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ARMOR ALL PRODUCTS REPORTS 49-PERCENT INCREASE IN FISCAL YEAR EARNINGS ON RECORD REVENUES

 ALISO VIEJO, Calif., April 19 /PRNewswire/ -- Net income and per- share earnings for Armor All Products Corp. (NASDAQ: ARMR) rose 49 percent for the fiscal year ended March 31, 1993, Kenneth M. Evans, president and chief executive officer, reported today.
 Net income for the fiscal year was $19,152,000, or 91 cents a share, up from $12,864,000, or 61 cents a share, in the prior year. Revenues increased 15 percent to $168,400,000 from $145,910,000 in the prior year. Net income increased at a higher rate than revenues principally because of improved efficiencies of promotions and administrative expense controls.
 Fiscal 1993 was the second consecutive year of improved earnings and the highest sales level in the company's history, Evans noted.
 In the fourth quarter, which marked the eighth consecutive quarter of year-to-year earnings improvement, revenues, net income and earnings per share each increased 19 percent. Net income increased to $8,030,000, or 38 cents a share, up from $6,748,000, or 32 cents a share, in the fourth quarter a year ago. Revenues for the period were $59,987,000, up from $50,455,000 reported in the fourth quarter of the prior year.
 Commenting on the results, Evans said, "The revenue and earnings growth reflect Armor All's implementation of the three key components of the strategic plan we developed 18 months ago: increasing domestic sales of Armor All(R) Protectant, introducing new products and increasing our international business. We have made progress in each area this year."
 Revenue gains in the fourth quarter and the fiscal year are primarily attributable to the success of Armor All(R) Tire Foam, which was introduced in November, 1991 and has since moved into a leadership position in its category. In addition, higher sales of Armor All Protectant were a significant factor in the revenue growth, due in part to the introduction in January of a revised formula with added sunscreen.
 Domestic sales of the company's line of waxes, washes and other car care products also increased over the prior year. International revenues showed moderate growth, with higher sales in Canada, the United Kingdom, Asia and Latin America, but lower sales in Germany as a result of a change in distributors.
 Evans noted, "The percentage increase in net income for the fourth quarter was not as great as it was for the full year due to increased promotional spending to support the introduction of new products and the reformulation of Armor All Protectant."
 Armor All Products is the nation's leading supplier of automotive appearance products.
 ARMOR ALL PRODUCTS CORP.
 STATEMENTS OF CONSOLIDATED INCOME
 (unaudited)
 (in thousands except per share amounts)
 Quarter Ended March 31
 Pct.
 FY93 FY92 Chg.
 Revenues $59,987 $50,455 18.9
 Costs and Expenses
 Cost of Sales 24,351 20,102 21.1
 Selling, General
 and Administrative 20,936 17,676 18.4
 Amortization of Intangibles 802 1,078
 Total Costs and Expenses 46,089 38,856 18.6
 Operating Income 13,898 11,599 19.8
 Interest Income (Expense) - Net 325 212
 Income Before Taxes on Income 14,223 11,811 20.4
 Taxes on Income 6,193 5,063 22.3
 Net Income $ 8,030 $ 6,748 19.0
 Earnings per Common Share $ 0.38 $ 0.32 18.8
 Weighted Average
 Common Shares Outstanding 21,064 20,966
 After Tax Return on Average
 Stockholders' Equity for
 Twelve Months Ended 19.3 pct. 13.9 pct.
 ARMOR ALL PRODUCTS CORP.
 STATEMENTS OF CONSOLIDATED INCOME
 (unaudited)
 (in thousands except per share amounts)
 Year Ended March 31
 Pct.
 FY93 FY92 Chg.
 Revenues $168,400 $145,910 15.4
 Costs and Expenses
 Cost of Sales 68,841 59,709 15.3
 Selling, General
 and Administrative 63,670 60,465 5.3
 Amortization of Intangibles 3,768 4,314
 Total Costs and Expenses 136,279 124,488 9.5
 Operating Income 32,121 21,422 49.9
 Interest Income (Expense) - Net 1,245 1,080
 Income Before Taxes on Income 33,366 22,502 48.3
 Taxes on Income 14,214 9,638 47.5
 Net Income $ 19,152 $ 12,864 48.9
 Earnings per Common Share $ 0.91 $ 0.61 49.2
 Weighted Average
 Common Shares Outstanding 21,024 20,953
 After Tax Return on Average
 Stockholders' Equity for
 Twelve Months Ended 19.3 pct. 13.9 pct.
 -0- 5/4/93
 /CONTACT: Charles Pool of McKesson, 415-983-9470, for Armor All/
 (ARMR)


SG-GT -- SF100 -- 4643 05/04/93 20:41 EDT
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Publication:PR Newswire
Date:May 4, 1993
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