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SL INDUSTRIES SHAREHOLDER LETTER REVIEWS COMPANY'S BUSINESS PLAN AND OUTLOOK FOR ITS LARGEST SUBSIDIARY; CEO URGES REJECTION OF NOMINEES

SL INDUSTRIES SHAREHOLDER LETTER REVIEWS COMPANY'S BUSINESS PLAN AND

OUTLOOK FOR ITS LARGEST SUBSIDIARY; CEO URGES REJECTION OF NOMINEES
 MT. LAUREL, N.J., Oct. 28 /PRNewswire/ -- SL Industries, Inc. (NYSE, PHLX: SL) announced today that it has mailed to shareholders a second letter from Chief Executive Owen Farren which reviews the company's business plan and corporate achievements over the past year.
 In his letter, Mr. Farren credits SL's new business plan implemented a year ago, for guiding the company's return to profitability and for other achievements in fiscal 1992 (when compared with fiscal 1991) including:
 -- cutting corporate expenses nearly 30 percent
 -- reducing SG&A approximately 20 percent
 -- increasing operating profits 19.6 percent to $2.23 million.
 Mr. Farren writes, "We believe these many achievements are the direct result of the new business plan we developed..." He finds fault with the Thomas-Solomon Group for lacking a business plan, writing, "We'd be happy to have (SL shareholders) compare our plan with theirs, but the Thomas-Solomon Group still does not offer a competing plan."
 Mr. Farren's letter focuses upon the company's largest and most profitable operating subsidiary, SL Waber, which manufactures surge suppressors, voltage regulators and line conditioners.
 He details SL Waber's many achievements in fiscal 1992 which include unit volume increases of approximately 15 percent and operating profits which more than doubled.
 Mr. Farren also describes near-term plans for the subsidiary, including the introduction early in 1993 of "a revolutionary all-in-one back-up power supply/surge suppressor for the computer industry," a major SL Waber market.
 SL Industries, Inc. is composed of operating subsidiaries which design, manufacture and distribute engineered products. Together, they serve two business segments: Electrical/electro-mechanical and Specialty Products. These subsidiaries, located throughout North America, possess product development, manufacturing and marketing capabilities and occupy niche positions within growth markets.
 -0- 10/28/92
 /NOTE TO EDITORS: For a complete copy of Mr. Farren's shareholder letter, call MacKenzie Partners, Inc. at 800-322-2885 or SL Industries collect at 609-727-1500 and ask for shareholder relations./
 /REMINDER: As previously announced, SL Industries has seven seats up for election at its 1992 annual meeting, scheduled for Nov. 20. Under cumulative voting rules which apply to the election of directors, a nominee will need at least 12.5 percent of the total number of shares voted to be elected./
 /CONTACT: Owen Farren of SL Industries, 609-727-1500, or Stanley J. Kay of MacKenzie Partners, 212-929-5940/
 (SL) CO: SL Industries, Inc. ST: New Jersey IN: SU:


TS-PS -- NY019 -- 5829 10/28/92 09:27 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Oct 28, 1992
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