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E&B MARINE ANNOUNCES PAYMENT ON LOAN AGREEMENT

 E&B MARINE ANNOUNCES PAYMENT ON LOAN AGREEMENT
 EDISON, N.J., July 1 /PRNewswire/ -- E&B Marine Inc. announced today


that it has made a $1.5 million principal payment on its various loan agreements. This payment was made earlier than the agreed upon terms. The company has also fulfilled its covenant under its $7 million revolving credit agreement requiring a seasonal loan reduction to $5.3 million for 30 consecutive days and believes it is in compliance with all covenants and provisions or conditions specified in the loan agreements.
 The company has effectively managed its debt for the three months ended June 27, 1992. Average outstanding borrowings under its revolving credit line facility were $4.0 million compared with $5.0 million for the three months ended June 29, 1991. Borrowings for the three months ended June 27, 1992, peaked at $5.9 million compared with $6.9 million in the prior year.
 Kenneth G. Peskin, the company's chairman and chief executive officer, said: "We are pleased to announce that we continue to remain current on all obligations, despite pressure from the economy, a delayed selling season and increased competition. During the remainder of 1992, we will stay focused on inventory and cash management. As part of the E&B profit improvement plan, we presently expect a return to profitability in 1992. Our continued progress toward this goal is the direct result of the hard work and dedication of our fellow employees and the ongoing support of our suppliers."
 E&B Marine Inc. is one of the nation's largest direct-mail merchandiser and specialty retailer of marine supplies and accessories with 46 retail outlets.
 -0- 7/1/92
 /CONTACT: Walfrido Martinez, vice president and chief financial officer of E&B Marine, 908-819-7400/ CO: E&B Marine Inc. ST: New Jersey IN: MAR SU:


SH -- NY101 -- 5842 07/01/92 15:35 EDT
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Publication:PR Newswire
Date:Jul 1, 1992
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