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K-TEL ANNOUNCES RESULTS FOR THE FISCAL YEAR ENDED JUNE 30, 1992

K-TEL ANNOUNCES RESULTS FOR THE FISCAL YEAR ENDED JUNE 30, 1992
    MINNEAPOLIS, Sept. 30 /PRNewswire/ -- K-tel International, Inc. reported for the year ended June 30, 1992, consolidated net sales of $48,234,000 resulting in income before taxes of $2,554,000.  For the same period last year net sales were $35,252,000 with income before taxes of $1,222,000.  The improvement in sales and income reflects higher direct response sales of consumer convenience product, improved results from the U.S. subsidiary and positive results from the company's expansion into Spain and France.  Net income for the year ended June 30, 1992 was $1,875,000, or $.50 per share, compared to $558,000, or $.15 per share, for the prior year.
    In the current year the company adopted the statement of Financial Accounting Standards No. 109 "Accounting for Income Taxes" as a result, utilization of previously unrecorded net operating loss carryforwards of $778,000 and $195,000 for fiscal 1992 and 1991 are included in the provisions for income taxes rather than reported as extraordinary items. This reporting reclassification had no effect on previously reported net income or equity.
                          K-TEL INTERNATIONAL INC.
               Summary of Consolidated Financial Information
                    (In thousands except per share data)
                                  Three Months Ended      Year Ended
                                 6/30/92     6/30/91   6/30/92  6/30/91
    Net sales                    $13,147      $7,210   $48,234  $35,252
    Income before income taxes       526         378     2,554    1,222
    (Provision) benefit for
     income taxes                    130         (49)     (679)    (664)
    Net income                      $656        $329    $1,875     $558
    Net income per share
     of common stock                $.18        $.09      $.50     $.15
    -0-             09/30/92
    CONTACT:  Mark Dixon, VP of Finance of K-tel International, 612-559-6820 CO:  K-TEL INTERNATIONAL, INC. IN:  ENT SU:  ERN ST:  MN -- MN010 -- X599  09/30/92
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Publication:PR Newswire
Date:Sep 30, 1992
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