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AJAY COMPLETES FIRST QUARTER, ELECTS NEW DIRECTOR

 DELAVAN, Wis., June 28 /PRNewswire/ -- Ajay Sports, Inc. (NASDAQ: AJAY) announced today its unaudited financial results for the quarter ended March 31, 1993. Total unaudited net revenues were $4.9 million with operating profits of $31,000, net loss of $130,000 and loss per share of $0.02. This compares to net revenues of $7.5 million with operating profits of $183,000, net income of $407,000 and earnings per share of $0.05 for the same 1992 period. The decrease in net revenues for the first quarter of 1993 as compared to the same 1992 reporting period was 35 percent.
 At a special meeting of its Board of Directors on June 10, 1993, Thomas W. Itin was elected to the board and to the positions of Chairman of the Board and Chief Executive Officer, replacing Joseph W. Hovorka. Mr. Itin is President of LBO Capital Corp., which is the company's largest single shareholder.
 In commenting on the first-quarter results, L. Dean Cassell, President and Chief Executive Officer of Ajay's wholly owned operating subsidiary, Ajay Leisure Products, Inc., said, "Overall, sales declines have occurred throughout all of its product lines and major customers. We believe this decline is attributable to the general first-quarter decline in sales of major retailers, poor weather conditions, purchasing delays as major customers stretch out their buying programs and one customer discontinuing purchases of two product lines. According to the National Golf Foundation, the number of rounds of golf played declined 37 percent in the first quarter of 1993 as compared to the same 1992 reporting period.
 On April 14, 1993, Ajay extended its license agreement with Spalding Sports Worldwide for a period of two years based on Ajay attaining certain minimum sales goals during this period. The new agreement gives Ajay the exclusive right to use the "Spalding" name on golf carts, golf bags, golf gloves, and golf accessories for the mass merchandise and sporting goods dealer trade channels.
 Ajay Sports, Inc., through its 100-percent wholly owned subsidiary, Ajay Leisure Products, Inc., is one of the largest distributors of golf accessories as well as one of the nation's largest manufacturers of retail golf bags.
 -0- 6/28/93
 /CONTACT: Thomas W. Itin, chairman and chief executive officer, Ajay Sports, Inc., 313-851-5651/
 (AJAY)


CO: Ajay Sports, Inc. ST: Wisconsin IN: LEI SU: ERN

DD -- DE005 -- 6126 06/28/93 09:24 EDT
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Publication:PR Newswire
Date:Jun 28, 1993
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