Blyth Industries announces record quarterly earnings.

GREENWICH, Conn.--(BUSINESS WIRE)--Nov. 29, 1994--Blyth Industries Inc. (NYSE:BTH) today announced its financial results for the third quarter ended Oct. 31, 1994.

Net sales rose 32% to $62,475,000 compared with $47,339,000 a year earlier. Operating profit rose 33% to $9,034,000, when compared to $6,810,000 for the third quarter a year ago. Pro forma net earnings in the quarter increased 35% to $5,405,000 from $3,996,000 a year earlier. Net earnings per share adjusted for the initial public offering in May 1994 were $.38, up 36% from $.28 per share during the same period last year.

As a result of the record performance in the third quarter, net sales for the nine months ended October 31, 1994, when compared to the same period last year, rose 30% to $150,449,000, while operating profit rose 35% to $16,744,000. Pro forma net earnings for the nine-month period increased 37% to $9,940,000 from $7,256,000 a year earlier. This translated to pro forma net earnings per share of $.70, up from $.51 per share during the same nine-month period last year.

The results for 1994 and 1993, which are presented on a pro forma basis, reflect the company's initial public offering of two million shares in May 1994 and the use of a portion of the proceeds to reduce debt as of February 1. Without taking the initial public offering into consideration, net earnings for the third quarter ended October 31, 1994 increased to $5,405,000, up 39% over last year's comparable net earnings of $3,889,000. Without taking the initial public offering into consideration, net earnings for the nine-month period ended October 31, 1994 increased to $9,755,000, up 41% over last year's comparable net earnings of $6,917,000. Similarly, net earnings per share for the nine-month period were $.69, compared with $.49 per share a year earlier.

Robert B. Goergen, chairman of the board, said, "During the third quarter, the Company benefited from strong seasonal consumer demands for its products. Shipments of Christmas seasonal products were particularly strong. The Company's strategy of participation in all major institutional and retail channels of distribution lead to record domestic sales and earnings. Growth of international sales, particularly Canada, increased at a rate greater than the overall Company's average."

Blyth Industries Inc., based in Greenwich, is a leading manufacturer, designer and marketer of an extensive line of candles, scented candles, outdoor citronella candles and fragrance products, including potpourri, and markets a broad range of related accessories. -0-

                       Blyth Industries Inc.
                Consolidated Statements of Earnings
              (In thousands except per share amounts)
                           (Unaudited)

                  Three Months Three Months   Nine Months  Nine Months
                  Ended 10/31  Ended 10/31    Ended 10/31  Ended 10/31
                      1994         1993           1994         1993

Net sales           $62,475      $47,339        $150,449     $115,576
Cost of goods sold   30,169       24,008          75,134       60,187
Gross profit         32,306       23,331          75,315       55,389
Selling, general &
 administrative
 expenses            23,272       16,521          58,571       42,945
Operating Profit     $9,034       $6,810         $16,744      $12,444

Other expense (income)
Interest expense (a)    121          150             296          350
Equity in earnings
 of investee           (101)          --            (113)          --
                         20          150             183          350
Earnings before
 income taxes        $9,014       $6,660         $16,561      $12,094

Income taxes (a)      3,609        2,664           6,621        4,838
Net earnings (a)     $5,405       $3,996          $9,940       $7,256
Net earnings
 per share (a)        $0.38        $0.28           $0.70        $0.51
Average shares
 outstanding (a)     14,096       14,096          14,096       14,096


-0-

                           Consolidated Balance Sheets
                            (In thousands of dollars)
                                   (Unaudited)

Assets                          October 31, 1994     October 31, 1993

Accounts receivable, net             $31,966              $25,607
Inventories                           35,326               28,796
Property, plant and equipment, net    23,106               15,338
Other assets (a)                       5,616               71,765
                                     $96,014              $71,506

Liabilities & Equity

Bank debt (a)                         $4,800               $1,640
Other liabilities                     30,970               21,617
Stockholders' equity (a)              60,244               48,249
                                     $96,014              $71,506

(a) Pro forma to reflect the company's initial public offering of
    2,000,000 shares in May, 1994, the use of a portion of the net
    proceeds to reduce debt as of February 1, and the payment of a
    restructuring dividend.

CONTACT: Blyth Industries Inc.

             Howard E. Rose
             708/294-1130, ext. 1291