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AJAY COMPLETES THIRD QUARTER

 DELAVAN, Wis., Nov. 9 /PRNewswire/ -- Ajay Sports, Inc. ("Ajay") (NASDAQ: AJAY) announced today its unaudited financial results for the quarter ended Sept. 30, 1993. Total unaudited net revenues were $3.3 million, with an operating loss of $198,000, and a net loss of $369,000, and a loss per common share of $.05. This compares to net revenues of $3.8 million, an operating loss of $72,000, a net loss of $80,000 (including a one-time gain of $125,000 on the disposition of investment), and a loss per share of $.02 for the same 1992 period. Unaudited net revenues were $13.4 million for the first nine months of 1993, with operating profits of $54,000, net loss of $473,000 and a loss per share of $.07. This compares to net revenues of $17.2 million, with operating profits of $1,052,000, net income of $492,000 and earnings per share of $.04 for the same 1992 nine-month period.
 In commenting on the third-quarter results, Thomas W. Itin, president and chief executive officer of Ajay, said, "While the third- quarter and year-to-date performance is disappointing, I am encouraged by the new management approach instituted since September, with a focus on improving the efficiency and operating cost structure of the company."
 Ajay Sports, Inc., through its 100-percent wholly owned subsidiary, Ajay Leisure Products, Inc., is one of the largest distributors of golf accessories as well as one of the nation's largest manufacturers of retail golf bags.
 AJAY SPORTS, INC. AND SUBSIDIARY
 Consolidated Statement of Operations
 (In thousands, except share and per-share amounts; unaudited)
 Three Months Nine Months
 Ended Sept. 30, Ended Sept. 30,
 1993 1992 1993 1992
 Net sales $3,307 $3,821 $13,414 $17,249
 Operating income (loss) (198) (72) 54 1,052
 Total non-operating expense 171 8(A) 527 555
 Income (loss) before income
 taxes (369) (80) (473) 497
 Net income (loss) ($369) ($80) ($473) $492
 Income (loss) per common
 shares ($.05) ($.02) ($.07) $.04
 (A) Includes one-time gain on the disposition of investment.
 -0- 11/9/93
 /CONTACT: Thomas W. Itin, chairman and chief executive officer of Ajay Sports, 313-851-5651/
 (AJAY)


CO: Ajay Sports, Inc. ST: Wisconsin IN: SU: ERN

SB-ML -- DE016 -- 2245 11/09/93 12:44 EST
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Publication:PR Newswire
Date:Nov 9, 1993
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