TAB SELLS LASER-OPTIC FILING SYSTEMS DIVISION
TAB SELLS LASER-OPTIC FILING SYSTEMS DIVISION PALO ALTO, Calif., June 23 /PRNewswire/ -- TAB Products Co.
(AMEX: TBP) announced the sale of its Laser-Optic Filing Systems Division for $600,000 to Identitech Inc., a Melbourne, Fla.-based company that is a leader in document information and management systems. The sale will result in a charge to earnings of approximately $1.5 million for the year ended May 31, 1992. Laser-Optic Filing Systems had sales of $1.3 million for the year.
Michael Dering, president and chief executive officer of TAB Products, said, "The sale of this technology-oriented business with its high R&D requirements completes the process of strategically focusing TAB on the office filing and furniture system markets in which we have long been a leader." The TAB executive also estimated that revenues for the year ended May 31, 1992, will be approximately the same as last year's and that earnings for the year will be in the range of 25 to 28 cents per share, up from 11 cents for fiscal 1991. The 1992 results include the charge related to the sale and the operating loss of the Laser-Optic Filing business, which together amounts to about 30 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. -0- 6/23/92 /CONTACT: John 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:
MM-RM -- SJ007 -- 2955 06/23/92 15:28 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Jun 23, 1992|
|Previous Article:||STAMPEDE INDUSTRIES CORPORATION FILES CREDITORS ASSIGNMENT|
|Next Article:||RARE, NEVER-BEFORE-SEEN FOOTAGE OF THE KING UNSURFACES ON HOME VIDEO|