CARDINAL INDUSTRIES &lt;CDNI> RESTATES NET LOWER
  Cardinal Industries Inc said it
  restated earnings for the first nine months of 1986 to 235,000
  dlrs, or nine cts per share, from 485,000 dlrs, or 18 cts,
  reported previously due to the failure of an automated
  accounting system installed in mid-year and replaced in the
  fourth quarter.
      The company said its Reliance segment sustained a
  significant operating loss for the full year 1986 due to the
  accounting problems and increased promotional and advertising
  expenses.  For the full year, it said it earned 284,000 dlrs,
  or 10 cts a share, up from 271,000 dlrs, or 10 cts, in 1985.
      Cardinal Industries said revenues for the year were 30.7
  mln dlrs, up from 23.0 mln dlrs in 1985.
      The company said for the first quarter of 1987, earnings
  were about 48,000 dlrs, up from 13,000 dlrs or nil per share in
  the year ago period.  The year-ago first quarter earnings,
  however, have been restated from 101,000 dlrs or four cts per
  share.  It said sales for the first quarter were about
  8,363,000 dlrs, up from 6,636,000 dlrs.
      For the first half of 1986, the company said it restated
  earnings to 141,000 dlrs or five cts per share from 340,000
  dlrs or 12 cts per share reported previously.
  

