TAB REPORTS SECOND QUARTER RESULTS
TAB REPORTS SECOND QUARTER RESULTS PALO ALTO, Calif., Dec. 16 /PRNewswire/ -- Tab Products Co.
(AMEX: TBP) reported that, compared to the results for its first fiscal quarter, operations for the second quarter ended Nov. 30, 1991, showed substantial improvement with earnings up 91 percent and earnings per share more than double on a revenue increase of 4 percent.
"While the year-to-year results are lower, our improvement in consecutive quarters indicates that our game plan is continuing to work and the cost-cutting measures introduced by new management over the last nine months are having the desired positive impact on profits," said Tab President and CEO Mike Dering. Net earnings for the second quarter amounted to $909,000 on revenues of $31,526,000 compared with year earlier net earnings of $1,276,000 on revenues of $33,964,000. Earnings per share were 15 cents compared with 19 cents for the same period last year. For the first six months of fiscal 1992 earnings were $1,384,000 on revenues of $61,924,000 compared with earnings of $2,545,000 on revenues of $66,724,000 for the first half of the prior year. Earnings per share were 22 cents vs. 38 cents. "The decreases in revenues and earnings were attributable to the fact that at this time last year we had not yet felt the full impact of the recession on our business especially in Europe and Canada," Dering commented. "In addition, second quarter results last year benefitted from an unusually large furniture sale." 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 CO. Three Months Ended Nov. 30 1991 1990 Revenues $31,526,000 $33,964,000 Earnings Before Taxes 1,564,000 2,091,000 Income Taxes 655,000 815,000 Net Earnings 909,000 1,276,000 Earnings Per Share $.15 $.19 Weighted Average Shares Outstanding 6,033,116 6,753,418 Six Months Ended Nov. 30 1991 1990 Revenues $61,924,000 $66,724,000 Earnings Before Taxes 2,384,000 4,170,000 Income Taxes 1,000,000 1,625,000 Net Earnings 1,384,000 2,545,000 Earnings Per Share $.22 $.38 Weighted Average Shares Outstanding 6,419,666 6,774,845 -0- 12/16/91 /CONTACT: John W. Peth of TAB Products Co., 415-852-2495; or Kevin Costello of Cameron Associates, 212-644-9560 for TAB Products Co./ (TBP) CO: TAB Products Co. ST: California IN: CPR SU: ERN
DB -- SJ008 -- 2754 12/16/91 18:38 EST
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|Date:||Dec 16, 1991|
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