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AMERICAN EDUCATIONAL PRODUCTS, INC. REPORTS THIRD QUARTER EARNINGS

AMERICAN EDUCATIONAL PRODUCTS, INC. REPORTS THIRD QUARTER EARNINGS
 BOULDER, Colo., Oct. 27 /PRNewswire/ -- American Educational Products, Inc. (NASDAQ: AMEP) reported today third quarter sales of $3,981,000, up 24 percent from the 1991 third quarter sales of $3,204,000. Net income to common shareholders for the third quarter of 1992 was $384,000, or $.14 per share, an increase of 15 percent over the $335,000 profit, or $.13 per share for the third quarter of 1991.
 On a year-to-date basis, sales for the first nine months of 1992 were $10,794,000, an increase of 73 percent over 1991. A comparison of the earnings available to common shareholders shows that for the first nine months of 1992, profits were $801,000, or $.29 per share versus $633,000, or $.27 per share for 1991, a 27 percent increase. Operating profit for the first nine months of 1992 was $1,974,000, or a 48 percent increase from the $1,332,000 for the first nine months of 1991.
 The third quarter also marked the successful completion of the company's public offering of 1,335,000 shares of a common stock at a price of $4.00 per share. With the net proceeds of the offering, managed by John G. Kinnard & Co. of Minneapolis, the company was able to retire a substantial portion of its debt, including the $2,100,000 balance of a 23 percent interest bearing note taken last year to partially finance the Hubbard acquisition. In addition, the company has significantly increased its working capital position which should assist it in financing continued growth and pursuing selected acquisition candidates within the supplemental educational materials marketplace.
 American Educational Products, Inc., with headquarters in Boulder, Colorado, specializes in the design, manufacture and distribution of mathematic, science and early childhood educational materials. The company's hands-on products, which are known as manipulatives, target the pre-school through high school student population.
 AMERICAN EDUCATIONAL PRODUCTS, INC.
 Consolidated Statement of Operations
 (Unaudited)
 Periods ended Three Months Nine Months
 Sept. 30 1992 1991 1992 1991
 Sales $3,981,000 $ 3,204,000 $10,794,000 $6,253,000
 Cost of goods sold 2,102,000 1,539,000 5,708,000 3,094,000
 Gross profit 1,879,000 1,611,000 5,086,000 3,159,000
 Operating expenses 1,076,000 855,000 3,112,000 1,827,000
 Net operating income 803,000 756,000 1,974,000 1,332,000
 Net income available
 to common
 shareholders $384,000 $335,000 $801,000 $633,000
 Earning per common
 share:
 - Primary $.14 $.13 $.29 $.27
 - Fully diluted $.13 $.12 $.29 $.26
 Average number of
 common shares
 outstanding:
 - Primary 2,795,000 2,495,000 2,716,000 2,351,000
 - Fully diluted 2,978,000 2,718,000 2,777,000 2,462,000
 -0- 10/27/92
 /CONTACT: Paul D. Whittle, president or John Panasewicz, CFO, 303-443-0020, both of American Educational Products, or Anthony J. DiMaio of Anthem Communications, 212-943-8998, for American Educational Products/
 (AMEP) CO: American Educational Products ST: Colorado IN: SU: ERN


LD-TM -- NY011 -- 5167 10/27/92 08:02 EST
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Publication:PR Newswire
Date:Oct 27, 1992
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