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SPORTS/LEISURE, INC. REPORTS UNAUDITED NINE MONTH AND THIRD QUARTER RESULTS

 SPORTS/LEISURE, INC. REPORTS UNAUDITED NINE MONTH AND
 THIRD QUARTER RESULTS
 BOCA RATON, Fla., Nov. 13 /PRNewswire/ -- Sports/Leisure, Inc. (NASDAQ: SPLE) today announced unaudited results for the third quarter and for the nine months ended Sept. 30, 1992.
 Fiscal 1992 third quarter revenues decreased 3 percent to $4,327,812 from $4,477,230 during the same period in the prior year, primarily as a result of an interruption of the business operations of the company's Softouch Company, Inc. ("Softouch") subsidiary caused by Hurricane Andrew, the interruption of business operations of its Classic Golf of America Incorporated ("Classic") subsidiary by its relocation from Texas to Florida and the termination of agreements with certain independent sales representatives. Softouch has business interruption insurance and intends to file a claim for the losses caused by Hurricane Andrew. The company incurred a loss during the third quarter of 1992 of $(938,072) or $(.35) per share compared to net income of $100,627 or $.06 per share earned during the same period of 1991. The loss for the third quarter of 1992 is primarily attributable to the aforementioned interruptions of business operations and disruption of the Classic sales force, reduced profit margins due to merchandise discounts and increased personnel costs attributable to the acquisition of Classic, increased licensing and royalty fees and continued sluggishness in the retail apparel industry.
 Revenues for the nine months ended Sept. 30, 1992 increased 17 percent to $15,289,182 compared to $13,097,166 during the same period in the prior year primarily due to sales contributed by Classic since its acquisition by the company on March 4, 1992. The company's net loss for the nine months ended Sept. 30, 1992 was $(1,197,103) compared to net income of $585,913 during the same period in the prior year. Loss per share was $(.44) for the nine months ended Sept. 30, 1992 compared to earnings of $.33 per share for the nine months ended Sept. 30, 1991.
 Sports/Leisure also announced that effective Nov. 12, 1992, Norman Fixel, a member of the company's board of directors since its formation and founder and president of Softouch since Softouch's formation, has been elected as the company's chief executive officer. Fixel succeeds Arthur Kwiat who has resigned his positions as an officer of the company and its subsidiaries. Kwiat has served as interim chief executive officer of the company following the resignation of the company's former president and chief executive officer on July 1, 1992. Kwiat will continue to serve as a member of the company's board of directors.
 Sports/Leisure designs, contracts for the manufacture of, and markets women's, men's, unisex sports apparel through Softouch and men's and women's golf apparel through Classic Golf under the labels Hogan(R), Ben Hogan Tour(R) and Legends(R), which trademarks are licensed under an exclusive licensing agreement with The Ben Hogan Company.
 -0- 11/13/92
 /CONTACT: Norman Fixel, chief executive officer of Sports/Leisure, Inc., 305-624-5581/
 (SPLE) CO: Sports/Leisure, Inc. ST: Florida IN: TEX SU: ERN


AW-XX -- FL018 -- 0872 11/13/92 16:41 EST
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Publication:PR Newswire
Date:Nov 13, 1992
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