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JOHNSON PRODUCTS REPORTS INCREASED FIRST QUARTER SALES AND PROFITS; DECLARES DIVIDEND

 JOHNSON PRODUCTS REPORTS INCREASED FIRST QUARTER
 SALES AND PROFITS; DECLARES DIVIDEND
 CHICAGO, Dec. 11 /PRNewswire/ -- Johnson Products Co., Inc. (AMEX: JPC) today announced higher sales and improved results for the first quarter ended Nov. 30, 1991.
 Sales for the first quarter of fiscal 1992 were $8,619,000, up 19 percent from first quarter 1991 sales of $7,223,000. First quarter 1992 net income was $714,000, or 60 cents per share, compared to $560,000, or 47 cents per share, for the same quarter in fiscal 1991.
 Net income for the quarter ended Nov. 30, 1991, includes the utilization of a tax loss carryforward credit of $256,000. Net income for the corresponding quarter in fiscal 1991 includes the utilization of a tax loss carryforward credit of $174,000.
 Eric G. Johnson, president and chief executive officer, said, "The improved results are primarily attributable to increased promotional activity. There was also a slight increase as a result of our new product introduction and increased sales of goods for export. While there was an increase in advertising and promotional costs, selling, general and administrative expenses decreased slightly as a percentage of net sales."
 The company further announced today that the board of directors has declared a $.28 per share cash dividend, payable to stockholders of record as of the close of business on Dec. 27, 1991.
 Eric G. Johnson stated, "This dividend represents an important event in the return to profitability at Johnson Products. So long as profits and cash flows continue to remain strong, it is the intention of the board to declare quarterly dividends of $.07 per share beginning with the second quarter of 1992."
 Johnson Products manufactures and markets personal care products for retail and professional markets domestically and internationally, under such leading brand names as Gentle-Treatment, Ultra Sheen, Classy Curl, Sta-Sof-Fro and Sof N' Free.
 Johnson Products is a publicly owned company.
 JOHNSON PRODUCTS CO., INC. AND SUBSIDIARIES
 Consolidated Condensed Statements of Income
 (in thousands, except per share data)
 Three Months Ended
 Nov. 30, Nov. 30,
 1991 1990
 Net Sales $8,619 $7,223
 Costs and Expenses:
 Cost of Sales 3,953 3,154
 S,G&A Expenses 3,758 3,262
 Total Costs and Expenses 7,711 6,416
 Income From Operations 908 807
 Other Income (Expense):
 Interest Expense, Net (131) (237)
 Inc. Bef. Inc. Taxes & Extraord. Item 777 570
 Income Taxes 319 184
 Income Before Extraordinary Item 458 386
 Extraordinary Item:
 Utilization of Tax Loss Carryforward 256 174
 Net Income $ 714 $ 560
 Net Inc. Per Common & Common Equiv. Share:
 Income Before Extraordinary Item 0.38 0.32
 Extraordinary Item 0.22 0.15
 Net Income Per Common and Common
 Equivalent Share 0.60 0.47
 Average Number of Common and Common
 Equivalent Shares Outstanding 1,195 1,196
 -0- 12/11/91
 /CONTACT: Thomas P. Polke, vice president-finance, 312-483-4100, Johnson Products/
 (JPC) CO: Johnson Produces Co., Inc. ST: Illinois IN: HOU SU: ERN


SH -- NY055 -- 1517 12/11/91 13:39 EST
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Publication:PR Newswire
Date:Dec 11, 1991
Words:499
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