inc. per share   $0.14          $0.11         $0.15        $0.05
    Wtd. avg. no. of
     shares outstg.  2,555,080      2,555,080    2,555,080    2,555,080
    Cash Dividend      None            None         None         None
    -0-                             2/24/92
    /CONTACT:  John Raab, president of Robeson Industries, 908-756-2001; or Stan Froelich of Cameron Associates, 212-644-9560, for Robeson Industries/
    (RBSNE) CO:  Robeson Industries Corp. ST:  New Jersey IN:  HOU SU:  ERN AH-SH -- NY031 -- 1876 02/24/92 11:57 EST
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Publication:PR Newswire
Date:Feb 24, 1992
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