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FISHER-PRICE ANNOUNCES FIRST QUARTER RESULTS

 EAST AURORA, N.Y., April 23 /PRNewswire/ -- Fisher-Price, Inc. (NYSE: FPP) announced that it had a net loss of $.03 per share of Common Stock for its first quarter, which ended April 4, 1993, compared with net income of $.11 per share for the same quarter last year. Net loss for the quarter was $1.0 million, a decrease of $4.4 million from the net income for the comparable period last year.
 Fisher-Price reported net revenues of $127.4 million for the first quarter, a 13 percent decrease from net revenues of $146.8 million for the same period last year. Domestically, net revenues of $100.2 million decreased 15 percent from the same period last year and internationally, net revenues of $27.2 million decreased 4 percent. International net revenues increased 2 percent after eliminating the effect of foreign currency translation.
 Ronald J. Jackson, chairman and chief executive officer of Fisher-Price, said, "In March we announced that we expected a revenue decline and loss for the first quarter. As we stated, we believe the revenue decline reflects the increasing commitment of United States retailers to control inventory levels as part of their emphasis on just- in-time inventory management. We believe this emphasis on inventory control will continue and could adversely impact revenues in the second calendar quarter.
 "We remain optimistic about 1993. Retail momentum has been positive during the first quarter with over the counter sales ahead of last year. Items selling well include the Dino-roars, Sound 'n Lights Nursery Monitor, Radio Control Racer, Activity Table, Flip Track Rail and Road Set and Grow to Pro Basketball."
 Fisher-Price is an international manufacturer and marketer of children's products. Fisher-Price's Common Stock is listed on the New York Stock Exchange and is traded under the symbol FPP.
 FISHER-PRICE, INC.
 CONSOLIDATED STATEMENTS OF INCOME
 Dollars in Millions
 (except per share amounts)
 Three Months Ended
 Apr. 4, Mar. 29,
 1993 1992
 (Unaudited)
 Net revenues $ 127.4 $146.8
 Cost of goods sold 71.8 83.8
 Gross profit $ 55.6 $ 63.0
 Advertising and merchandising 17.6 19.5
 Selling, general and administrative expenses 36.4 33.1
 Other expense, net .7 1.5
 Operating income $ .9 $ 8.9
 Interest expense, net 2.5 2.6
 Income (loss) before income taxes $ (1.6) $ 6.3
 Provision (benefit) for income taxes (.6) 2.9
 Net income (loss) $ (1.0) $ 3.4
 Net income (loss) per common and common
 eqivalent share (A) $ (.03) $ .11
 Weighted average common and common
 equivalent shares outstanding
 (in thousands) (A) 30,811 30,992
 (A) -- Where applicable, data has been adjusted to reflect the
 two-for-one stock split distributed June 1, 1992. Since
 fully diluted data is approximately the same as primary
 data, it is not presented.
 FISHER-PRICE, INC.
 CONDENSED CONSOLIDATED BALANCE SHEETS
 Dollars in Millions
 Apr. 4, Mar. 29,
 1993 1992
 (Unaudited)
 Assets
 Current Assets
 Cash and short-term investments $ 11.9 $ 33.9
 Receivables, net 147.1 142.9
 Inventories, net 83.7 69.0
 Prepaid expenses and other current assets 44.8 34.6
 Total Current Assets $ 287.5 $280.4
 Property, plant and equipment, net 102.8 101.9
 Intangible assets, net 38.6 40.8
 Other assets 14.1 13.8
 Total Assets $ 443.0 $436.9
 Liabilities and Stockholders' Equity
 Current Liabilities
 Notes payable to banks $ 23.7 $19.7
 Trade accounts payable 22.0 19.8
 Accrued liabilities 58.9 67.9
 Total Current Liabilities $ 104.6 $107.4
 Long-term debt 98.6 98.4
 Other liabilities 9.2 9.5
 Total Liabilities $ 212.4 $215.3
 Stockholders' equity 230.6 221.6
 Total Liabilities and Stockholders' Equity $ 443.0 $436.9
 -0- 4/23/93
 /CONTACT: Carol Blackley of Fisher-Price, 716-687-3423/
 (FPP)


CO: Fisher-Price, Inc. ST: New York IN: LEI SU: ERN

BM -- CL005 -- 9885 04/23/93 08:28 EDT
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Publication:PR Newswire
Date:Apr 23, 1993
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