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EZCONY ANNOUNCES PRELIMINARY RESULTS FOR SECOND QUARTER

 MIAMI, July 12 /PRNewswire/ -- Ezcony Interamerica Inc. (NASDAQ: EZCOF) announced today that it anticipates its second quarter resulted in a loss of between 25 cents and 30 cents per share. Approximately 21 cents of the loss resulted from non-recurring dispute over defective merchandise which resulted in a $950,000 writedown of a receivable from a customer in Paraguay. The company intends to seek recovery of the $950,000 from one of its manufacturers in the Far East. The writedown arose from a $1.75 million receivable that was settled in July for $800,000 to be paid over a period of 16 months.
 The company also announced that one of its banks has increased its line of credit to Ezcony by $5 million and that it anticipates receiving a $5 million line of credit from a new bank based in Panama.
 Ezcony has significantly diversified its trade credit risk as compared to a year ago when its three largest creditors owed the company approximately $16.5 million. At the end of the 1993 second quarter the company's three largest trade creditors owed it approximately $4 million.
 In addition to the $950,000 writedown, the company wrote down additional 1993 receivables in excess of reserves amounting to a loss of approximately 4 cents per share.
 Ezcony continues to anticipate that revenues and profits in the second half of 1993 will show an improvement over the comparable period in 1992. The improvement should result from expected strong orders for the Christmas season and increased credit facilities available from bank lenders compared to those available during last year's second half.
 Ezra Cohen, Ezcony's president and CEO said, "I do not believe that our second quarter loss will have any significant effect on second half results. Most of that loss was attributable to a unique occurrence. We are in a good position to take advantage of opportunities in Latin America and are particularly optimistic about the prospects for our own brand, ELTEC. We expect to very shortly make our first ever ELTEC shipments to Italy and Jamaica, opening new markets for us."
 Ezcony is a wholesale distributor of consumer electronics in Latin America. It trades on the NASDAQ National Market System under the symbol EZCOF.
 -0- 7/12/93
 /CONTACT: Candido Sosa Jr. of Ezcony Interamerica Inc., 305-599-1352, or Robert Kneely of Robert Kneely & Co., 305-739-7121, or evenings, 305-583-9282, for Ezcony Interamerica Inc./
 (EZCOF)


CO: Ezcony Interamerica Inc. ST: Florida IN: HOU SU: ERP

RC-JB -- FL020 -- 0625 07/12/93 17:39 EDT
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Publication:PR Newswire
Date:Jul 12, 1993
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