TAB REPORTS STRONG THIRD QUARTER RESULTS
TAB REPORTS STRONG THIRD QUARTER RESULTS PALO ALTO, Calif., March 18 /PRNewswire/ -- TAB Products Co.
(AMEX: TBP) reported that results for the third quarter ended Feb. 29, 1992 were significantly better than the third quarter a year ago. Revenues in the third quarter were up $1,976,000 or 6.3 percent to $33,292,000 from $31,316,000. Operating income was $1,826,000, an increase of $1,554,000 over the $272,000 a year ago. Net income increased to $839,000 from $267,000 and earnings per share increased to $.18 per share from $.04 per share.
TAB's revenues of $33,292,000 for the third quarter represented an increase of $1,766,000 or 5.6 percent from the $31,526,000 in the second quarter. Operating income in the third quarter was $1,826,000 or 15 percent higher than the $1,583,000 reported in the second quarter. The third quarter net income of $839,000 was down, compared to $909,000 in the second quarter, because the third quarter included a full three months of interest expense related to the stock repurchase completed on Oct. 28, 1991, while the second quarter included interest for only one month. Earnings per share in the third quarter increased 20 percent to $.18 per share from the $.15 per share earned in the second quarter. "I'm very pleased that despite the weak economy we were able to achieve increased sales in the third quarter compared with both this year's second quarter and the third quarter a year ago," said TAB President and CEO Mike Dering. "In addition, the cost cutting measures we implemented earlier in the year continue to have the desired positive impact on profitability." On a year-to-date basis, revenues of $95,216,000 were 3 percent lower than the $98,040,000 for the comparable period a year ago. However, because of the favorable impact of cost cutting programs, operating income increased by 3 percent to $4,030,000 from $3,906,000 a year ago. Net income was $2,223,000 or $.38 per share for the nine months ended Feb. 29, 1992, compared with $2,812,000 or $.42 per share in the year earlier period. 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. Feb. 29, Feb. 28, Three Months Ended 1992 1991 Revenues $33,292,000 $31,316,000 Operating Income 1,826,000 272,000 Earnings Before Taxes 1,444,000 412,000 Income Taxes 605,000 145,000 Net Income 839,000 267,000 Earnings per share $.18 $.04 Weighted Average Shares Outstanding 4,747,450 6,746,251 Feb. 29, Feb. 28, Nine Months Ended 1992 1991 Revenues $95,216,000 $98,040,000 Operating Income 4,030,000 3,906,000 Earnings before Taxes 3,828,000 4,582,000 Income Taxes 1,605,000 1,770,000 Net Income 2,223,000 2,812,000 Earnings Per Share $.38 $.42 Weighted Average Shares Outstanding 5,863,820 6,762,387 -0- 3/18/92 /CONTACT: Jack 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: SU: ERN
DG -- SJ005 -- 9274 03/18/92 13:24 EST
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|Date:||Mar 18, 1992|
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