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THE WEST COMPANY REPORTS SECOND QUARTER RESULTS

 PHOENIXVILLE, Pa., July 22 /PRNewswire/ -- The West Company, Incorporated (NYSE: WST) today reported net income for the second quarter of 1993 of $6.2 million, or $.39 per share, compared with net income of $5.6 million, or $.36 per share in the second quarter of 1992.
 The increase in net income resulted from improved operating results internationally and a lower effective tax rate estimate for 1993.
 Net income for the first six months of 1993 totalled $12.8 million, or $.81 per share, compared with $11.2 million, or $.72 per share in 1992. Results for the first six months of 1993 include income of $.06 per share as a result of the adoption of Statement of Accounting Standards (SFAS) No. 109, Accounting for Income Taxes.
 Sales for the second quarter of 1993 were $87.1 million, compared to second quarter 1992 sales of $86.7 million. Increased international sales were offset principally by reductions in the United States Consumer Products and Machinery Systems markets. Sales for the first half of 1993 totalled $174.0 million as compared with $168.5 million in 1992.
 In announcing the results, William G. Little, president and chief executive officer, stated, "We continue to see improved results for the company, despite both the economic environment in Europe and Latin America and the recurring strength of the U.S. dollar. We are especially pleased with the growing contribution from our business in the Asia Pacific region. Also, based on growth during the second quarter in orders for future delivery, we anticipate improved sales in our domestic health care business in the second half of the year."
 The West Company is a premier supplier of products that satisfy the unique filling, sealing and dispensing needs of the health care and consumer products industries. More than 85 percent of West's revenue is generated by the health care markets. Products include stoppers, closures, containers, medical device components and assemblies made from elastomers, metal, plastic and glass. West also manufactures related packaging machinery.
 THE WEST COMPANY, INCORPORATED
 Consolidated Statements of Operations
 (In thousands, except per-share data)
 Quarter ended Six months ended
 July 4 June 28 July 4 June 28
 1993 Pct. 1992 Pct. 1993 Pct. 1992 Pct.
 Net sales $87,100 100 $86,700 100 $174,000 100 $168,500 100
 Cost of goods sold 60,200 69 60,700 70 123,000 71 118,100 70
 Gross profit 26,900 31 26,000 30 51,000 29 50,400 30
 Selling, general and
 administrative
 expenses 15,800 18 13,800 16 30,700 18 26,800 16
 Other (income)
 expense, net 300 -- 200 -- (700) (1) 900 1
 Operating profit 10,800 12 12,000 14 21,000 12 22,700 13
 Interest expense 700 1 1,200 1 1,400 1 2,200 1
 Income before income
 taxes and minority
 interests 10,100 12 10,800 13 19,600 11 20,500 12
 Provision for income
 taxes 3,800 4 5,200 6 7,600 4 9,200 5
 Minority interests 500 1 400 1 800 1 800 1
 Income from consolidated
 operations 5,800 7 5,200 6 11,200 6 10,500 6
 Equity in net income
 of affiliated
 companies 400 -- 400 -- 600 -- 700 --
 Income before cumulative
 effect of change in
 accounting method 6,200 -- 5,600 -- 11,800 -- 11,200 --
 Cumulative effect to
 Jan. 1, 1993, of the
 change in accounting
 for income taxes -- -- -- -- 1,000 -- -- --
 Net income 6,200 -- 5,600 -- 12,800 -- 11,200 --
 Net income per share:
 Income before cumulative
 effect of change in
 accounting method $.39 -- $.36 -- $.75 -- $.72 --
 Cumulative effect of
 change in accounting
 method -- -- -- -- .06 -- -- --
 Total .39 -- .36 -- .81 -- .72 --
 Average shares
 outstanding 15,811 -- 15,609 -- 15,787 -- 15,592 --
 /delval/
 -0- 7/22/93
 /CONTACT: Stephen M. Heumann, corporate treasurer of The West Company, 215-935-4640/
 (WST)


CO: The West Company, Incorporated ST: Pennsylvania IN: SU: ERN

MJ-LJ -- PH023 -- 4742 07/22/93 16:20 EDT
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Publication:PR Newswire
Date:Jul 22, 1993
Words:659
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