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MICHAEL ANTHONY JEWELERS, INC. REPORTS RECORD FIRST QUARTER SALES, SUBSTANTIAL INCREASE IN EARNINGS

 MT. VERNON, N.Y., Nov. 4 /PRNewswire/ -- Michael Anthony Jewelers, Inc. (AMEX: MAJ), a leading marketer and manufacturer of gold jewelry, today announced record sales and a substantial increase in earnings for the first fiscal quarter ended September 30, 1993.
 First quarter net sales increased approximately 23 percent to $27,800,000 from $22,600,000 in the prior year's comparable period. The Company earned $692,000 or $.10 per share, up sharply from $26,000 or less than $.01 per share reported for the three-month period ended September 30, 1992.
 Michael Paolercio, Chief Executive Officer, stated, "We are pleased to report record sales for our first fiscal quarter. This was achieved through increased shipments to the retail segment of our customer base and also to a 47 percent increase in sales of our licensed products." These factors contributed to an improved gross margin, resulting in the significant increase in profits for the period, Paolercio noted.
 Reporting on recent developments, Paolercio said that Michael Anthony's products were featured for several days in September on the Home Shopping Network. "This tested a new channel of distribution for us, and we are extremely happy with the successful results of the program. We are scheduled to repeat this promotion in December, the peak period for holiday shopping."
 In conclusion, Paolercio stated, "After four consecutive quarters of year-to-year sales increases, we are optimistic about the future. We expect the Company's profitability to strengthen further in the current quarter, which is traditionally our strongest period as our customers build their inventories for the holiday season."
 MICHAEL ANTHONY JEWELERS, INC.
 Financial Highlights (Unaudited)
 For the Three Months Ended 9/30/93 9/30/92
 Net sales $27,800,000 22,600,000
 Net income $692,000 $26,000
 Earnings per share $.10 ---
 Weighted average number of
 shares outstanding 7,041,000 6,883,000
 -0- 11/4/93
 /CONTACT: Allan Corn, CFO of Michael Anthony Jewelers, 914-699-0000, ext. 464/
 (MAJ)


CO: Michael Anthony Jewelers, Inc. ST: New York IN: HOU SU: ERN

MP -- NY069 -- 0736 11/04/93 12:38 EST
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Publication:PR Newswire
Date:Nov 4, 1993
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