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QUALITY PRODUCTS, INC. ANNOUNCES $.27 NET INCOME PER SHARE FOR THE TRANSITION PERIOD ENDED SEPT. 30, 1992

 TAMPA, Fla. Jan. 20 /PRNewswire/ -- Quality Products, Inc. (NASDAQ: QYPI) today reported net income of $1,544,535 and revenue of $3,602,849 for the transition period ended Sept. 30, 1992, compared to a net loss of $(142,928) and revenue of $2,743,738 for the nine month period end Sept. 30, 1991, and a net loss of $(515,897) and revenues of $4,005,951 for the year ended Dec. 31, 1991. The 1992 net income included a loss from continuing operations of $(1,229,998) and an extraordinary gain on the extinguishment of debt of $2,774,533. Earnings per share information follows:
 9/30/92 9/30/91 12/31/91
 Per common share:
 Income (loss) from
 continuing operations $(1,229,998) $(578,188) $(951,157)
 Per Share $(.22) $(.11) $(.17)
 Extraordinary item $2,774,533 $435,260 $435,260
 Per Share $.49 $.08 $.08
 Net Income (loss) $1,544,535 $(142,928) $(515,897)
 Per Share $.27 $(.03) $(.09)
 Share used in per
 share calculations 5,627,041 5,258,654 5,570,798
 The reported loss from operations was partially the result of interest accrued on subordinate debentures of $217,500, and legal and professional fees of $257,753, incurred in connection with pending litigation involving a large Ohio-based financial institution. Other significant factors contributing to the company's loss from operations included a $661,776 write-off of obsolete, slow-moving and non-saleable inventory, and depreciation and amortization expense of $296,550.
 In September of 1992, the company completed a settlement of all significant litigation with the Ohio bank, at which time the company was released from certain obligations due that institution, including the elimination and continuation of accrued interest. The settlement also allowed the company to eliminate continued extraordinary legal and professional costs associated with the pending litigation.
 -0- 1/20/93
 /CONTACT: Stephen Springer of Quality Products, Inc., 813-963-1300/
 (QYPI)


CO: Quality Products, Inc. ST: Florida IN: MAC SU: ERN

KK -- CL002 -- 6740 01/20/93 09:02 EST
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Publication:PR Newswire
Date:Jan 20, 1993
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