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STRONG FOURTH QUARTER EARNINGS MARK 1993 PROFIT GROWTH FOR BREED TECHNOLOGIES

 LAKELAND, Fla., Sept. 8 /PRNewswire/ -- Breed Technologies, Inc. (NYSE: BDT) announced net earnings of $16.8 million, or $.59 per share on revenues of $153.5 million for fiscal year ended June 30, 1993. Revenues for fiscal year 1993 increased by $64.9 million, or 73 percent higher than a year ago and net earnings increased by $13.4 million, or 384 percent above the $3.5 million net earnings of 1992. Earnings per share for the 1993 fiscal year were $.46 higher than the $.13 per share earned in the 1992 fiscal year. The 1993 results


included $2 million of non-recurring charges ($.05 per share) associated with the relocation of the corporate offices to Lakeland, Fla.
 For the fourth quarter ended June 30, 1993, revenues were $46.8 million, resulting in an increase of $18.1 million or 63 percent greater than in the fourth quarter 1992. Net earnings were $5.8 million, increasing $4.3 million or 292 percent higher than 1992 earnings of $1.5 million. Earnings per share of $.19 were higher by $.13 per share or 217 percent, compared with 1992 earnings per share of $.06.
 Allen Breed, chairman and chief executive officer, said the company's extremely favorable report is "right on target with our expectations." He added that he expects in 1994 increased airbag installations by Ford, General Motors, Fiat and Jaguar generating increases in sensor and airbag system sales for Breed Technologies.
 Breed Technologies, Inc. is a world leader in the design, development and manufacture of automotive crash sensors and all- mechanical airbag systems. The company now offers a complete line of electrically-initiated airbag inflators and electronic-sensing diagnostic systems for worldwide applications.
 BREED TECHNOLOGIES, INC. AND SUBSIDIARIES
 Consolidated Statements Of Earnings
 (In thousands except share and per share data)
 Period ended Full Year Fourth Quarter
 June 30, 1993 1992 1993 1992
 Net sales $153,526 $ 88,596 $ 46,844 $ 28,763
 Cost of sales 103,957 62,561 31,927 19,355
 Gross profit -- amount 49,569 26,035 14,917 9,408
 Percent of sales
 (in percents) 32.3 29.4 31.8 32.7
 Operating expense:
 SG&A expenses 15,984 12,927 4,780 3,138
 Research and development 9,592 6,728 2,868 2,025
 Subtotal operating expense:
 Amount 25,576 19,655 7,648 5,163
 Percent of sales
 (in percents) 16.7 22.2 16.3 18.0
 Operating income 23,993 6,380 7,269 4,245
 Other net (income)/expense (1,832) 1,356 (1,355) 2,099
 Earnings before taxes 25,825 5,024 8,624 2,146
 Income taxes 9,000 1,550 2,803 659
 Net earnings 16,825 3,474 5,821 1,487
 Earnings per common share $ 0.59 $ 0.13 $ 0.19 $ 0.06
 Memo:
 Average shares
 outstanding: 28,717,078 26,000,000 30,326,600 26,000,000
 -0- 9/8/93
 /CONTACT: Jeff Hudson, manager - investor relations, 201-299-6500, or Sara Baker, manager - corporate communications, 813-683-2412, both of Breed Technologies, Inc./
 (BDT)


CO: Breed Technologies, Inc. ST: Florida IN: AUT SU: ERN

MP -- NY072 -- 9924 09/08/93 15:20 EDT
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Publication:PR Newswire
Date:Sep 8, 1993
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