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MENLEY & JAMES REPORTS RESULTS

 HORSHAM, Pa., March 1 /PRNewswire/ -- Menley & James, Inc. (NASDAQ: MENJ) today reported that for the full year ended Dec. 31, 1992, it had revenues of $28.4 million compared to $27.7 million in 1991. For the full year 1992, the company had income before extraordinary item of $1.3 million, or $0.23 per share. After taking into consideration the extraordinary item arising from early extinguishment of debt, reported in the first quarter, the company had net income of $701,000, or $0.13 per share. For the same period in 1991, the company had a net loss of $3.2 million, or $0.29 per share.
 For the fourth quarter of 1992, the company had revenues of $7.1 million, compared to revenues of $7.7 million in the same period a year ago. Its net income for the period was $343,000, compared to $157,000 in the fourth quarter of 1991.
 "Our introduction of Garfield Children's Multivitamins, which commenced in the third quarter, continues to be very encouraging," said Larry White, president and chief executive officer. "The benefits of our programs to reposition certain of our established primary brands, however, have not been realized as rapidly as we had anticipated. Added to the poor economic environment and a mild cold/flu season, this contributed to results for the year that were below our expectations.
 "The company remains committed to our programs to support our key brands, including a recent collaborative agreement with Kabi Pharmacia, which will result in a significant increase in detail calls to physicians for Serutan. At the same time, we are continuing to work with PaineWebber, Inc., whom we engaged to assist us in exploring a range of strategic alternatives."
 Menley & James produces and markets a diversified portfolio of 33 over-the-counter (OTC) pharmaceutical and toiletry products. The products, which include HOLD Medicated Cough Lozenges, ORNEX Cold Medication Tablets, SERUTAN Natural Fiber Laxative, and GARFIELD Children's Multivitamins, are sold in drug, food and mass merchandiser outlets throughout the United States.
 MENLEY & JAMES, INC.
 Selected Consolidated Data
 (In thousands, except per share amounts)
 Year Fourth Quarter
 Periods ended Dec. 31 1991 1992 1991 1992
 Net sales $ 27,680 $ 28,419 $ 7,646 $ 7,073
 Cost of goods sold (1) 16,547 11,722 3,484 3,119
 Gross profit 11,133 16,697 4,162 3,954
 Selling, general & administrative
 expenses 9,736 12,344 2,817 2,809
 Depreciation and
 amortization 1,480 1,728 450 444
 Income (loss) from
 operations (83) 2,625 895 701
 Interest expense 3,144 1,194 738 271
 Income (loss) before
 income taxes (3,227) 1,431 157 430
 Provision for income taxes 0 140 0 87
 Income (loss) before
 extraordinary item (3,227) 1,291 157 343
 Extraordinary item, due
 to early extinguishment
 of debt, net of tax 0 590 0 0
 Net income (loss) $ (3,227) $ 701 $ 157 $ 343
 Net income (loss) applicable
 to common shares before
 extraordinary item,
 supplemental (2) $ (1,813) $ 1,379 $ 472 $ 343
 Net income (loss)
 applicable to common
 shares,
 supplemental (2) $ (1,813) $ 789 $ 472 $ 343
 Per share of common stock:
 Net income (loss) before
 extraordinary item,
 supplemental (2) $ (0.29) $ 0.23 $ 0.08 $ 0.06
 Extraordinary item, due
 to early extinguishment
 of debt, net of tax (2) 0.00 (0.10) 0.00 0.00
 Net income (loss) per
 common share,
 supplemental (2) $ (0.29) $ 0.13 $ 0.08 $ 0.06
 Weighted average common
 shares outstanding,
 supplemental (2) 6,272 6,164 6,262 6,148
 (1) Cost of goods sold for the 1991 periods reflect the higher fair market value allocated to the inventory acquired from SmithKline Beecham in the company's purchase of the trademarks, product formulations and related inventories. The cost of goods sold for the 1992 periods is indicative of the lower cost of goods sold levels expected to be incurred on an ongoing basis.
 (2) Adjusted to reflect the sale of 2,300,000 shares of common stock by the company in January 1992 and the application of the net proceeds therefrom, reflecting the reduction of interest expense and elimination of preferred dividends, where applicable.
 -0- 3/1/93
 /CONTACT: Larry White, president and chief executive officer of Menley & James, 215-441-6500 or Fredric J. Spar of Kekst and Company, 212-593-2655, for Menley & James/
 (MENJ)


CO: Menley & James, Inc. ST: Pennsylvania IN: MTC SU: ERN

WB -- NY098 -- 1650 03/01/93 17:46 EST
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Date:Mar 1, 1993
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