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AJAY IMPROVES THIRD QUARTER AND NINE MONTHS RESULTS

 DELAVAN, Wis., Dec. 2 ~PRNewswire~ -- Ajay Sports Inc. ("Ajay") (NASDAQ: AJAY) announced today that for the nine months ended Sept. 30, 1992, net income improved from $226,000 to $492,000. Sales increased $750,000 during this period, and the improvements also reflected lower operating costs particularly in reduced selling, general and administrative expenses from 15.3 percent for nine months in 1991 to 13 percent of sales in 1992.
 For the third quarter, sales were slightly down because of altered buying patterns of some of Ajay's major customers, but net earnings improved from a third quarter loss of $332,000 to a loss of $80,000 in 1992. The improvements were a result of lower operating costs, reduced interest expense and a one-time $125,000 gain from the sale of 140,000 shares of MacGregor Sports and Fitness Inc.
 Sales activity in the company's primary golf products lines are historically low in the third and fourth quarters, but the company anticipates that 1992 will finish with positive operating and net profit improvements over the 1991 results.
 Ajay also reports the introduction of a new and totally integrated golf improvement product line featuring eight instruction videos utilizing John Jacobs' instructors, golf's No. 1 golf school, as well as nine golf swing and training aids covering all elements of the game, including fundamentals, driving, iron play, sand shots and chipping and putting. This higher margin line will be retailed under "Private Pro" brand and will be test marketed by several major retailing chains in early 1993.
 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 and hand-pulled golf carts.
 -0- 12~2~92
 ~CONTACT: Dennis Carnes of Ajay, 414-728-5521~
 (AJAY)


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

LS-KJ -- DV006 -- 2751 12~02~92 08:45 EST
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Publication:PR Newswire
Date:Nov 30, 1992
Words:325
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