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BELL SPORTS REPORTS 1992 NET OF $5.4 MILLION VS. LOSS IN FISCAL 1991; SALES INCREASE 36 PERCENT

BELL SPORTS REPORTS 1992 NET OF $5.4 MILLION VS. LOSS IN FISCAL 1991;
 SALES INCREASE 36 PERCENT
 RANTOUL, Ill., Aug. 11 /PRNewswire/ -- Bell Sports Corp. (NASDAQ-NMS: BSPT) today reported that net sales for the fiscal year ended June 27, 1992, rose 36 percent to $64,459,000 from $47,554,000 in the prior year. Income from continuing operations for fiscal 1992 increased to $4,125,000 or 77 cents per share, from a loss of $381,000 or 11 cents per share, in fiscal 1991. Net income for 1992 was $5,443,000, or $1.01 per share, vs. a net loss of $2,299,000, or 67 cents per share, in fiscal 1991.
 For the fourth quarter ended June 27, 1992, net sales were up 29 percent to $18,991,000 from $14,739,000 a year earlier. Income from continuing operations in the 1992 fourth quarter rose 79 percent to $1,939,000 from $1,083,000. Earnings per share from continuing operations in the 1992 fourth quarter were 30 cents on 6,551,000 weighted average shares outstanding vs. 32 cents in the 1991 period on 3,406,000 shares outstanding. Net income for the 1992 fourth quarter was $1,943,000, or 30 cents per share, up significantly from the $123,000, or 4 cents per share, earned in the 1991 fourth quarter.
 Chief Executive Officer Terry G. Lee said the positive financial results in 1992 reflect both sales growth and improved gross margins due to increased production volumes. In particular bicycle helmet sales to the mass merchant distribution channel and in Europe increased significantly as a result of strong market growth.
 "Because of our strong distribution network we were able to capitalize on the expanding market," he said. "Additionally, our new European manufacturing facility favorably positions us to serve a growing worldwide market for bicycle helmets."
 Net income for the 1992 periods also reflects an income tax benefit from tax loss carryforwards relating to losses incurred in prior years for which no tax benefit was recognized for accounting purposes. This is offset by the fourth quarter charge related to debt retired early with proceeds from the company's April 9, 1992, initial public offering. The net impact of extraordinary items was 24 cents per share for the year. They did not affect 1992 fourth quarter results.
 In the 1991 fourth quarter and fiscal year the company recorded a loss from discontinued operations related to its motorcycle helmet operations which were discontinued in June 1991.
 Headquartered in Rantoul, Bell Sports Corp. is a leading manufacturer and marketer of bicycle helmets in the United States. The company also manufactures and markets other bicycle accessories and auto racing helmets.
 BELL SPORTS CORP.
 (Unaudited; in thousands, except per-share data)
 Periods ended Three months Year
 6/27/92 6/29/91 6/27/92 6/29/91
 Net sales $18,991 $14,739 $64,459 $47,554
 Income (loss) from cont. opers. 1,939 1,083 4,125 (381)
 Loss from discont. opers.(A) -- (960) -- (1,918)
 Income (loss) before
 extraordinary items 1,939 123 4,125 (2,299)
 Extraordinary items:
 Tax loss carryforward(B) 1,114 -- 2,428 --
 Loss on early extinguishment
 of debt(C) (1,110) -- (1,110) --
 Net income (loss) 1,943 123 5,443 (2,299)
 Earnings per common share
 and equivalents:
 Income (loss) from
 continuing operations $.30 $.32 $.77 ($.11)
 Loss from discont. opers. -- (.28) -- (.56)
 Extraordinary items -- -- .24 --
 Net income (loss) $.30 $.04 $1.01 ($.67)
 Weighted average number of
 common shares and equivalents
 outstanding 6,551 3,406 5,375 3,406
 (A) -- Related to the company's motorcycle helmet operations which were discontinued in June 1991.
 (B) -- Reflects tax benefit of tax loss carryforwards relating to losses incurred in prior years for which no tax benefit was recognized for accounting purposes.
 (C) -- Debt was extinguished with proceeds from the company's April 9, 1992, initial public offering.
 -0- 8/11/92
 /CONTACT: Howard A. Kosick, chief financial officer of Bell Sports, 217-893-9300, ext. 288/
 (BSPT) CO: Bell Sports Corp. ST: Illinois IN: LEI SU: ERN


CK-TS -- NY027 -- 8877 08/11/92 10:23 EDT
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Publication:PR Newswire
Date:Aug 11, 1992
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