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SECOM GENERAL CORPORATION REPORTS LOWER THIRD-QUARTER EARNINGS ON HIGHER SALES

 SECOM GENERAL CORPORATION REPORTS LOWER THIRD-QUARTER EARNINGS
 ON HIGHER SALES
 NOVI, Mich., July 9 /PRNewswire/ -- Secom General Corporation (NASDAQ-NMS: SECM) today reported lower than expected fiscal third- quarter net earnings on higher sales for the period ended June 30, 1992.
 Sales for the quarter ended June 30, 1992, were $8,219,400 compared to $5,161,600 for the same quarter a year ago. Net earnings were $101,300, or 3 cents per share, compared to $177,200, or 10 cents per share, for the same period in the prior year.
 Sales for the nine months were $25,300,700 compared to sales of $10,561,600 for the same period last year. Net earnings were $753,300, or 28 cents per share, compared to net earnings of $467,000, or 32 cents per share, for the same period in the prior year.
 Roy A. McKnight, chairman and chief executive officer, said, "The lower earnings stem from the operating results of two acquisitions made last year. We have taken corrective action, namely new pricing policies and a management change at the two units. We now expect the profitability of these units to increase.
 "Although sales volume for 1992 will double over 1991, earnings per share for fiscal 1992 will be lower than 1991," McKnight said. He noted further that in 1991, Secom recorded net earnings of 44 cents per share.
 "Business is running strong and our outlook for fiscal 1992 is positive as we expect sales and earnings to increase significantly over 1992," McKnight said.
 Secom General Corporation operates seven plants in three manufacturing segments: metal parts forming, toolmaking and plastic molded products, which principally service the automotive, trucking, consumer and construction markets.
 SECOM GENERAL CORPORATION
 Unaudited
 (000s Omitted)
 QTD YTD QTD YTD
 6/30/92 6/30/91
 Sales $8,219 $25,301 $5,162 $10,562
 Income before use of
 tax carryforwards 101 753 177 467
 Tax carryforward
 credits 41 406 91 241
 Net income 142 1,159 268 708
 Earnings per share
 Earnings before use
 of tax carryforwards $0.03 $0.28 $0.10 $0.32
 Tax carryforward
 credits $0.02 $0.15 $0.04 $0.16
 Net earnings
 per share $0.05 $0.43 $0.14 $0.48
 Weighted average
 shares outstanding 2,835 2,725 1,848 1,467
 NOTE: All earnings-per-share data have been restated to reflect the 10-percent stock dividend declared March 9, 1992.
 -0- 7/9/92
 /CONTACT: David J. Marczak of Secom General, 313-349-8970; or Alex Tassos of Alex Tassos & Associates, 619-748-0787, for Secom General/
 (SECM) CO: Secom General Corporation ST: Michigan IN: MAC SU: ERN


ML-SB -- DE026 -- 7991 07/09/92 16:21 EDT
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Publication:PR Newswire
Date:Jul 9, 1992
Words:444
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