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TRANSTECHNOLOGY REPORTS EARNINGS INCREASE OF 7 PERCENT FOR FIRST QUARTER

 UNION, N.J., July 20 /PRNewswire/ -- TransTechnology Corporation (NYSE: TT) today reported that it had earned $1,514,000 or 30 cents per share in its first quarter ended June 25, 1993, an increase of 7 percent over the prior year's first quarter earnings of $1,415,000 or 28 cents per share. Revenues for the quarter were $24,756,000 as compared to $25,056,000 in the prior year's first quarter.
 The improved earnings were attributed to continuing strength in the industrial products market segment as well as improved margins resulting from manufacturing and operating efficiencies. Both aerospace and industrial products segments were profitable, with only the law enforcement products division of the industrial products segment showing a loss for the quarter, which was anticipated.
 The company also disclosed that National Canada Finance Corporation and Bank of Boston had agreed to amend the company's credit facility to allow for total borrowings of $45 million in the form of a $35 million revolving line of credit and a $10 million term loan. Proceeds of the increased credit line will be used to complete the previously disclosed acquisition of the Palnut fastener business from TRW Inc., which is expected to be completed on Aug. 2.
 Michael J. Berthelot, chairman and CEO of TransTechnology, stated, "Our first quarter results confirm our turnaround, provide us with a sense of confidence that our operations are running smoothly, and clearly show that we are on track for our target of $1.17 per share for fiscal '94 earnings. We expect the Palnut acquisition, if successfully completed, to increase our earnings above that original target by 20 cents per share this fiscal year, raising our target for the year ending March 31, 1994, to $1.37 per share. We expect the Palnut acquisition to begin contributing to earnings in the second quarter of this fiscal year. We will be very pleased to have the Palnut product line become part of our company and look forward to welcoming their associates into the TransTechnology family."
 Berthelot continued, "We are mindful of our goal to limit debt to total capitalization to 35 percent or less, and we believe that, even after considering the use of additional credit to complete the Palnut acquisition, and other corporate projects, we will stay within that ratio."
 TransTechnology Corporation is a diversified manufacturer of industrial and aerospace products with over 850 employees in its seven facilities in the United States and those in England, Belgium and Australia.
 -0- 7/20/93
 /CONTACT: Michael J. Berthelot, chairman, president and CEO of TransTechnology Corporation, 908-964-5666/
 (TT)


CO: TransTechnology Corporation ST: New Jersey IN: SU: ERN

CK-TS -- NY038 -- 6743 07/20/93 11:14 EDT
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Publication:PR Newswire
Date:Jul 20, 1993
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