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THE CHERRY CORPORATION REPORTS THIRD QUARTER RESULTS

 THE CHERRY CORPORATION REPORTS THIRD QUARTER RESULTS
 WAUKEGAN, Ill., Jan. 13 /PRNewswire/ -- The Cherry Corporation


(NASDAQ: CHER) today reported sales of $56.2 million and net earnings of $544,000, or 12 cents per share, for the quarter ended Nov. 30, 1991. This compares to the prior year's sales of $63.3 million and a net loss of $383,000, or (8 cents) per share.
 For the first nine months of fiscal 1992, sales were $170.4 million compared to $188.7 million the prior year. Net earnings for the period were $2.3 million, or 52 cents per share, versus $1.4 million or 32 cents per share.
 The current year's net earnings include an extraordinary tax benefit of $388,000 or 9 cents per share, in the quarter and $795,000, or 18 cents per share, for the nine-month period. The continued profitability of its domestic operations enabled the company to utilize a net operating loss carryforward.
 "Domestic operations continued to be profitable and foreign operations continued to be affected by the severe slowdown in the computer industry," company President Peter B. Cherry said. "Additional cost savings have been initiated at our overseas plants, but their full benefit will not be realized until later in fiscal 1993."
 Cherry added: "Although our booking levels have stabilized or improved slightly in recent months, we do not anticipate a quick turn around. The slowdown has to work its way through the economy before we will see a significant upturn."
 The Cherry Corporation is a multinational manufacturer of proprietary and custom electrical switching devices, electronic data entry keyboards and displays, and semiconductors for original equipment manufacturers in the United States and throughout the world.
 Headquartered in Waukegan, the company 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 Nov. 30: 1991 1990 Pct. of change
 Net sales $ 56,175 $ 63,342 (11.3)
 Cost of production sold 42,172 45,424 (7.2)
 Gross margin on sales 14,003 17,918 (21.8)
 Engineering, distribution
 and administration expenses 12,782 16,011 (20.2)
 Operating income 1,221 1,907 (36.0)
 Interest expense, net (1,442) (1,564) (7.8)
 Other income, net 403 245 64.5
 Earnings before income taxes
 and extraordinary credit 182 588 (69.0)
 Income tax provision 26 971 (97.3)
 Earnings before extraordinary
 credit $ 156 $ (383) N/A
 Extraordinary tax credit 388 -- N/A
 Net earnings $ 544 $ (383) N/A
 Earnings per share:
 Before tax credit $ .03 $ (.08) N/A
 Extraordinary tax credit .09 -- N/A
 Net earnings per share .12 (.08) N/A
 Average shares outstanding 4,554,740 4,553,846
 Nine months ended Nov. 30: 1991 1990 Pct. of change
 Net sales $170,423 $188,719 (9.7)
 Cost of production sold 125,620 135,472 (7.3)
 Gross margin on sales 44,803 53,247 (15.9)
 Engineering, distribution
 and administration expenses 39,785 45,540 (12.6)
 Operating income 5,018 7,707 (34.9)
 Interest expense, net (4,364) (4,205) 3.8
 Other income, net 1,646 1,005 63.8
 Earnings before income taxes
 and extraordinary credit 2,300 4,507 (49.0)
 Income tax provision 751 3,064 (75.5)
 Earnings before extraordinary
 credit 1,549 1,443 7.3
 Extraordinary tax credit 795 -- N/A
 Net earnings $ 2,344 $ 1,443 62.4
 Earnings per share:
 Before tax credit $ .34 $ .32 6.3
 Extraordinary tax credit .18 -- N/A
 Net earnings .52 .32 62.5
 Average shares outstanding 4,554,740 4,552,715
 -0- 1/13/92
 /CONTACT: Dick Barry or Jill Allread of PCI, 312-558-1770, or Edward R. Mass of The Cherry Corporation, 708-360-3540/
 (CHER) CO: Cherry Corporation ST: Illinois IN: SU: ERN


TS -- NY022 -- 8990 01/13/92 10:10 EST
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Date:Jan 13, 1992
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