Printer Friendly

TAB REPORTS THIRD QUARTER RESULTS

 PALO ALTO, Calif., March 16 /PRNewswire/ -- TAB Products Co. (AMEX: TBP) reported that revenues in the third quarter ended Feb. 28, 1993, were $31,661,000, a decline of $1,631,000 from the $33,292,000 reported in the same period a year ago. Operating income was $1,689,000 compared with operating income of $1,826,000 in the year earlier quarter. Net income was $778,000, or 16 cents per share compared with net income of $839,000, or 18 cents per share in the comparable quarter last year.
 The decline in revenues in the third quarter was due primarily to a $1.5 million decrease in government sales. "We believe the decline in government sales is attributable to the change in the administration in Washington which has delayed the approval process for existing projects, and may potentially result in a shift in government spending priorities to different government agencies," said Chief Executive Officer Michael Dering. "We are closely monitoring the events in Washington so that we can quickly adjust our marketing plans as the new administration's spending priorities are established."
 For the nine months, revenues were $96,153,000, or 1 percent higher than the $95,216,000 a year ago. Operating income was $5,172,000, a 28-percent increase over the $4,030,000 a year ago. Net income increased to $2,463,000 or 11 percent above the $2,223,000 in fiscal 1992 while earnings per share rose to 52 cents, a 37-percent increase over the year-earlier 38 cents per share.
 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: Feb. 28, 1993 Feb. 29, 1992
 Revenues $31,661,000 $33,292,000
 Operating Income 1,689,000 1,826,000
 Earnings Before Taxes 1,348,000 1,444,000
 Income Taxes 570,000 605,000
 Net Income 778,000 839,000
 Earnings Per Share $ 0.16 $ 0.18
 Weighted Average Shares Outstanding 4,855,001 4,747,450
 Nine Months Ended: Feb. 28, 1993 Feb. 29, 1992
 Revenues $96,153,000 $95,216,000
 Operating Income 5,172,000 4,030,000
 Earnings Before Taxes 4,243,000 3,828,000
 Income Taxes 1,780,000 1,605,000
 Net Income 2,463,000 2,223,000
 Earnings Per Share $ 0.52 $ 0.38
 Weighted Average Shares Outstanding 4,757,337 5,863,820
 -0- 3/16/93
 /CONTACT: John W. Peth, executive vice president and chief operating officer of TAB, 415-852-2495; or Kevin Costello of Cameron Associates, 212-644-9560, for TAB/
 (TBP)


CO: TAB Products Co. ST: California IN: SU: ERN

TM-TB -- SJ003 -- 6507 03/16/93 11:34 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 16, 1993
Words:467
Previous Article:ALOETTE COSMETICS, INC. ANNOUNCES NEW PRESIDENT AND CHIEF OPERATING OFFICER
Next Article:FIRST UNION NOMINATES WARNER DALHOUSE, BRENTON HALSEY AND JAMES McCOMAS FOR ELECTION TO CORPORATE BOARD
Topics:


Related Articles
TAB REPORTS SECOND QUARTER RESULTS
TAB REPORTS STRONG THIRD QUARTER RESULTS
TAB PRODUCTS REPORTS FOURTH QUARTER AND 1992 RESULTS
TAB REPORTS SUBSTANTIAL EARNINGS IMPROVEMENT
TAB PRODUCTS REPORTS FOURTH QUARTER AND 1993 RESULTS
TAB PRODUCTS REPORTS FIRST QUARTER RESULTS
TAB RESULTS REBOUND IN SECOND QUARTER
TAB REPORTS INCREASE IN REVENUES AND EARNINGS
TAB PRODUCTS REPORTS IMPROVED FIRST QUARTER RESULTS
TAB REPORTS SECOND QUARTER RESULTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters