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ALLOU HEALTH & BEAUTY CARE, INC. ANNOUNCES A 29 PERCENT INCREASE IN ITS REVOLVING LINE OF CREDIT TO $45 MILLION WITH THE BANK OF BOSTON

 ALLOU HEALTH & BEAUTY CARE, INC. ANNOUNCES A 29 PERCENT INCREASE IN ITS REVOLVING LINE OF CREDIT TO $45 MILLION WITH THE BANK OF BOSTON
 BRENTWOOD, N.Y., Sept. 15 /PRNewswire/ -- Allou Health & Beauty Care, Inc. (AMEX: ALU) today announced that an agreement had been entered into between Allou and The Bank of Boston, and its participants increasing Allou's credit line 29 percent to $45 million. The highly favorable borrowing rate of 3/8 of 1 percent above prime will continue under the new agreement, which is subject to completion of final documentation.
 David Shamilzadeh, chief financial officer of Allou, stated, "This increase clearly indicates our financial institution's confidence in our ability to continue to experience solid growth over the foreseeable future."
 The increased line of credit further enhances Allou's position to improve inventory levels of its prestige designer fragrances and to expand into its distribution of nationally advertised non-perishable branded food products.
 Recently, Allou reported record first quarter revenues of $39.2 million resulting in an 85 percent increase in net income which totalled $604,320 (or a fully diluted $.14 per share) when compared to the same period last year. The company operates on a March 31 fiscal year.
 Allou Health & Beauty Care, Inc. is the premier distributor of over 8,000 nationally advertised health and beauty aid products in the Northeast and Miami areas. In addition, the company is a leading nationwide distributor of over 7,000 prestige designer fragrances and cosmetics. The company also distributes nationally advertised non- perishable branded food items. Allou's account base consists of 3,500 independent drug and convenience stores including the leading national chain stores.
 -0- 9/15/92
 /CONTACT: David Shamilzadeh, chief financial officer of Allou Health & Beauty Care, 516-273-4000/
 (ALU) CO: Allou Health & Beauty Care, Inc. ST: New York IN: HOU SU:


TS-TM -- NY004 -- 9531 09/15/92 10:19 EDT
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Publication:PR Newswire
Date:Sep 15, 1992
Words:311
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