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E&B MARINE MAKES PRINCIPAL PAYMENT ON LOAN AGREEMENTS

 EDISON, N.J., June 30 /PRNewswire/ -- E&B Marine Inc. announced today that it has made a $1.2 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 $2.5 million for 30 consecutive days and believes it is in compliance with all covenants and conditions specified in the loan agreements.
 The company has effectively managed its debt for the three months ended June 26, 1993. Average outstanding borrowings under its revolving credit line facility were $2.7 million compared with $4 million for the three months ended June 27, 1992.
 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 and have successfully fulfilled our seasonal loan reduction covenant, approximately 60 days in advance of when required.
 "During the remainder of 1993, we will stay focused on inventory and cash management. Our continued improvement is a 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- 6/30/93
 /CONTACT: Walfrido A. Martinez, senior vice president and chief financial officer of E&B Marine Inc., 908-819-7400/


CO: E&B Marine Inc. ST: New Jersey IN: REA SU:

CK -- NY025 -- 7077 06/30/93 10:44 EDT
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Publication:PR Newswire
Date:Jun 30, 1993
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