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THE CHERRY CORPORATION REPORTS SALES AND EARNINGS FOR THE FIRST QUARTER OF FISCAL 1993

 THE CHERRY CORPORATION REPORTS SALES
 AND EARNINGS FOR THE FIRST QUARTER OF FISCAL 1993
 WAUKEGAN, Ill., July 8 /PRNewswire/ -- The Cherry Corporation (NASDAQ: CHER) today reported record quarterly sales and earnings for the first quarter ended May 31, 1992.
 First quarter sales of $67.5 million were up 9 percent from the prior year's first quarter sales of $61.8 million. First quarter net earnings of $3.2 million ($.69 per share) were more than six times greater than the $.5 million ($.11 per share) of net earnings reported in the first quarter of last year. The increase in sales, combined with the effect of streamlined operations at all manufacturing facilities were the major contributors to the improvement in earnings.
 Peter B. Cherry, president, stated, "The record sales, particularly in this difficult economy, are especially satisfying and are made up of both new products and increased share of our existing products."
 "The record earnings are a reflection of the cost reduction and containment programs we have pursued, coupled with the increased sales," he added.
 Cherry also said, "Our domestic operations continue to show strength, diluted somewhat by model year changeovers in the automotive industry. In Europe, the computer industry continues to be depressed, aggravated by the seasonal summer slowdown in those economies."
 Headquartered in Waukegan, the Cherry Corporation has six wholly owned subsidiaries in the United States, Germany, England, France and Hong Kong. Cherry also is a 50-50 joint venture partner in a Japanese firm, Hirose Cherry Precision Co., Ltd.
 THE CHERRY CORPORATION
 Summary of Consolidated Statement of Earnings
 (In thousands, except share data)
 Three months ended May 31 Pct. of
 1992 1991 Change
 Net sales $67,534 $61,840 + 9.2
 Cost of products sold 47,462 46,045 + 3.1
 Gross margin 20,072 15,795 + 27.1
 Engineering, distribution
 and administration expenses 14,622 13,939 + 4.9
 Operating income 5,450 1,856 +193.6
 Interest expense, net (1,183) (1,465) - 19.2
 Other income, net 48 297 - 83.8
 Earnings before income taxes and
 extraordinary credit 4,315 688 +527.2
 Income tax provision 1,955 287 +581.2
 Earnings before extraordinary
 credit 2,360 401 +488.5
 Extraordinary tax credit 800 83 +863.9
 Net earnings 3,160 484 +552.9
 Earnings per share:
 Before extraordinary tax
 credit $0.52 $0.09 +477.8
 Extraordinary tax credit 0.17 0.02 +750.0
 Net earnings 0.69 0.11 +527.3
 Average shares outstanding 4,566,767 4,554,740
 -0- 7/8/92
 /CONTACT: Jill Allread, 312-558-1700, or Edward R. Mass, 708-360-3540, both for the Cherry Corporation/
 (CHER) CO: Cherry Corporation ST: Illinois IN: SU: ERN


CK -- NY022 -- 7345 07/08/92 10:34 EDT
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Publication:PR Newswire
Date:Jul 8, 1992
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