TAB PRODUCTS REPORTS FOURTH QUARTER AND 1992 RESULTS
TAB PRODUCTS REPORTS FOURTH QUARTER AND 1992 RESULTS PALO ALTO, Calif., June 30 /PRNewswire/ -- TAB Products Co.
(AMEX: TBP) reported that sales for the fourth quarter ended May 31, 1992, increased 7.8 percent to $33,148,000 from the $30,752,000 reported in the comparable period a year ago. The company reported a net loss of $758,000 or $0.16 per share for the quarter compared with a net loss of $2,067,000 or $0.31 per share for the fourth quarter last year.
For the full 1992 fiscal year TAB reported net earnings of $1,465,000 or $0.26 per share on revenues of $128,364,000 compared with net earnings of $745,000 or $0.11 per share on sales of $128,792,000 for the prior year. Michael A. Dering, president and CEO of TAB, noted that both the fourth quarter and full year of 1992 include a charge to earnings of $1.5 million related to the recently announced sale of the company's Laser-Optic Filing Systems Division. In addition, the company incurred some unusual costs in the fourth quarter of 1992 related to certain special sales incentive programs, the company's self-insured health care program, the installation of the new computer system and the change in the sales year to conform to the company's fiscal year and other matters. He further observed that the results of the comparable period in the prior year reflected fourth quarter expenses related to repositioning a product line and expenses related to the decision to move the production of panel systems from California to Wisconsin. "The actions of last year and the recent divesture, which was made to refocus TAB on the office filing and furniture systems in which we have long been a leader, have made TAB a stronger and more efficient organization," Dering said. He also pointed out that while sales for the year as a whole were flat with fiscal 1991, sales during the second half of the year were up by 7 percent over the comparable period a year ago. The weighted average shares for the 1992 periods reflect the repurchase of 2,111,956 shares of common stock from the estate of H.W. Le Claire which occurred on Oct. 28, 1991. TAB, which has headquarters in Palo Alto, manufactures and markets office filing and furniture systems which are sold worldwide. Common shares are traded on the American Stock Exchange under the symbol TBP. TAB PRODUCTS Fiscal Year Ended May 31 1992 1991 Revenues $128,364,000 $128,792,000 Operating income 3,208,000 417,000 Earnings before taxes 2,655,000 1,295,000 Income taxes 1,190,000 550,000 Net earnings 1,465,000 745,000 Earnings per share .26 .11 Weighted average shares outstanding 5,579,234 6,769,818 Three Months Ended May 31 1992 1991 Revenues $33,148,000 $30,752,000 Operating loss (822,000) (3,489,000) Loss before taxes (1,173,000) (3,287,000) Income tax benefit (415,000) (1,220,000) Net loss (758,000) (2,067,000) Loss per share (.16) (.31) Weighted average shares outstanding 4,730,945 6,771,327 -0- 6/30/92 /CONTACT: J.W. Peth of TAB Products, 415-852-2495; or Kevin Costello of Cameron Associates, 212-644-9560, for TAB Products/ (TBP) CO: TAB Products Co. ST: California IN: SU: ERN
MC-RM -- SJ003 -- 5230 06/30/92 13:57 EDT
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|Date:||Jun 30, 1992|
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