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JEWELMASTERS INTERIM YEAR END REPORT

 WEST PALM BEACH, Fla., July 30 /PRNewswire/ -- Jewelmasters, Inc. (AMEX: JEM) today reported its estimated results for the fiscal year ended Jan. 30, 1993. The company has experienced delays in completing its financial statements and its filings with the Securities and Exchange Commission as a result of several factors, including the closing of 40 departments in January and February 1993 and a significant turnover among internal financial personnel. It is anticipated that the Annual Report on Form 10-K for the fiscal year ended Jan. 30, 1993 and the Forms 10-Q for each of the first two fiscal quarters in the current fiscal year will be available in September 1993.
 The company estimates having a net loss of between $3.5 million and $4.5 million, or between $1.80 and $2.32 per share, for its fiscal year ended Jan. 30, 1993, as compared to a net loss of $2,527,000, or $1.30 per share, for the fiscal year ended Feb. 1, 1992. A significant portion of the net losses for the past fiscal year are expected to be non-recurring, having been incurred in connection with the closing of certain of the company's departments and free-standing stores. Net sales for the fiscal year ended Jan. 30, 1993 increased to approximately $36 million from $31.8 million in the company's prior fiscal year. The increase in net sales was primarily attributable to inventory "close- out" sales at the 40 departments and three free-standing stores closed during the past fiscal year and February 1993. These liquidation sales enabled Jewelmasters to pay off its remaining bank debt of $500,000 and to reduce its long-term debt from $5 million to $1.5 million (which is payable in $500,000 installments over each of the next three years). Accounts payable have also been reduced by approximately $2.5 million, to less than $4 million at June 30, 1993.
 Jewelmasters, Inc. designs, manufactures and sells fine jewelry through leased jewelry departments in department stores and through free-standing stores.
 -0- 7/30/93
 /CONTACT: Josef J. Barr of Jewelmasters, 407-655-7260/
 (JEM)


CO: Jewelmasters, Inc. ST: Florida IN: REA SU: ERP

RC-AW -- FL005 -- 7930 07/30/93 16:43 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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