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AJAY SPORTS COMPLETES SECOND QUARTER

 DELAVAN, Wis., Aug. 12 /PRNewswire/ -- Ajay Sports, Inc. ("Ajay") (NASDAQ: AJAY) announced today its unaudited financial results for the quarter ended June 30, 1993. Total unaudited net revenues were $5.2 million, with operating profits of $221,000 and net income of $26,000. After reducing net income by the amount of the preferred stock dividends for the quarter ended June 30, 1993, a loss per common share of $.01 was reported. This compares to net revenues of $5.9 million, with operating profits of $341,000, net income of $165,000 and earnings per share of $.01 for the same 1992 period. Due to the weak first- quarter performance, unaudited net revenues were $10.1 million for the first six months of 1993, with operating profits of $252,000, net loss of $104,000 and a loss per share of $.03. This compares to net revenues of $13.4 million, with operating profits of $1,100,000, net income of $572,000 and earnings per share of $.06 for the same 1992 six-month period.
 In commenting on the second-quarter results, L. Dean Cassell, president and chief executive officer of Ajay's wholly owned operating subsidiary, Ajay Leisure Products, Inc., said, "Although the second quarter did not match the comparable period in 1992, the operating results for the three months ended June 30, 1993, showed profitable operations. According to the National Golf Foundation, the number of rounds of golf played declined 32 percent in the second quarter of 1993, and 33 percent for the six months ended June 1993, as compared to the same 1992 reporting periods. We continue to work aggressively on promotion of two new golf product lines during the remainder of 1993. Management is encouraged by customer response to our 1994 product line presentations, although programs for 1994 customer purchases will not be finalized for several months."
 Thomas W. Itin, chairman and chief executive of the parent company, Ajay Sports, Inc., commented, "Our goal remains to solidify our position in the golf business and rejuvenate the company's billiard business, while examining opportunities in other sports and leisure-related areas, including acquisitions that can expand the company's product line and enhance profitability."
 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.
 AJAY SPORTS, INC. AND SUBSIDIARY
 Three Months Ended June 30, Six Months Ended June 30,
 1993 1992 1993 1992
 Net sales $5,186 $5,889 $10,107 $13,428
 Net income (loss) $26 $165 ($104) $572
 Income (loss) per
 common share
 (after reduction
 for preferred
 stock dividends) ($.01) $.01 ($.03) $.06
 -0- 8/12/93
 /CONTACT: Thomas W. Itin, chairman and chief executive officer, Ajay Sports, Inc., 313-851-5651/
 (AJAY)


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

JG-SB -- DE028 -- 2321 08/12/93 17:32 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
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