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WASHINGTON SCIENTIFIC REPORTS LOSS FOR FIRST QUARTER OF FISCAL 1992

WASHINGTON SCIENTIFIC REPORTS LOSS FOR FIRST QUARTER OF FISCAL 1992
 MINNEAPOLIS, Dec. 12 -- Washington Scientific Industries, Inc. (NASDAQ: WSCI) today reported a net loss of $376,000, or 16 cents per share, for its first quarter ended Nov. 17, 1991. This compares with a net loss of $30,000, or one cent per share, for the same period in fiscal 1991. Net sales for the first quarter were $14,331,000, compared with $14,665,000 for the same period in fiscal 1991.
 Clifford W. D 1 resident and CEO, said, "Our first quarter loss was the result of continued customer delays on major computer peripheral projects and greater than expected costs on some of our new machining projects. We are making progress in reducing these costs, but with continued softness in the economy we may still have a loss in our se'ond quarter.
 "We are pleased to report that Advanced Custom Molders (ACM) had a small operating profit in the first quarter. While this does not guarantee that ACM will be profitable in every quarter of fiscal 1992, our first quarter results are significant when compared with the losses we experienced in 1991."
 Washington Scientific Industries is a Minnesota-based provider of high precision manufacturing services for a variety of industries. The company's Contract Manufacturing Division produces machined metal components and subassemblies in three plants located in Minnesota and California, and its Advanced Custom Moldars subsidiary produces thermoplastic injection molded components in two Texas locations.
 WASHINGTON SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF EARNINGS
 (unaudited)
 (In thousands, except share and per share data)
 12 weeks ended
 November 17, November 18,
 1991 1990
 Net sales $14,331 $14,665
 Cost of products sold 13,631 13,006
 Gross margin 700 1,659
 Selling and administrative expense 988 1,393
 Earnings (loss) from operations (288) 266
 Interest and other income (6) (22)
 Interest expense 308 341
 Earnings (loss) before income taxes (590) (53)
 Income taxes (benefit) (214) (23)
 Net earnings (loss) $ (376) $ (30)
 Net earnings (loss) per share $ (.16) $ (.01)
 Weighted average number of common
 shares outstanding 2,380,401 2,380,401
 Dividends paid per common share $ .05 $ .05
 -0-
 /CONTACT: Jack Falker of Swenson Falker Eilertsen, 612-371-0000 or Bill Lucke, Washington Scientific Industries, 612-473-1271/
 (WSCI) CO: Wisconsin Scientific Industries ST: Minnesota IN: SU: ERN


AL -- MN010 -- 2111 12/12/91 16:28 EST
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Publication:PR Newswire
Date:Dec 12, 1991
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