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/C O R R E C T I O N -- RIDDEL SPORTS INC./

 In 017, Riddell Sports Inc. Announces First Quarter Results, moved earlier today, the corrected release follows:
 RIDDELL SPORTS INC. ANNOUNCES FIRST QUARTER RESULTS
 NEW YORK, May 18 /PRNewswire/ -- Riddell Sports Inc. (NASDAQ: RIDL) announced today financial results for the first quarter period ending March 31, 1993. Revenues increased 6 percent to $14,932,000 for the quarter, compared to $14,086,000 for the first quarter of 1992. Before a charge for the cumulative effects of an accounting change, earnings for the quarter were $133,000, or $0.02 per share. This represents a decrease in comparison to 1992 first quarter net income of $801,000 or $0.10 per share. The company recorded a charge of $51,000 during the quarter reflecting the cumulative effect on prior years of a change in accounting principles for income taxes, which resulted in net income for the quarter of $82,000.
 First quarter earnings were adversely affected by increases in legal expenses related to litigation commenced in 1992 and early 1993, heightened promotional activities for new athletic products and higher compensation levels.
 The increased revenues for the first quarter were attributable to a 7 percent growth in the sales of protective athletic products and services offset by a 3 percent decline in royalty revenues. The sales increase was spread over most of the company's product lines. Royalties for licensing the MacGregor trademark increased by 4 percent for the quarter but were more than offset by a decline in Riddell trademark royalties in comparison to the year-ago period. The company continues the practice of not recognizing royalty revenue due from its Riddell footwear licensee due to the uncertainty of collectibility.
 As previously announced, David Mauer has become chief executive officer of the company effective April 1, 1993, replacing Robert Nederlander who remains chairman of the board. Mr. Mauer had previously been president of Mattel USA.
 Riddell Sports Inc. is the world's leading manufacturer and reconditioner of football helmets. The company sells football helmets and shoulder pads and other sports protective equipment under the Riddell brand, and provides reconditioning services under the All American name. The company also licenses the Riddell and MacGregor trademarks for use on athletic footwear apparel and other sports equipment.
 RIDDELL SPORTS INC.
 ($ in thousands, except per share data)
 First quarter ended March 31, 1993 1992
 Net revenue $ 14,932 $ 14,086
 Inc. bef. cumulative effect of
 change in accounting principle 133 801
 Earns. per share before cumulative
 effect of change in accounting
 principle $ 0.02 $ 0.10
 Net income includes a charge for the cumulative effect on prior years of a change in accounting principles for income taxes.
 Net income $ 82 $ 801
 Net income per share $ 0.01 $ 0.10
 Avg. common shares & equivalents
 outstanding 7,818,105 7,818,105
 -0- 5/18/93
 /CONTACT: David Mauer, 212-826-4300, or Lawrence Simon, 312-794-1994, both of Riddell Sports/
 (RIDL)


CO: Riddell Sports Inc. ST: New York IN: SU: ERN

PS-SH -- NY017A -- 9611 05/18/93 09:14 EDT
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:May 18, 1993
Words:498
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