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 ORANGE, Calif., Oct. 20 /PRNewswire/ -- Wynn's International Inc. (NYSE: WN) reported today net income of $2,479,000, or $.45 per share, for the third quarter ended Sept. 30, 1993, an increase of 26 percent over 1992 third quarter net income of $1,975,000, or $.37 per share. All per share amounts reflect the 3-for-2 stock split effected in September 1993. Net sales for the quarter ended Sept. 30, 1993, were $73,193,000 compared to $76,428,000 a year ago. This decline, as in several previous quarters, was primarily due to reduced sales of air conditioning systems to a major customer that imports vehicles from Japan.
 Net income for the first nine months of 1993 increased 29 percent to $6,755,000, or $1.22 per share, compared to $5,229,000, or $.97 per share, a year ago. Net sales for the first nine months of 1993 were $215,021,000 compared to $224,516,000 during the first nine months of 1992.
 Wynn's-Precision Inc. a key supplier of sealing products for automobiles and other equipment, recorded higher operating profits on a 10 percent increase in sales in the third quarter compared to the like quarter of 1992. The improved operating profits were due to continued higher production and sales volumes and improved productivity and cost reductions. Price pressures continue in all major markets served.
 Wynn's Climate Systems Inc., which designs and manufactures automotive air conditioning systems for sale to original equipment manufacturers and through the aftermarket, recorded a 14 percent decline in operating profit on a 13 percent decrease in revenues during the third quarter of 1993 compared to the prior year. The revenue decrease was due to the continued decline in sales to Mazda, partially offset by higher sales to Rover and the aftermarket. Operating expenses continued to be cut, resulting in a 12 percent expense reduction in the quarter.
 Revenues for Wynn Oil Co., the petrochemical specialties division, decreased 7 percent compared to the third quarter of 1992. Despite the revenue decline, operating profits increased 2 percent due to improved results in certain U.S. based operations and the nonrecurrence of losses experienced in Brazil in 1992. Revenues and operating profits were adversely affected by the general strengthening of the dollar against most European currencies. Excluding the effect of foreign exchange rate changes, revenues and operating profits would have increased 3 percent and 14 percent, respectively, in the third quarter compared to the prior year.
 Robert Skeels & Co., the company's small builders hardware and locksmith supplies subsidiary, experienced a small decline in both sales and operating profits due to the continued weakness in the Southern California building industry.
 James Carroll, president and chief executive officer, said, "I am encouraged by our continued strong financial performance despite the slower than expected economic recovery in the U.S. and the lingering recession Europe. Earnings per share in the fourth quarter of 1993 are expected to be approximately the same as the relatively strong fourth quarter of 1992 after adjustment for the effect of the 3-for-2 stock split."
 The company's balance sheet, cash flow and overall financial condition remain strong at Sept. 30, 1993, with the current ratio at 2.14-to-1 and shareholders' equity at $82.7 million, or $15.17 per common share.
 Wynn's International Inc., founded in 1939, is a worldwide supplier of high quality O-rings, seals, molded rubber products, petrochemical specialties products, automotive air conditioners, and builders hardware supplies. The company has 2,000 employees and is headquartered at 500 North State College Blvd., Suite 700, Orange, CA 92668, telephone: 714-938-3700.
 Operating Results
 Third Quarter Ended
 Sept. 30,
 1993 1992
 Net sales $73,193,000 $76,428,000
 Income before taxes 4,320,000 3,660,000
 Provision for taxes 1,841,000 1,685,000
 Net income $2,479,000 $1,975,000
 Earnings per share of
 common stock(a):
 Primary $.45 $.37
 Fully diluted $.43 $.36
 Average shares
 outstanding(a) 5,559,143 5,395,961
 Nine Months Ended
 Sept. 30,
 1993 1992
 Net sales $215,021,000 $224,516,000
 Income before taxes 11,955,000 9,686,000
 Provision for taxes 5,200,000 4,457,000
 Net income $6,755,000 $5,229,000
 Earnings per share of
 common stock(a):
 Primary $1.22 $.97
 Fully diluted $1.17 $.96
 Average shares
 outstanding(a) 5,533,995 5,394,665
 (a) The number of shares outstanding has been adjusted to reflect the 3-for-2 stock split effected in September 1993. The prior year share and per share amounts have been adjusted retroactively.
 -0- 10/20/93
 /CONTACT: James Carroll, president and CEO, 714-938-3700/

CO: Wynn's International Inc. ST: California IN: SU: ERN

LM-JB -- LA007 -- 4376 10/20/93 08:34 EDT
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Publication:PR Newswire
Date:Oct 20, 1993

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