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BFD INDUSTRIES REPORTS SALES INCREASE IN SECOND QUARTER

 BFD INDUSTRIES REPORTS SALES INCREASE IN SECOND QUARTER
 MARKHAM, Ontario, Sept. 15 /PRNewswire/ -- BFD Industries


(Vancouver: BFI) today announced a significant increase in sales for the second quarter and six months ended June 30, 1992.
 For the quarter, sales increased to $1,857,000 from $174,000 for the same period a year ago. The majority of the increase is attributable to the May 1, 1992, acquisition of Alpha Pro Tech, Inc. Alpha Pro Tech represented $1.3 million of the sales increase for this year's quarter. The company reported a net loss of $89,251, or 1 cent a share, compared to a loss of $171,435, or 3 cents a share, in the second quarter a year ago.
 For the six months, sales climbed to $2,265,971 from $325,956 during the first half the past year. The net loss was $314,526, or 3 cents a share, compared to a loss of $362,064, or 7 cents a share, in the 1991 half.
 There were 9,476,395 shares outstanding in the quarter ended June 30, 1992, compared to 5,467,424 shares outstanding in the year-ago quarter. The shares outstanding for six months ended June 30, 1992, were 9,035,725 compared to 5,120,439 for the same period a year ago.
 Because BFD Industries completed the acquisition of Alpha Pro Tech, Inc. on May 1, 1992, it is also reporting six-month pro forma financial results. These pro forma results illustrate comparisons as if Alpha Pro Tech were owned during all time periods.
 On a pro forma basis, sales for the six months increased more than 47 percent to $4.6 million from $3.1 million in the prior year's half. The net loss for the period was a modest $370, compared to a loss of $285,343 in the same period a year ago.
 "Our sales in July and August increased dramatically," commented President Al Millar. "In July, the December 1991 mandate from the Occupational Safety and Health Administration (OSHA) and the Centers for Disease Control went into effect requiring the wearing of protective eye and face shields. We expect orders to continue increasing as infection control awareness heightens among the medical and dental communities. Our patented design meets the requirements of this federal mandate while addressing the comfort and optical needs of the professional. For the remainder of the year we see a continuing trend of increased sales volume," Millar said.
 "The acquisition of Alpha Pro Tech is significant for several reasons. First, it opens up new, synergistic markets for BFD, giving us a full product line of surgical and dental face shields and masks. Second, it brings important financial benefits. For example, the cost of goods sold as a percent of sales for the second quarter fell to 55 percent from 77 percent. This dramatic improvement was primarily due to Alpha Pro Tech's 53-percent cost of goods sold as a percent of sales. Also as a result, total assets increased approximately eightfold, with current assets improving approximately three-fold," stated Chief Executive Officer Sheldon Hoffman.
 BFD Industries manufactures and markets a full line of patented eye and face shield products for healthcare, industrial, and consumer applications. The shields are optically clear, distortion-free and anti-fogging. They are also disposable in order to eliminate any chance of cross contamination. BFD's Alpha Pro Tech unit manufacturers surgical and dental face masks, as well as medi-pads. BFD has manufacturing facilities in Birmingham, Ala.; Salt Lake City; and Janesville, Wis.
 BFD INDUSTRIES, INC.
 Pro Forma Numbers
 (Unaudited)
 For the six months ended
 June 30,
 1992 1991
 Sales $ 4,563,880 $ 3,090,732
 Net loss for the period $ (370) $ (285,343)
 Net loss per share $ 0.00 $ 0.00
 Average number of shares
 outstanding 10,107,317 6,693,548
 BFD INDUSTRIES, INC.
 CONSOLIDATED BALANCE SHEET
 (Unaudited, in U.S. dollars)
 June 30, 1992 December 31, 1991
 Current Assets
 Cash $ 940,955 $ 422,543
 Marketable securities 11,665 18,507
 Accounts receivable - Net 1,222,685 207,578
 Subscription receivable --- 86,174
 Inventory 832,249 225,199
 Prepaid fees and expenses 154,285 33,381
 Total Current Assets 3,161,839 993,373
 Property, plant and equipment, net
 of accumulated depreciation of
 $167,488 (12/31/91 - $8,743) 606,758 121,673
 Patent & trade marks, net of
 accumulated amortization of
 $201,826 (12/31/91 - $1,730) 604,589 25,323
 Prepaid fees 188,890 ---
 Goodwill, net of accumulated
 amortization of $43,334 5,126,064 ---
 Total Assets $ 9,688,140 $ 1,140,369
 Current Liabilities
 Accounts payable &
 accrued liabilities $ 788,504 $ 450,864
 Notes payable 3,500,000 ---
 4,288,504 450,864
 Deferred income tax 17,000 ---
 Funds received for subsequent share
 issue 621,390 ---
 Total Liabilities $4,926,894 $ 450,864
 Shareholders' Equity
 Capital Stock
 Authorized
 20,000,000 common shares without
 par value
 Issued
 13,070,305 common shares
 (12/31/91 - 11,630,902) 11,315,280 6,929,013
 Deficit (6,554,034) (6,239,508)
 4,761,246 689,505
 Total Liabilities and Equity $9,688,140 $ 1,140,369
 BFD INDUSTRIES, INC.
 CONSOLIDATED STATEMENT OF EARNINGS
 (unaudited)
 For the 2nd Quarter For the six months
 ended June 30 ended June 30
 1992 1991 1992 1991
 Sales $1,857,367 $ 174,172 $2,265,971 $ 325,956
 Cost of goods
 sold 1,025,325 135,818 1,274,773 245,184
 832,042 38,354 991,198 80,772
 Expenses
 Selling,
 general &
 administra-
 tive 837,507 208,517 1,234,575 410,070
 Depreciation &
 amortization 64,298 2,461 71,198 9,762
 Write-down of
 securities --- --- 6,841 26,692
 Foreign exchange
 (gain)/loss 12,125 (1,189) (14,253) (3,688)
 $ 913,930 $ 209,789 $1,298,361 $ 442,836
 Provision for
 income tax 7,363 --- 7,363 ---
 Net loss for
 period $ (89,251) $ (171,435) $ (314,526) $ (362,064)
 Net loss per
 share $ (0.01) $ (0.03) $ (0.03) $ (0.07)
 Average number
 of shares
 outstanding 9,476,395 5,467,424 9,035,725 5,120,439
 BFD INDUSTRIES, INC.
 CONSOLIDATED STATEMENT OF DEFICIT
 For the six months ended
 June 30,
 1992 1991
 Deficit, beginning of period ($6,239,508) ($4,457,100)
 Net loss for the period (314,526) (362,064)
 Deficit, end of period (6,554,034) (4,819,164)
 -0- 9/15/92
 /CONTACT: Sheldon Hoffman, chief executive officer, BFD Industries, Inc., 416-479-0654; or Tom Laughran, 708-564-5610, Bruce Marcus, 212-580-0703, Earle Brown, 813-796-1452, or Tim King, 213-541-4415, all of The Investor Relations Company, for BFD Industries, Inc./
 (BFI.) CO: BFD Industries, Inc. ST: Ontario IN: MTC SU: ERN


SM -- DE034 -- 9861 09/15/92 18:06 EDT
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