TAB REPORTS SUBSTANTIAL EARNINGS IMPROVEMENT
TAB REPORTS SUBSTANTIAL EARNINGS IMPROVEMENT PALO ALTO, Calif., Sept. 16 /PRNewswire/ -- TAB Products Co.
(ANEX: TBP) today reported that net earnings for the first quarter ended Aug. 31, 1992, increased 36 percent to $648,000 from $475,000 for the same period a year ago while earnings per share doubled to 14 cents per share from 7 cents a year earlier. Operating income was $1,443,000, a 132-percent increase from $621,000 reported in the first quarter a year ago. Revenues amounted to $31,238,000 or 3 percent higher than the $30,398,000 in the comparable period of fiscal 1992.
"We are very pleased with the increases we achieved in operating income and per share earnings. Improved operating efficiency more than offset higher-than-normal self-insured health care costs," said Mike Dering, president and chief executive officer. He also explained that while first quarter sales continued to show the effects of the general softness in the economy, bookings for the last several months were on average 6 percent higher than the same period a year ago. TAB, headquartered in Palo Alto, is a leading records management company which manufactures and markets office filing and furniture systems that are sold worldwide. Common shares are traded on the American Stock Exchange under the symbol TBP. TAB Products Co. Three Months Ended Aug. 31: 1992 1991 Revenues $31,238,000 $30,398,000 Operating Income 1,443,000 621,000 Earnings Before Taxes 1,113,000 820,000 Income Taxes 465,000 345,000 Net Earnings 648,000 475,000 Earnings Per Share $ .14 $ .07 Weighted Average Shares Outstanding 4,700,690 6,802,897 -0- 9/16/92 /CONTACT: John W. Peth, executive vice president and COO 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
GT-RM -- SJ006 -- 0180 09/16/92 13:51 EDT
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|Date:||Sep 16, 1992|
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