Furon Posts Gains, Calls Stock Split

Furon Co. posted sharp increases in net income and sales for the third quarter, and said Thursday that its board had declared a 2-for-1 stock split.

The company, which develops and manufactures components made from polymer materials, said third-quarter net income increased 34% to $5.5 million, or 58 cents a share, from $4.1 million, or 44 cents a share, for the comparable 1996 period. Sales rose 28% to $123.2 million from $96.2 million.

Net income for the nine-month period advanced 26% to $15.7 million, or $1.68 a share, from $12.5 million, or $1.37 a share, for the same period last year. Sales were up 26% to $361.6 million from $287.2 million.

The company said its Medex subsidiary, which was acquired in January, contributed to the sales gains.

The split in the company’s common stock is payable Dec. 16 to shareholders of record Dec. 2.