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TREADCO ANNOUNCES THIRD QUARTER 1993 OPERATING RESULTS

 FORT SMITH, Ark., Oct. 19 /PRNewswire/ -- Treadco, Inc. (NASDAQ-NMS: TRED) concluded its 1993 third quarter with sales of $33.1 million, an increase of 20.6 percent over 1992 third quarter sales of $27.4 million.
 Sales from retreading for the third quarter of 1993 were $18.1 million, an increase of 20.5 percent from $15.0 million during the third quarter of 1992. Sales of new tires for the third quarter of 1993 were $15.0 million, an increase of 20.7 percent from $12.4 million during the third quarter of 1992. For the 1993 third quarter, "same store" sales increased 13.0 percent and "new store" sales accounted for 7.6 percent of the total increase from the third quarter of 1992. "Same store" sales include both production locations and satellite sales locations that have been in existence for the entire three and nine month periods of 1993 and 1992.
 Operating income was $2.8 million for the third quarter of 1993 compared to $2.5 million for the third quarter of 1992. The operating profit margin was 8.5 percent for the third quarter of 1993 compared to 9.2 percent during the third quarter of 1992. Net income was $1.7 million, or $.34 per share, for the third quarter of 1993 compared to $1.6 million, or $.31 per share, during the third quarter of 1992. Average shares outstanding were 5.0 million shares for both the third quarter of 1993 and 1992.
 "On August 30, 1993, Treadco completed the acquisition of substantially all the assets of Trans-World Tire Corporation. Though we only had these Florida operations for one month of the quarter, we are pleased with the progress that has been made. The focus has been in implementing Treadco's procedures into the shops acquired," said James J. Seiter, president.
 For the nine months ended Sept. 30, sales were $81.1 million, an increase of 10.3 percent from $73.5 million for the nine months ended Sept. 30, 1992. Sales from retreading for the nine months ended Sept. 30, were $45.8 million, an increase of 10.9 percent from $41.3 million during the nine months ended Sept. 30, 1992. Sales of new tires for the nine months ended Sept. 30, 1993 were $35.3 million, an increase of 9.5 percent from $32.2 million during the nine months ended Sept. 30, 1992. For the nine months ended Sept. 30, "same store" sales increased 5.6 percent and "new store" sales accounted for 4.7 percent of the total increase from the nine months ended Sept. 30, 1992.
 Operating income was $6.3 million for the nine months ended Sept. 30, compared to $6.1 million for the nine months ended Sept. 30, 1992. The operating profit margin was 7.8 percent for the nine months ended Sept. 30, compared to 8.3 percent during the nine months ended Sept. 30, 1992. Net income was $3.9 million, or $.78 per share, for the nine months ended Sept. 30, compared to $3.8 million, or $.76 per share, during the nine months ended Sept. 30, 1992. Average shares outstanding were 5.0 million shares for the nine months ended Sept. 30, 1993 and 1992.
 TREADCO, INC.
 Statements of Income
 (Unaudited)
 For the 3 mos. ended Sept. 30 1993 1992
 Sales:
 Non-affiliates $ 32,663,087 $ 26,649,426
 Affiliates 403,925 777,419
 Total 33,067,012 27,426,845
 Costs and Expenses:
 Materials and cost of new tires 22,645,397 18,364,534
 Salaries and wages 3,873,112 3,344,367
 Depreciation and amortization 523,230 464,471
 Administrative and general 3,108,426 2,642,717
 Amortization of goodwill 105,056 96,731
 Total 30,255,221 24,912,820
 Operating income 2,811,791 2,514,025
 Other income:
 Interest income 23,313 18,862
 Gain on asset sales 49,178 35,482
 Other 45,318 39,957
 Total 117,809 94,301
 Other expenses:
 Interest 48,299 22,214
 Amortization - other 26,402 4,631
 Total 74,701 26,845
 Income before income taxes 2,854,899 2,581,481
 Federal and State income taxes (credit):
 Current 1,164,540 1,026,742
 Deferred (40,950) (8,258)
 Total 1,123,590 1,018,484
 Net income $ 1,731,309 $ 1,562,997
 Earnings per share:
 Net income $ .34 $ .31
 Average shares outstanding 5,028,956 5,003,676
 For the 9 mos. ended Sept. 30 1993 1992
 Sales:
 Non-affiliates $ 79,808,038 $ 71,374,386
 Affiliates 1,246,420 2,120,314
 Total 81,054,458 73,494,700
 Costs and Expenses:
 Materials and cost of new tires 54,654,908 49,221,892
 Salaries and wages 10,202,111 9,211,601
 Depreciation and amortization 1,475,816 1,360,882
 Administrative and general 8,087,725 7,287,188
 Amortization of goodwill 298,519 284,860
 Total 74,719,079 67,366,423
 Operating income 6,335,379 6,128,277
 Other income:
 Interest income 75,724 64,595
 Gain on asset sales 128,379 109,229
 Other 113,637 105,444
 Total 317,740 279,268
 Other expenses:
 Interest 125,321 66,874
 Amortization - other 35,664 13,893
 Total 160,985 80,767
 Income before income taxes 6,492,134 6,326,778
 Federal and State income taxes (credit):
 Current 2,665,307 2,623,383
 Deferred (83,988) (108,270)
 Total 2,581,319 2,515,113
 Net income $ 3,910,815 $ 3,811,665
 Earnings per share:
 Net income $ .78 $ .76
 Average shares outstanding 5,013,737 5,005,490
 -0- 10/19/93
 /CONTACT: Randall Loyd of Treadco, Inc., 501-785-6200/
 (TRED)


CO: Treadco, Inc. ST: Arkansas IN: SU: ERN

RA-BR -- AT005 -- 3803 10/19/93 09:32 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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