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SCOTTISH HERITABLE, INC. POSTS THIRD-QUARTER PROFIT, CITES SUBSTANTIALLY INCREASED PRODUCTIVITY; SALE OF VIRGINIA FACILITY ALSO A FACTOR

 FAIRFAX, Va., Nov. 30 ~PRNewswire~ -- Scottish Heritable, Inc. (NASDAQ: SHER) today announced third-quarter net earnings of $11,126,000, reflecting the


July sale of the assets of the company's Virginia plant, along with improvements in the company's remaining operations.
 "Although the major portion of our earnings can be attributed to the sale of the Virginia facility, the performance of our other three plants during the third quarter was encouraging," said Peter C. Timms, Scottish Heritable's president and chief executive officer.
 Timms reported sales from the remaining three plants were 6 percent ahead of sales during the third quarter of 1991, despite continued depressed market conditions in Pennsylvania and New Jersey. He also noted income from continuing operations for the third quarter of 1992 -- excluding the profit from the sale of the Virginia facility -- was $511,000, representing an increase of more than 300 percent over the comparable period in 1991.
 In addition, Timms announced that selling, general and administrative expenses continue to decline as a proportion of sales, with the margin of operating profit achieved in the third quarter of 1992 more than double that of the comparable figure for 1991.
 Stockholder equity increased from $0.53 per share at the end of June 1992 to $3.45 per share at the end of September 1992. The company's borrowings, net of cash, at the end of September 1992, have been reduced by some $18.5 million (64 percent) since the end of the second quarter of 1992.
 Timms noted "somewhat improved" market conditions during the third quarter in the areas served by the company's Arkansas and Texas facilities, along with a "slight" improvement at the Corson (Pennsylvania) facility.
 "Despite these encouraging signals, however, the economy remained generally sluggish, limiting the positive impact of the many improvements we've made at the operating level, in particular, the sustained and substantial increases in productivity now being realized," said Timms.
 -0- 11~30~92
 ~CONTACT: Peter C. Timms of Scottish Heritable, Inc., 703-207-9702~
 (SHER)


CO: Scottish Heritable, Inc. ST: Virginia IN: MNG SU: ERN

CK -- NY073 -- 2085 11~30~92 17:00 EST
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Publication:PR Newswire
Date:Nov 30, 1992
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