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MICHAEL ANTHONY JEWELERS REPORTS YEAR END/FOURTH QUARTER RESULTS

 MICHAEL ANTHONY JEWELERS REPORTS YEAR END/FOURTH QUARTER RESULTS
 MT. VERNON, N.Y., Sept. 28 /PRNewswire/ -- Michael Anthony Jewelers, Inc. (AMEX: MAJ), a leading manufacturer and marketer of 14 karat gold jewelry, today reported results for the fiscal year and fourth quarter ended June 30, 1992.
 Fourth quarter net sales decreased approximately 13 percent to $22,082,000 from $25,363,000 in the prior year's period. The company sustained a net loss of $1,693,000 or 26 cents per share on 6,450,000 average shares outstanding versus a net loss of $1,084,000 or 19 cents per share on 6,059,000 average shares outstanding in the last three months of fiscal 1991.
 Fiscal 1992 net sales decreased 6 percent to $112,748,000 from $120,194,000 for the previous year. The net loss sustained was $369,000 or 6 cents per share on 6,450,000 average shares outstanding compared to a net income of $2,131,000 or 35 cents per share on 6,059,000 average shares outstanding the year earlier.
 According to Michael Paolercio, president and chief executive officer, "The current economic environment has negatively impacted many businesses, and the jewelry industry and our company are no exceptions. Throughout the country, large retailers have deferred purchases and instead used existing inventories to meet their sales." Paolercio also noted that a portion of the lower sales figures was attributable to lower gold prices. The reduced income figures include $500,000 of non- recurring expenses and $2,877,000 of non-cash expenses in connection with stock issuance relating to employment agreements.
 Paolercio stated, "Operationally, the company made significant progress towards future growth and profits. We automated a significant portion of the production process, thus reducing costs and increasing efficiency. We also accomplished a major data processing conversion which will result in stronger internal controls and better customer service. And, we concluded a major financing to provide the company with working capital and funds for future growth. This financial accomplishment complements the strong support of the company's gold suppliers and the banking community."
 Michael Anthony Jewelers designs, manufactures and sells an extensive line of handcrafted 14 karat gold jewelry, including charms and pendants, rings, rope chain, bracelets and earrings, as well as items with diamonds and semi-precious stones, primarily earrings, chains and watches. The company has more than 600 customers nationwide, consisting of department stores, wholesalers, mass merchandisers, jewelry chain stores, and catalog showrooms. The company's products are sold in over 10,000 outlets.
 MICHAEL ANTHONY JEWELERS, INC.
 Financial Highlights
 Three months ended June 30 1992 1991
 Net sales $22,082,000 $25,363,000
 Net income (loss) $(1,693,000)(A)(B) $(1,084,000)(A)(B)
 Earnings (loss) per share $(.26)(B) $(.19)(A)(B)
 Weighted average number of
 shares outstanding 6,450,000 6,059,000
 Year ended June 30 1992 1991
 Net sales $112,748,000 $120,194,000
 Net income (loss) $ (369,000)(B) $ 2,131,000(A)(B)
 Earnings (loss) per share $(.06)(B) $.35(A)(B)
 Weighted average number of
 shares outstanding 6,450,000 6,059,000
 (A) -- Includes a nonrecurring charge of $904,000 or 16 cents per share related to an aborted proposed merger with Jan Bell Marketing, Inc.
 (B) -- Includes $2,010,000 in the fourth quarter ($406,000 in 1991) and $2,877,000 for the year ($1,750,000 in 1991) of non-cash expenses in connection with stock issuance relating to employment agreements.
 -0- 9/28/92
 /CONTACT: Allan Corn, CEO of Michael Anthony Jewelers, 914-699-0000, ext. 464/
 (MAJ) CO: Michael Anthony Jewelers, Inc. ST: New York IN: REA SU: ERN


GK-KW -- NY045 -- 4011 09/28/92 14:01 EDT
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Date:Sep 28, 1992
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