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BELL SPORTS CORP. FIRST QUARTER INCOME FROM CONTINUING OPERATIONS UP SIGNIFICANTLY ON 30 PERCENT SALES INCREASE

 BELL SPORTS CORP. FIRST QUARTER INCOME FROM CONTINUING
 OPERATIONS UP SIGNIFICANTLY ON 30 PERCENT SALES INCREASE
 RANTOUL, Ill., Oct. 27 /PRNewswire/ -- Bell Sports Corp. (NASDAQ-NMS: BSPT) today reported income from continuing operations up significantly in the first quarter of fiscal 1993 on a 30 percent sales increase.
 Net sales for the first quarter ended Sept. 26, 1992, rose to $16,188,000 from $12,487,000 in the fiscal 1992 period.
 Income from continuing operations in the fiscal 1993 first quarter increased significantly to $1,167,000, or 17 cents per share, from $182,000, or 4 cents per share, a year earlier. Net income for the 1993 first quarter was $1,867,000, or 28 cents per share, versus $303,000, or 6 cents per share in the fiscal 1992 first quarter.
 Per share figures in the 1993 period reflect a 36 percent increase in the number of shares outstanding as a result of the company's initial public offering completed in April 1992.
 Net income for the 1993 first quarter includes a one-time benefit of $700,000, or 11 cents per share, from the adoption of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes," which changes the method of accounting for income taxes. Net income for the 1992 period reflects the income tax benefit of tax loss carryforwards relating to losses incurred in prior years for which no tax benefit was recognized for accounting purposes.
 Chief Executive Officer Terry G. Lee said, "The net sales increase in the first quarter of fiscal 1993 was due primarily to strong European sales, which more than offset softer than expected domestic helmet sales to the bicycle dealer channel of distribution."
 Mr. Lee noted that gross profit margins as a percentage of sales in the fiscal 1993 first quarter were below the year earlier period. He said this was expected due to a higher percentage of international and mass merchant sales. However, due to controlled selling, general and administrative expenses, operating income as a percentage of sales improved over the year earlier period. The company also benefited from much lower interest expense in the 1993 quarter.
 Headquartered in Rantoul, Ill., Bell Sports Corp. is a leading manufacturer and marketer of bicycle helmets in the United States. The company also manufactures and markets other bicycle accessories and auto racing helmets.
 The company's shares are traded on the NASDAQ National Market System under the symbol BSPT.
 BELL SPORTS CORP.
 Financial Highlights
 (Unaudited, In Thousands, Except Per Share Data)
 Period ended Three months
 9/26/92 9/28/91
 Net sales $16,188 $12,487
 Income from continuing
 operations 1,167 182
 Extraordinary item (A) -- 121
 Cumulative effect of change in
 accounting principle (B) 700 --
 Net income 1,867 $303
 Earnings per common share
 and equivalents:
 Income from continuing
 operations $.17 $.04
 Extraordinary item -- .02
 Cumulative effect of change in
 accounting principle .11 --
 Net income $.28 $.06
 Average shares and
 equivalents outstanding 6,775 4,965
 (A) Reflects tax benefit of tax loss carryforwards relating to losses incurred in prior years for which no tax benefit was recognized for accounting purposes.
 (B) Related to the company's initial adoption of SFAS 109, "Accounting for Income Taxes."
 -0- 10/27/92
 /CONTACT: Howard A. Kosick, chief financial officer of Bell Sports Corp., 217-893-9300, Ext. 288/
 (BSPT) CO: Bell Sports Corp. ST: Illinois IN: SU: ERN


LD -- NY012 -- 5196 10/27/92 09:01 EST
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Publication:PR Newswire
Date:Oct 27, 1992
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